OPEN-SOURCE SCRIPT

Bats Bearish Divergence Detector (BRED-)

已更新

After the release of BUBD+ here comes BRED- for calling the tops.
6 indicators are tested for the presence of any bearish Divergences and are plotted on chart as soon as they are.

Note - Price can move up after bearish divergence as well so its not foolproof. However multiple bearish divergences signify that bulls are losing power and price might reverse downwards.

Instead of blindly trusting the divergence on this indicator I suggest that you use this as a tracking mechanism instead. Once you spot a bearish divergence here, go to the oscillator that was called by the indicator and see the strength of the divergence involved.

This way you dont have to look at the indicators for divergence all the time, just only when the indicator calls for it. (Note that different timeframes will have different divergences so make sure you watch most of them. Higher timeframes indicate larger potential reversals)

Colour -
MACD- Aqua blue
RSI - Red
Stoch RSI - pink
CCI - Orange
MFI - Teal (Blue)
RVI - Silver

If you want to change the number of indicators you can do so from the bottom and remove the indicators you dont want to see by commenting them out.

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Colour coding has been changed to facilitate use with Bullish divergence script. Bearish colours are dark.
MACD- Blue
RVI - Maroon
SRSI - Blue navy
MFI - Prussian blue
CCI - Gray
RSI - Red

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Code and symbols changed.

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stoch mfi changed to MFI

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MFI made more sensitive to lower changes now.