This is a script based on the original TMA- RSI Divergence indicator by PhoenixBinary. The Phoenix Binary community and the TMA community built this version to be public code for the community for further use and revision after the reported passing of Phoenix Binary (The community extends our condolences to Phoenix's family.
The intended uses are the same as the original but some calculations are different and may not act or signal the same as the original.
Description of the indicator from original posting. This indicator was inspired by Arty and Christy .
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Here is a brief overview of the indicator from the original posting:
1 — RSI Divergence Arty uses the RSI divergence as a tool to find entry points and possible reversals. He doesn't use the traditional overbought/oversold. He uses a 50 line. This indicator includes a 50 line and a floating 50 line. The floating 50 line is a multi-timeframe smoothed moving average . Price is not linear, therefore, your 50 line shouldn't be either. The RSI line is using a dynamic color algo that shows current control of the market as well as possible turning points in the market.
2 — Smoothed RSI Divergence The Smoothed RSI Divergence is a slower RSI with different calculations to smooth out the RSI line. This gives a different perspective of price action and more of a long term perspective of the trend. When crosses of the floating 50 line up with the traditional RSI crossing floating 50.
3 — Momentum Divergence This one will take a little bit of time to master. But, once you master this, and combined with the other two, damn these entries get downright lethal!
發布通知
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Fixed the RSI Momentum option so it does not show overbought and oversold levels.
發布通知
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I have added and indicator for all three indicator types being in confluence as well as an alert for confluence. I have updated the calculation for the RSI Momentum Setting, Still not exactly the same as originall but even closer than before.
發布通知
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added a small box plot along bottom.
red plot = all three settings crossed down on the same bar greenplot = all three settings crossed up on the same bar.
Thanks so much for picking up some of these indicators when we lost Doug. Appreciate ya!
Shameem2304
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Very useful but it’s giving very late alert kindly advise how to fix it??
Hotchachachaaa
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@Shameem2304, the momentum indicator is running a bar or two behind Pheonix's calculations, I agree. I have been unable at this point to get the calculation the same. If you do any Pine coding I welcome any advice to fix the issue.
YuNgThUgAmOn3y
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How do you use the rsi momentum properly
YuNgThUgAmOn3y
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Is the confluence represented by the green and red boxes above and below?
Hotchachachaaa
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@YuNgThUgAmOn3y, the red and green boxes show when all 3 of the rsi calculations are either above their respective MA line or below their respective ma line. So no matter which setting you are on, RSI Divergence, RSI Smoothed or RSI Momentum, the red and green boxes should all match.
YuNgThUgAmOn3y
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@Hotchachachaaa, i noticed there’s a lot more boxes on the top and rarely at the bottom. Is the top row for smoothed rsi and the bottom for momentum or is the top row saying all 3 are currently up or down and the bottom is saying they all crossed up or down at that moment ? Just trying to get some clarification on what I’m seeing. Thank you
Hotchachachaaa
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@YuNgThUgAmOn3y, So the top row is when all of the rsi's are on the same side of the moving average. the ones along the bottom mark when they all cross the moving average at the same time.