OPEN-SOURCE SCRIPT
Stoch_RSI
Stochastic RSI – Advanced Divergence Indicator
This custom indicator is an advanced version of the Stochastic RSI that not only smooths and refines the classic RSI input but also automatically detects both regular and hidden divergences using two powerful methods: fractal-based and pivot-based detection. Originally inspired by contributions from fskrypt, RicardoSantos, and later improved by developers like NeoButane and fymd, this script has been fully refined for clarity and ease-of-use.
Key Features:
Dual Divergence Detection:
Fractal-Based Divergence: Uses a four-candle pattern to confirm top and bottom fractals for bullish and bearish divergences.
Pivot-Based Divergence: Employs TradingView’s built-in pivot functions for an alternate view of divergence conditions.
Customizable Settings:
The inputs are organized into logical groups (Stoch RSI settings, Divergence Options, Labels, and Market Open Settings) allowing you to adjust smoothing periods, RSI and Stochastic lengths, and divergence thresholds with a user-friendly interface.
Visual Enhancements:
Plots & Fills: The indicator plots both the K and D lines with corresponding fills and horizontal bands for quick visual reference.
Divergence Markers: Diamond shapes and labeled markers indicate regular and hidden divergences on the chart.
Market Open Highlighting: Optional histogram plots highlight the market open candle based on different timeframes for stocks versus non-forex symbols.
This custom indicator is an advanced version of the Stochastic RSI that not only smooths and refines the classic RSI input but also automatically detects both regular and hidden divergences using two powerful methods: fractal-based and pivot-based detection. Originally inspired by contributions from fskrypt, RicardoSantos, and later improved by developers like NeoButane and fymd, this script has been fully refined for clarity and ease-of-use.
Key Features:
Dual Divergence Detection:
Fractal-Based Divergence: Uses a four-candle pattern to confirm top and bottom fractals for bullish and bearish divergences.
Pivot-Based Divergence: Employs TradingView’s built-in pivot functions for an alternate view of divergence conditions.
Customizable Settings:
The inputs are organized into logical groups (Stoch RSI settings, Divergence Options, Labels, and Market Open Settings) allowing you to adjust smoothing periods, RSI and Stochastic lengths, and divergence thresholds with a user-friendly interface.
Visual Enhancements:
Plots & Fills: The indicator plots both the K and D lines with corresponding fills and horizontal bands for quick visual reference.
Divergence Markers: Diamond shapes and labeled markers indicate regular and hidden divergences on the chart.
Market Open Highlighting: Optional histogram plots highlight the market open candle based on different timeframes for stocks versus non-forex symbols.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.