This Indicator plots Regular and Hidden Divergences lines for an RSI smoothed by an EMA and for its Signal Line
The RSI can be set to change colour with direction or can be set as single colour
Colour Changing RSI helps when trading Multiple Timeframes as you can look for confluence in the direction of RSI
The divergence script is thanks to @RicardoSantos, I've just adjusted it to suite my indicator
Remember that divergences work best when traded with the trend or very late in a trend when going against the trend
I have also added a Colour Changing Signal Line & Hima Reddy's Power Zones so now you can also
Take full advantage of trading; signal line crosses, 50 crosses and Power Zone RSI support and resistance
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Added option to switch between SMA or EMA for Smoothing and Signal Line
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* Changed Signal Line calculation to Linear Regression for more accurate signals * Added Overbought Oversold Conditions for Coloured Highlights on Single Colour RSI * Added Alerts
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Added Signal Line Crossover Dots Added Offset for divergence lines for less clutter
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Cleaned up the menus Added option for a second signal line calculated by EMA of the RSI
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Cleaned up the menus
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Ladies and gentlemen - The Ultimate RSI Script
This time I have added many more options for Signal Line 2
RSI Stochastic and Highlights for when it is OB / OS and K crosses D RSI Standard and Multi Time Frame Linear Regression and much more to enjoy
Happy Trading
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Added Bollinger Bands applied to the RSI as Signal Line 2 Added Better Alerts - Please Note that after this I will be making the actual script visible to all on Tradingview and it will be Known as RSI Divergence Ultimate
Happy Trading Everyone
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Newest Version MFI OB/OS Highlights default
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Optional Offset for divergences to where earliest entry can take place
Adjusted Alerts to be easier to see when selecting
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Mid Line Color According to RSI Above or Below Signal Line 1
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Set to optimal settings Added menu for adjustment of MFI OB /OS thresholds for Background Highlights
Tips for use;
Use Hima Ready levels for S/R of RSI
Look for RSI to cross Signal Line (Center Line Color) and Signal Line Direction for confirmation
Look for confluence with your entry indicator
Use appropriate Risk Management
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Added Alerts for RSI crossing into Over Bought / Over Sold regions & RSI Crossing the 50 / Mid Line Added Highlights for when RSI Crosses the 50 / Mid Line - Sorry Folks I had to remove the choppiness index to be able to do this
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Added more Alerts
Please note that alerts are not setups in themselves, they are only there so you can be aware to start looking for setups