Divergences are powerful tools that assess the price momentum and the likelihood of a price reversal. A positive divergence occurs when the price of an asset makes a new low while an oscillator, starts to climb. Conversely, a negative divergence is when the price makes a new high but the oscillator analyzed makes a lower high.
Once again, with the idea of providing an All-in-One indicator, this script can display the Divergences in up to 9 most used oscillators (RSI, Stochastic RSI, Stochastic, Williams%, MFI, ChangeMO, CCI, BB %B) including our own branded no-lag ‘TS Oscillator’
We have also included an optional custom no-lag smoothing function, that allows the user to smooth out the noise on all the oscillators and increase their accuracy, without delaying the actual data. This feature can be turned off if necessary and the smoothing length can be manually adjusted.
After the user selects from the first input the desired oscillator, the indicator can display Regular and Hidden Divergences on the chart. The lookback period of the divergences is also fully configurable, as the settings for each of our individual oscillators.
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Update - Added alerts option for divergences - Added 2 new oscillators: WaveTrend and DSS Bressert