Andrew Cardwell RSI helps to identify the range shift, which states whether the market is in bullish or bearish phase.
When RSI oscillates in the range of 40 to 80 we can said that we are in a uptrend (blue background color on RSI), however when RSI oscillates in the range of 20 to 60 we are in a downtrend (red background color on RSI). Finally if the RSI oscillates between 40 to 60, it is considerated a sideway phase (gray background color on RSI).
Keep in mind that within an uptrend or downtrend there may be a lateral phases and then continue in the trend (gray boxes on the BTC/USD price xample)
I added bearish and bullish divergences (hidden divergences too) to help users to indentify possible trending endings.
Note: I still working improving how the indicator display the areas, so I will letting you know when I finish that. Anyway, you can use it normally right now.
First, although I can't see the source, I am getting an idea that the zig-zag function is in it. I notice that the divergences do not appear "next bar" (seemingly in any timeframe), but only after a certain number of bars pass, with appropriate price action. This makes any perusal of the past look nearly perfect, but I am thinking (esp if zig-zag is in the source) that real time results will not look nearly as good as the beautiful divergence spotting I see in the past. I would ... of course ... be happy to be very wrong about any or all of this. Also, if you know the time delay (whether it is fixed or dynamic), that would be nice to share. Thanks!
mattletrader
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@SetagayaGirl, Maybe you're right, I could see that when I added alerts to the indicator, it always warned me a few bars later and it didn't make much sense anymore. I think I know what the problem could be. I'm going to review it carefully and when I solve it I'll update it! Thanks for your comment :)
SetagayaGirl
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@mattletrader, Thanks for replying. If the zig-zag function is being used, that is exactly the behavior one would expect. Beautiful charts (flawless charts, in fact) but an inability to duplicate what you see on the chart, by trading. I look forward to any further development.
makarandwaghle
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@mattletrader, Thanks for the indicator it works!! However is there any further update on the indicator updating the divergence on immediate bars and not after few bars?? your help in this is much appreciated..If you any other indicator that does this please let us know.. Thanks again in advance..
jasan
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Grande
may7ank
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@mattletrader Thanks for the script. Any plan on adding Moving averages to the indicator?
First, although I can't see the source, I am getting an idea that the zig-zag function is in it. I notice that the divergences do not appear "next bar" (seemingly in any timeframe), but only after a certain number of bars pass, with appropriate price action. This makes any perusal of the past look nearly perfect, but I am thinking (esp if zig-zag is in the source) that real time results will not look nearly as good as the beautiful divergence spotting I see in the past. I would ... of course ... be happy to be very wrong about any or all of this. Also, if you know the time delay (whether it is fixed or dynamic), that would be nice to share. Thanks!