Stochastic RSI with Divergences
This indicator is Stochastic RSI using code loops* rather than pivot low/high functions.
The pivot low/high function provided by Pine Script requires a set number of bars to pass prior to locating a swing low/high.
This can mean large moves have occurred prior to a swing low having passed if the lookback range was set to five bars (5).
5 bars on a 2 hour chart is a long time and large moves may be missed.
As I don't use these functions, there is no requirement for a set number of bars to have passed prior to swing low/high positions to be identified.
This means it doesn't rely on a set number of bars to pass prior to finding a new pivot point.
* Code loops are a function which will check conditions in a range until a defined condition is met.
In this case a pivot low is a bar with no lower bars within 3 bars either side of the current checked bar.
Additional:
Lines will redraw and delete previous divergences to remove clutter on the indicator.
A table cells for alternate timeframe Stochastic RSI values so you don't need to swap between charts constantly.
How it works:
The first lookback finds an initial low/high within a small range of the current bar. (default of 10)
This low/high must be the lowest/highest point within 3 bars either side.
The second low/high must be over 5 bars prior to the recent low and a max range of previous lookback. (default of 30)
This low/high must be the lowest/highest point within 3 bars either side.
If a divergence is found, it will draw the divergence on the indicator and delete the prior line drawn.
Personal note:
Personally coded functions for my personal use, though others may find use with it.
The pivot low/high function provided by Pine Script requires a set number of bars to pass prior to locating a swing low/high.
This can mean large moves have occurred prior to a swing low having passed if the lookback range was set to five bars (5).
5 bars on a 2 hour chart is a long time and large moves may be missed.
As I don't use these functions, there is no requirement for a set number of bars to have passed prior to swing low/high positions to be identified.
This means it doesn't rely on a set number of bars to pass prior to finding a new pivot point.
* Code loops are a function which will check conditions in a range until a defined condition is met.
In this case a pivot low is a bar with no lower bars within 3 bars either side of the current checked bar.
Additional:
Lines will redraw and delete previous divergences to remove clutter on the indicator.
A table cells for alternate timeframe Stochastic RSI values so you don't need to swap between charts constantly.
How it works:
The first lookback finds an initial low/high within a small range of the current bar. (default of 10)
This low/high must be the lowest/highest point within 3 bars either side.
The second low/high must be over 5 bars prior to the recent low and a max range of previous lookback. (default of 30)
This low/high must be the lowest/highest point within 3 bars either side.
If a divergence is found, it will draw the divergence on the indicator and delete the prior line drawn.
Personal note:
Personally coded functions for my personal use, though others may find use with it.
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Update
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Incorrect update fix
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Alerts for Divergences