This RSI script will show you the following things:
When the RSI moves between the green lines (40 - 80++) we are in a Bull market. If the RSI moves between the middle green and red line (40-60) we have some sideways action. And yes, when the RSI is between the red lines (60 - 20--) we can say that we are in a Bear market.
The dashed lines in between are on every 10 points on the RSI .
All colors and lines are customisable.
The real MVP -1.38% of this scrip is the RSI Divergence spotter. A little green or red triangle will show up on the chart when a RSI Divergence is formed. The Divergence is only shown when it happens in overbought (70+) or oversold (30-) regions to avoid too many signals.
I highly recommend not to jump in on every signal you get, but also use multiple reasons, like Elliot Wave or fib levels, before entering a trade.
This Pro version is for paid subscribers of TradingView only. It will give you the ability to create alert inside of TradingView.
If you want access, just send a message please.
Much love from Baby Whale!! 🙏❤️🐳
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You now have the ability to change the RSI values to widen of tighten the RSI range where Divergence should be found.
Standard values: 70 for Bearish Divergence (min 50, max 100) 30 for Bullish Divergence (min 0, max 50)
I'll keep updating this script based on your feedback!
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We will be trading on Binance as well. Since we can't go short on Binance, it's not necessary to receive Bearish Divergence alerts.
So now there are two types of alerts:
1. RSI Divergence (BFX / BMEX) - this alert will give both Bullish and Bearish alerts, to use on exchanges with margin trading (like Bitfinex and Bitmex).
2. Bullish RSI Divergence (BNC) - this alert will ONLY give Bullish Divergence, to use on exchanges with only exchange trading (like Binance).
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Standard RSI settings has been changed:
Bullish Divergence maximum RSI from 30 to 40. Bearish Divergence minimum RSI from 70 to 60.
tradingview.com/script/0F1z38Uy-RSI-Divergence-Baby-Whale/