Stochastic RSI with Divergences [unijad]

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Introduction:
The Stochastic RSI with Divergences [unijad] is a versatile technical indicator designed to enhance your trading strategies by combining the power of the Stochastic RSI oscillator with divergence detection. Divergences between price and the Stochastic RSI can signal potential reversals, making this tool particularly valuable for identifying trend exhaustion points. This indicator also supports the option to use logarithmic values for price, which can smooth out signals in volatile markets. In addition to standard divergences, hidden divergences are also available to give you a deeper insight into market momentum.

One of the key features of this script is the ability to apply it across custom timeframes, giving you flexibility when analyzing price action on different scales.

How to Use:
Custom Timeframe:
When loading the indicator, you'll notice an input field for the "Custom Timeframe". By default, the script uses the chart’s current timeframe, but you can select any desired timeframe from the dropdown. For instance, if you're on a 1-hour chart but want to see the Stochastic RSI calculated on a daily basis, select "D" (daily) in this input.

Logarithmic Source:
Toggle the "Log" option to apply logarithmic scaling to the selected price source. This feature is particularly useful for markets that have wide price ranges, making the indicator smoother and less prone to false signals during volatile periods.

Divergences and Hidden Divergences:
Enable the "Show Divergences" option to visualize regular divergences on the chart. If you'd like to also include hidden divergences, which are helpful for identifying potential trend continuations, toggle "Show Hidden Divergences". Divergences are marked directly on the chart with corresponding labels (R for Regular, H for Hidden), and the color-coded circles will help you easily spot these key reversal signals.

Divergences Channel:
To make divergence detection even easier, you can turn on the "Show Divergences Channel" option. This will display a channel around divergence points, helping to visually highlight periods when price and momentum are out of sync.

Alerts:
This script comes with built-in alert conditions. You can set up alerts for:

Regular bullish or bearish divergences.
Hidden bullish or bearish divergences (when enabled).
Crossover of the %K and %D lines, which could indicate momentum shifts.
To set an alert, simply right-click on the chart, go to "Add Alert", and choose one of the predefined conditions from the "Condition" dropdown.

Customization:
You can further customize the indicator by adjusting the lengths of both the RSI and Stochastic calculations, smoothing parameters for the %K and %D lines, and selecting the desired color scheme for bullish and bearish signals.

This script is highly adaptable and can be integrated into both short-term trading strategies and longer-term market analysis. Whether you're trading stocks, crypto, or forex, the Stochastic RSI with Divergences [unijad] provides a dynamic edge in analyzing market momentum and identifying potential entry or exit points.