Diver RSI

Divergence Formation RSI (hereinafter "Diver")

Classic (regular) and Reversal (hidden) Divers - at your choice:

• Adjustable sizes and all parameters
• Flexible settings including VOID levels (alert function in place, arrows to show in which direction to trade)
• No re-paint / No re-draw (must set CalcOnOpenBar=false)
• SetIndexBuffer available for all variables (can be used in EA)
• Auto-detect 4- and 5-digit price function
• Light (does not over-load MT4)

In order for Regular Classic RSI Divergence to exist, Price must form one of the following:

• BEARISH Diver: Higher high than the previous high (but the oscillator is lower high)
• BULLISH Diver: Lower low than the previous low (but the oscillator is higher low)

As a rule, the occurrence of divergence means the completion of the movement (the weakening strength of the trend) and the possibility of strong correction or complete turn of the market. The higher the chart timeframe, the stronger the signal.

Second type of RSI Divergence is Reversal ("hidden"). It indicated continuation of the trend and can be detected when Price forms one of the following:

• BEARISH Diver: Lower high than the previous high (but the oscillator is higher high)
• BULLISH Diver: Higher low than the previous low (but the oscillator is lower low)

It should be noted that Reversal (or Hidden) RSI divergence is relatively rare, but reliability of the signal is quite good.

Indicator Parameters:

• CalcOnOpenBar - if true: to include open bar for detecting Diver
• DrawStandardDiv - if true: enable regular Divers
• DrawReversalDiv - if true: enable hidden Divers
• RSI_Period - RSI indicator parameter
• BullishDiv_ResetAbove - cancels Bullish Diver if the indicator crosses this level
• BearishDiv_ResetBelow - cancels Bearish Diver if the indicator crosses this level

Diver parameters:

• MaxBars - number of bars to draw Divers on the chart (reduces MT4 load)
• DivWidth_MinBars - minimum horizontal distance between 2 extremums
• DivWidth_MaxBars - maximum horizontal distance between 2 extremums
• DivHeight_MinPips - minimum vertical distance between 2 extremums
• DivHeight_MaxPips - maximum vertical distance between 2 extremums

Diver extremums:

• Chart_LeftTop_BarsL - number of bars to form price left extremum (left side of price fractal)
• Chart_LeftTop_BarsR - number of bars to form price left extremum (right side of price fractal)
• Chart_RightTop_BarsL - number of bars to form price right extremum (left side of price fractal)
• Chart_RightTop_BarsR - number of bars to form price right extremum (right side of price fractal)

• Ind_LeftTop_BarsL - number of bars to form indicator left extremum (left side of indicator fractal)
• Ind_LeftTop_BarsR - number of bars to form indicator left extremum (right side of indicator fractal)
• Ind_RightTop_BarsL - number of bars to form indicator right extremum (left side of indicator fractal)
• Ind_RightTop_BarsR - number of bars to form indicator right extremum (right side of indicator fractal)

• LeftTops_MaxBarsDiff - additional space (in bars) for price and indicator to form left extremum
• RightTops_MaxBarsDiff - additional space (in bars) for price and indicator to form right extremum

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