Posts Tagged ‘RSI’

Multi-Divergence Indicator for Think or Swim: MACD, RSI, CCI, On Balance Volume and many more

January 11, 2015


I figured out a way to combine all my divergence indicators into one single study. The new Multi-divergence script uses slopes of linear regression lines just like in the new MACD divergence indicator. This script supersedes all the other divergence scripts. The difference is now it can perform a regression on any one study of your choice from a list of ToS indicators. The indicators currently supported for divergence analysis are:

MACD, RSI, CCI, Momentum, Moneyflow, On Balance Volume, Rate of Change, Stochastic Momentum Index, Ultimate Oscillator, Volume Flow Indicator, Volume Oscillator, Volume Rate of Change, Volume-Weighted MACD, Williams Percent-R, and Woodie’s CCI

(Note that it doesn’t scan all of these for divergence at once. Just the one indicator you select. If you want to have RSI and MACD at the same time for example, you put the script on your chart twice and select the appropriate indicator for each one separately.)

If there is another built-in ToS indicator you want to have available for divergence analysis, let me know and I can add it in future updates. You can use the Multi-divergence indicator on real time charts and in scans of watch lists, and I put in alert logic so it can ping you when a divergence occurs.

This indicator is for blog donors only.  You can find it on my google site under Released Thinkscript Studies down in the Donors Only section. If you already donated in the past you can use your password to access it. If you want to become a donor (or throw me some more coin) you can do so by clicking the Donate button:

As always, if you are a DIY’er, feel free to ask questions in the comments and I’ll help answer.

RSI Divergence Indicator for Think or Swim

January 12, 2010

This indicator has been updated!  See the new post here.

In a similar vein to my MACD and CCI Divergence indicators, here’s an indicator that checks for divergences between RSI and price. It’s basically just a modified version of the CCI divergence indicator I did, but using RSI instead. Also added is a filter that only plots signals if a bearish divergence is in overbought territory, and if a bullish divergence is in the oversold area. There are two indicators. The first, “Pro_RSIDivergence_v1STUDY.ts” looks for when the RSI values diverge from price making new swing highs or lows. The second, “Pro_LowerRSIDivergence_v1STUDY.ts” reverses the process, looking for price to diverge from new swing highs or lows on the RSI indicator itself, and is plotted in the lower panel. I would tend to use the upper one only, but you may want the other one, so I did it. I also added the alert code block that I highlighted earlier, so you can let it run on a chart and get alerted if a divergence shows up.

The two studies are found in “” and can be downloaded in the “Donors Only” section of “Released Thinkscript Studies” on my Google site. As always, home-gamers can ask me any questions if they want to make one for free by themselves. The CCI tutorial covers all the same coding I used for this one.