RSI DOUBLE DIVERGENCE indicator and scanner for Multicharts

Divergence indicator is a very common and useful tool in technical analysis. It indicates possible reversal signals when there are discrepancies between an indicator and price movement. For more details of the general definition of divergence indicator please check this link:  https://goo.gl/GTJy17


What is RSI Double Divergence?

The concept of Double divergence is straightforward. It is triggered when there are two continuous divergences in a row between current High and previous Peak. Comparing to normal divergence indicator, the double divergence indicator gives confirmations two at a time, which is more reassuring and revealing.

For example, the chart below shows a regular bearish RSI Double divergence and a hidden bullish RSI Double divergence.
 

The following chart shows the regular bullish RSI Double divergence and  hidden bearish RSI Double divergence.

Features and inputs:

This indicator will draw the following at the end of a bar (when a bar is closed):

• a letter R above a bar if there is a Regular bearish divergence occurred.

• a letter H above a bar if there is a Hidden bearish divergence occurred.

• a letter R below a bar if there is a Regular bullish divergence occurred.

• a letter H below a bar if there is a Hidden bullish divergence occurred.

• two lines from signal bar's High to previous peaks if there is a Regular bearish divergence occurred.

• two lines from signal bar's Low to previous troughs if there is a Regular bullish divergence occurred.

• two lines from signal bar's RSI value to previous peaks or troughs RSI values.

• Instant signal right after on current bar close, no repaint.

• Alert when a signal appear.

• Select different sound alert files.

• Enable to show divergence trend lines.

• Please use the following available colors for divergence line color: Black  Blue  Cyan  DarkBlue  DarkBrown  DarkCyan  DarkGray  DarkGreen   DarkMagenta  DarkRed  DarkYellow  Green  LightGray  Magenta  Red  White  Yellow

• Please note: it only works on regular and Heikin-Ashi chart.

• Control the RSI inputs at the same time.

 

This package also comes with a scanner, it will display when the last DOUBLE DIVERGENCE occurred.  

Please make sure you select  "RSI Double Divergence Scanner" in Scanner, not "RSI Double Divergence".

It has less input than the DOUBLE DIVERGENCE indicator.

1. ShowHidden, if set to true it will scan both hidden and regular DOUBLE DIVERGENCE.
   if set to false it will only scan regular DOUBLE DIVERGENCE.

1. Range, is the number of bars to check the existence of DOUBLE DIVERGENCE.
    
   If set it to 20 it will only check if there was a DOUBLE DIVERGENCE within the last 20 bars.
    
   If set it to 10 it will only check if there was a DOUBLE DIVERGENCE within the last 10 bars.
   
   

For example, as the selected row in the image below, there's a RSI bullish hidden double divergence detected at 1 bar ago of GBPJPY 5 minutes chart.

Please make sure you use the same inputs for both indicator and scanner.

The following videos show how it plots in real time replay.

MTF(Multi Time Frame) RSI Divergence indicator, scan, watchlist(custom quotes) for Thinkorswim TOS

Please note: If you have purchased the RSI Divergence Indicator all-in-one package for Thinkorswim before, you can get this MTF version for just $50. Please Contact Us for details.


This is the MTF(Multi Time Frame) version of our RSI Divergence indicator for Thinkorswim.

It has all the features from RSI Divergence indicator for Thinkorswim TOS
In addition, you will be able to use the MTF (Multi Time Frame) function.

There is no lag or repaint, signals will be drawn at current bar. 

The chart below is the default inputs with a Weekly timeframe on a Daily chart.
As you can see the signal is on the last bar(current bar).




It makes possible to check if there are discrepancies between RSI and price movement in higher timeframes.

It also comes with the:

Advanced RSI Divergence SCAN for Thinkorswim TOS

RSI Divergence signals Custom Quotes for Thinkorswim TOS

If you want to customize this indicator and have any additional feature, Please Contact Us for details.

When you use a higher timeframe on a lower one, such as using 1hour on 30 mins chart.

As shown in the picture below. 

If you want to get more divergence signals, please adjust the percent input to a smaller number.

If you want to get all divergence signals, please adjust the percent input to 0.

RSI Divergence Indicator all-in-one package for Thinkorswim

No matter what kind of strategy you have, timing is one of the most important elements in trading.

Everyone wants to be one step ahead of the game. But how and is it even possible?

A lot of traders rely on RSI indicator and most of them spend their day to stare at the charts for hours and waiting for RSI divergence to happen on current bar. Experienced traders can manage to follow multiple charts at the same time, if you are one of them, you know you have been doing this for years. 

Now, imagine an indicator can automatically generate a sound alert whenever there is an RSI Divergence on the chart, if you are away from your computer it can even send you a SMS. This is one step ahead of others.

If you need to watch dozens of symbols at the same time, the chart indicator cannot give signals for all of them unless you open dozens of charts which obviously not an option. In order to get Divergence signals for all symbols in your watchlist, the RSI Divergence Custom Quotes is your best solution. It's capable to show Divergence signals in all timeframes you chose with separate columns. This is another step ahead of others.

If you don't want to wait for the signals to appear on watchlist, the RSI Divergence SCAN makes it possible for you to search the whole market with RSI Divergence together with any other criteria you like to add. 

With these three products together, you are a few steps ahead of others.

This RSI Indicator all-in-one package for Thinkorswim includes:

1. RSI Divergence indicator for Thinkorswim TOS
2. Advanced RSI Divergence SCAN for Thinkorswim TOS
3. RSI Divergence signals Custom Quotes for Thinkorswim TOS

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