OPEN-SOURCE SCRIPT

RSI Div at Daily VWAP StDev

Updated
Mean Reversion indicator based on RSI Divergences at Overbought/Oversold conditions with Price above/below a Standard Deviation from Daily VWAP. Useful for intra-day trading.

Signal criteria:
1. RSI is at Overbought/Oversold
2. RSI Divergence present (not hidden)
3. RSI has not reached Neutral level (i.e. 50)
4. Price has crossed above/below a Standard Deviation from Daily VWAP

Config Options:
- RSI length (default:14)
- Divergence Lookback Period (default:14)
- RSI Oversold/Overbought tresholds (default: 70/30)
- RSI Reset Level (default: 55/45)
- Use VWAP Std Dev (default: yes)
- Standard Deviation from Daily VWAP (default: 1.51)

Use with discretion.
Release Notes
Fixed filtering of divs under RSI Overbought/Oversold
Release Notes
Can choose Indicator Time Frame
Release Notes
fix reset when crossing neutral level
Release Notes
Fixes identification of divergences when 2nd SH/SL on RSI is not at extremes, as it is still a valid divergence.
Release Notes
bugfix: some bearish divergences where detected below overbought
DivergenceRelative Strength Index (RSI)rsidivrsi_divergencersidivergenceStandard Deviation (Volatility)Volume Weighted Average Price (VWAP)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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