This strategy overlays a Cipher B style WaveTrend study on the price chart and is titled for Ethereum buy alerts aimed at 3Commas. It calculates a WaveTrend channel and a short moving average, and can mark buy, sell, gold, and divergence dots. Settings change
Strategy · Pine Script v5 · On the chart
RSI Divergence Strategy
This strategy looks for a simplified RSI divergence pattern.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code43
Settings6inputs
LicenceNone stated
Last update1 year ago30 Mar 2025
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
A long signal needs RSI two bars ago below the oversold level, RSI rising on the next bar and price lower; a short signal mirrors this at the overbought level. Each entry has an ATR-based stop loss and take profit. RSI length and both levels are adjustable. It does not compare swing points, so it is a rough approximation of divergence.
- RSI oversold and overbought trigger
- Simplified divergence check over three bars
- ATR-based stop loss and take profit
- Adjustable RSI length and levels
Details
Published by
pcjtse on GitHub
Type
Draws
On the price chart
Category
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| RSI Length | int | 14 | rsiLength |
| RSI Overbought Level | int | 70 | rsiOverbought |
| RSI Oversold Level | int | 30 | rsiOversold |
| ATR Period | int | 14 | atrPeriod |
| ATR Multiplier | float | 2.0 | atrMultiplier |
| Stop Loss ATR Multiplier | float | 3.0 | stopLossMultiplier |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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