This indicator calculates momentum setups based on the Relative Strength Index (RSI) and plots in a separate pane. It offers multiple scanning modes such as Continuous Break, Continuous Retracement, Flip Break, Flip Retracement, and both regular and hidden div
Indicator · Pine Script v5 · Own pane
SMI Hist Divergence
An oscillator in a separate pane based on the Stochastic Momentum Index.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code60
Settings3inputs
LicenceNone stated
Last update1 year ago17 Jan 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 indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
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
SMI Hist Divergence plots the SMI, an EMA of it, and a histogram of how the gap between the two changes from bar to bar, coloured by direction and strength. Dashed bands sit at plus and minus 40 with gradient fills beyond them. Alert conditions are defined for SMI crossing its EMA in the extreme zones. The %K, %D and EMA lengths are adjustable.
- Stochastic Momentum Index with EMA
- Histogram of SMI difference change
- Overbought and oversold bands at 40
- Cross alerts in extreme zones
Details
Published by
zhuzp98 on GitHub
Code credit
rhapsodyz, as written in the script's header
Type
Draws
Separate pane below the 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 |
|---|---|---|---|
| %K Length | int | 10 | lengthK |
| %D Length | int | 3 | lengthD |
| EMA Length | int | 5 | lengthEMA |
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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