Fusion Traders - RSI Overbought/Oversold + Divergence Indicator

Fusion Traders - RSI Overbought/Oversold + Divergence Indicator - new version

This indicator has lots of various add ons.

RSI overbought / oversold with changeable inputs

Divergence indicator

DESCRIPTION:
This script combines the Relative Strength Index ( RSI ), Moving Average and Divergence indicator to make a better decision when to enter or exit a trade.

- The Moving Average line (MA) has been made hidden by default but enhanced with an RSIMA cloud.

- When the RSI is above the selected MA it turns into green and when the RSI is below the select MA it turns into red.

- When the RSI is moving into the Overbought or Oversold area, some highlighted areas will appear.

- When some divergences or hidden divergences are detected an extra indication will be highlighted.

- When the divergence appear in the Overbought or Oversold area the more weight it give to make a decision.

- The same colour pallet has been used as the default candlestick colours so it looks familiar.


HOW TO USE:
The prerequisite is that we have some knowledge about the Elliot Wave Theory, the Fibonacci Retracement and the Fibonacci Extension tools.

We are hoping you like this indicator and added to your favourite indicators. If you have any question then comment below, and I'll do my best to help.

FEATURES:
• You can show/hide the RSI .
• You can show/hide the MA.
• You can show/hide the lRSIMA cloud.
• You can show/hide the Stoch RSI cloud.
• You can show/hide and adjust the Overbought and Oversold zones.
• You can show/hide and adjust the Overbought Extended and Oversold Extended zones.
• You can show/hide the Overbought and Oversold highlighted zones.

HOW TO GET ACCESS TO THE SCRIPT:
• Favorite the script and add it to your chart.