The Relative Strength Index Exhaustion with Divergence is an essential replacement of the standard Relative Strength Index Oscillator because it's able to identify and highlight hidden exhaustions together with Bullish/Bearish Regular and Hidden Divergences. This indicator can give the outmost probability in spotting trend reversals or trend continuation. By identifying hidden exhaustion momentum, the Relative Strength Index Exhaustion indicator represents an essential support to the trader in effectively reading the market and grabbing the best opportunities. This detects divergences between price and indicator with 1 candle delay so it filters out repeating divergences. Recommended to use this at a higher timeframe to lessen the false signals.
Red Arrow = Bullish/Bearish Divergence White Arrow = Hidden Bullish/Bearish Divergence
It is nice indicator and very useful. Is it possible to share source code please, as I want to do some changes for my convenience. Thanks for understanding. Best Regards.
duke9
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wandering on the whole TradingView and I arrived here, this one is the most underrated that I have ever seen. Greate idea. Could you check the inbox I have something to propose.
duke9
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@duke9, nah, actually i found your logic :)) good but not that complicated
JFDayTrader
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Love the indicator. A MTF version would be brilliant, also - Is it possible to have an alert when the line reaches red/green exhaustion points? thank you.
francxisz
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@JFDayTrader, I do have an MTF version of this but its a private one. The alerts for red/green exhaustion points are already included here mate.
JDtradingCharts
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Indicator looks good but it can be even better. Is it possible to add different color of the triangle when there is also chande momentum exhausted? It can show up in front of RSI markers with different color. (Not all momentum exhaustion areas only when rsi bull/ bear triangles are visible)
francxisz
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@dabjaro, that can be possible. But I think it would clutter the indicator. Keeping it as simple as possible with good entries/exits.