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Hello, I would like to know if there is any indicator on the platform that marks the divergence between 2 instruments, that is, on a screen divided by 2, it indicates the divergence by means of 2 lines above and below and if it warns with a sound, it would also be interesting .
Thank you very much for your help in advance.
Can you help answer these questions from other members on NexusFi?
Have you thought about finding a correlation coefficient instead of divergence since divergences are ususablly based on swing High/Low which can significantly vary from one instrument to another.
The questions you are asking about divergences yes there are divergences when a correlation between an indicator & compared to price movement. I use one that can input if X makes lower lows and price makes higher highs a dot to last previous point of interest to the current most point of interest made and compare the highs and lows to price making a divergecne higher high comparative to its most previous significant high price.
Correlation coefficient is useful for finding the continuous degree of divergence while a traditional divergence is good for a categorical outcome of divergence. It really matters what you are measuring within the context of other indicators.
I think we all understand what a divergence is. The only thing I am asking for is an indicator that instead of comparing it with an RSI (for example) compares it with another instrument that has a correlation? This is complicated to do? A hug to all and thanks for collaborating on this topic.
