RSI divergence from price is one the primary uses of Wilders inticator, but I have not been able to build a scan to find stocks that are either making new lows while RSI is moving up, or in the case of new highs, the RSI is failing to reach new high. Stockfetcher admin sent one but it is not effective. If anyone has a screen for RSI divergence I would like to try it.
One other aspect of RSI divergence is when a new high is preceded by a failure swing, it strengthens the RSI signal. but writing a scan for that seems unlikely.
four 4,012 posts msg #100120 - Ignore four modified
4/5/2011 4:39:22 PM
On the day after trigger... place buy using the low of day before trigger
Either, it is not possible to use the SF program to identify a divergence, or those trying to help with a scan for divergences do not understand Wilders definition of a divergence between price and RSI. Also the changes in price and
RSI occur over varying time periods, some happen quickly and some take several days. A few examples oF recent divergences are SONC, BEBE,FMER, CX, HGG , and ABT in Feb is a classic example.of what I would like to find with a scan It maybe one of those things easy to recognize but too hard to write in code.
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