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[User Discussion] - Plotting Divergences Using Study Subgraphs Difference Indicator

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[2023-12-10 07:08:39] #1 [Go To First Post]
David Elstob - Posts: 10
If I overlay Cumulative Delta Bars onto Main Price Graph, it's easy to spot any divergences. My goal is to plot these divergences into a new indicator. I have tried the Study Subgraphs Difference Indicator, but the results are unsatisfactory, as the histogram doesn't reflect what I see on the screen. I've also tried the Divergence Detector, but that isn't really applicable. UPDATE: it was the DIVERGENCE STRENGTH that I wished to measure at the price point rather than compare a typical divergence of two highs or lows. Therefore, the Study Subgraphs Indicator is ideal. Similar outcome to the delta difference bars, but comparing the difference between cumulative delta and price rather than on a candle by candle basis. Settings: Input 1: Cumulative Delta Bars Input 2: Main price graph Scale: Automatic Zero Centred Auto-colouring based on +/- Date Time Of Last Edit: 2024-05-18 10:23:27


Study-Subgraph-Difference-Indicator.png / V - Attached On 2023-12-10 07:05:18 UTC - Size: 51.35 KB - 99 views

[2023-12-10 19:27:31] #2 [Go To First Post]
Sawtooth - Posts: 4120
Since the cumulative delta can go negative, you might want to find the Absolute difference. This will return only positive numbers. Instead of the Study Subgraphs Difference study, use the Spreadsheet Formula study, with this formula in it Formula field: =ABS(C-ID3.SG4) Date Time Of Last Edit: 2023-12-10 19:28:01

[2023-12-10 20:00:23] #3 [Go To First Post]
User584084 - Posts: 262
Take a look at the Delta Divergence Custom Study.

[2023-12-11 23:38:09] #4 [Go To First Post]
David Elstob - Posts: 10
Sawtooth - this plots a line, but seems to mirror price, when what I really desire is a line or bars that show the gap - or lack of - between price and delta. So if the Gap is $4 for Gold, the bar would be twice the size than if it is $2. Perhaps I need to tweak the formula? Thanks for the help. User584084 - do you mean the Divergence Detector?

[2023-12-12 00:02:35] #5 [Go To First Post]
User584084 - Posts: 262
David Elstob, No. Open the Studies Window. Select Add Custom Study. Under User Contributed Studies, there is a study called "Delta Divergence". It looks at Delta Volume and plots 2 moving averages for Ask Volume and Bid Volume. It gives Delta Divergence Buy and Sell signals. I use it on a Renko chart. I have the following settings: Use Cumulative Volume: No, Trend Following Mode: No, Lookback Period: 10, Fast MA Length: 10, Slow MA Length: 21 and MA Type: EMA. Date Time Of Last Edit: 2023-12-12 01:41:29

[2023-12-14 23:23:50] #6 [Go To First Post]
David Elstob - Posts: 10
User584084 - found it, thanks. For me, none of the available studies are accurate enough. As you can see from my image, the true divergence when CVD is overlayed on the main price graph could easily be plotted on a histogram to reflect the current divergence, not an averaged or lagging one. Although I can do basic coding, unfortunately, I'm not fluent in anything Sierra Chart. Not sure if what I'm after is available with the formulas?

[2023-12-14 23:58:50] #7 [Go To First Post]
David Elstob - Posts: 10
User584084 - found this thanks. Sawtooth - I checked your formula with this version - =E3-(ID3.SG4) - and it works fine, thanks. However, I think it would be beneficial to plot the true difference, not the absolute difference. This way I can see if the divergence is negative or positive, plus it is easier to guage. At the moment, it seems the indicator is not mirroring what I see on the main price graph. (Once the indicator is working I intend to hide the CVD on the main price graph). If I shaded in the gaps between the two values, this is what I wish to see on the histogram. Any further ideas please?

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