OPEN-SOURCE SCRIPT

Source-Aligned Oscillators (for Divergences)

A simple tool to visualize oscillators on different price sources — and fix one of the most common divergence mistakes.

Many traders look for divergence by comparing:

price → using highs and lows
oscillators (like RSI) → calculated on close

This creates a hidden inconsistency.

Oscillators such as Relative Strength Index, momentum, or ROC are typically built using close-to-close data.
But when divergence is drawn using wick extremes (highs/lows), you are no longer comparing the same type of information.

This becomes especially problematic on large candles:

the distance between low and close (or high and close) can be significant
price may print a new low via a wick
while the close — and therefore the oscillator — shows little real change

👉 This often produces “fake” or misleading divergence signals.

The idea behind this script

Divergence should ideally be evaluated using aligned data sources:

if your oscillator is based on closes → compare it to close-based structure
if you want to use highs/lows → then the oscillator should reflect those extremes too

This script allows you to do exactly that.

What this tool does

Displays a single oscillator at a time for clarity

Supports multiple oscillators:

RSI
ROC
Momentum
MACD Histogram
CMO
Stochastic RSI

Lets you compute them on different sources:

Close
HL2
HLC3
OHLC4
Candle body split (open/close extremes)
High / Low split

High / Low split mode (key feature)

Instead of forcing one source, this mode shows:

oscillator calculated on lows → useful for bullish structure
oscillator calculated on highs → useful for bearish structure

This helps you clearly see how oscillators behave when aligned with actual price extremes — instead of mixing closes with wicks.

How to use it

Switch between sources and observe how oscillator structure changes
Compare close-based vs wick-based behavior
Identify whether a divergence is:
structurally meaningful
or simply caused by a single candle wick

Final note

This tool does not generate divergence signals automatically.
Its purpose is to help you see divergence correctly, with consistent data.

Because sometimes the issue is not the market — it is how we measure it.

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QuantNomad

Quant Developer | Pine Script v6 | Python & R
12+ yrs system. trading, hedge fund experience

Indicators, strategies & screeners
Futures & options

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QuantNomad

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