Divergence dashboard

13 March 2019, 20:24
Jan Flodin

The main purpose of this blog is to describe and explain the input parameters of my Divergence dashboard indicator (MT4 version / MT5 version). Further below you will also find a list of known bugs and other shortcomings as well as a list of planned changes.

Input parameters

  • Template name: The purpose of this parameter is to make it easier for quick decision if to take the trade or not. Typically you would then use your own custom chart template (.tpl) which for instance could contain my free divergence indicator ( MT4 version MT5 version) and a support/resistance indicator.
  • Trend filter to use: Drop down list from where you can select from Moving average or RSI.
  • Enable sorting (ranking): Default is true. It will then sort the symbols according to the highest divergence trending at the top of the table. This is a simple sorting based on the color.
  • Use point ranking: If set to true the sorting will be based on a point system. The points will be calculated according to time frame and if double divergence or not. The value for the first time frame will be 1 and then accumulated by 1 for each visible time frame. If all time frames are visible the highest value will be 8. If the color is red (bearish divergence) the value will be negative. If there is a double divergence the value will be multiplied by 1.5. Please see an example calculation on the picture below (ABS converts a negative total sum to a positive value). If all time frames are enables then a total sum of 20 or higher must be considered as a high probability setup. Especially if the price is at, or close to, a supply/demand zone.
  • Min. point value for alert (if set to True above): This value will be used if >0 and the 'Use point ranking' parameter above has been set to true. If set to true but the value here is 0 then you will be alerted in the classical way, hence color count. Plese see the next parameter.
  • Alert if signal on xx TF:s (0=all visible TF:s): By default 8 time frames are visible (M5, M15, M30, H1, H4, D1, WK1 and MN). The alert will come when the color is the same on all time frames. This will be very rare. Setting this value to for instance 3 will alert you as soon as the color is the same on at least 3 time frames.
    • First divergence oscillator: Please note that MACD signal will be shown as MACDS and MACD histogram as MACDH on the dashboard.
    • Second divergence oscillator: Can be left to value NONE if you would like to scan only for a single oscillator/indicator.
    • Scan for bullish divergences
    • Scan for bearish divergences
    • Scan for hidden divergences
    • Scan for regular divergences
    • Bars to check (divergence depth): Amount of bars (shifts) to check for a divergence. The higher the value the more computer resources will be used.
    • Divergence candle shift (must be >0): Default is 2. By setting it to 1 you will get alerts for pending (unconfirmed) divergences. You will be able to catch the possible movement earlier. On the other hand, the signal is less reliable. Usually you would not use value 1 or 2.
    • Divergence on candle shifts <= shift above: By setting this to true the indicator will scan for confirmed as will as pending divergences in case you have set the value to 2 or higher in the parameter above.
    • Fast EMA
    • Slow EMA
    • Signal SMA
    • K
    • D
    • Slowing
    • RSI period
    • CCI period
    • ATR period
    • ** MFI period
    • Momentum period
    • ADX period
    • ADX line mode
    • * MFI period
    • * OBV/MFI volume type for calculation: List box from where you can select from Tick volume or Real volume.
    • Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be entered in the exact way as it is visible in the Market Watch window and separated with a comma, without spaces. By design in Metatrader 4 the amount of character in a text (string) parameter is limited to 255. You can put more characters in the Symbols parameter but when reading the value, Metatrader cuts at 255. 255 characters will allow for 36 symbols and 35 commas (,) if the symbol length is 6 characters. If you need more symbols you can always drag the indicator with the remaining symbols to another chart. To come around this limitation you can set the value in the 'Use symbols from Market Watch window instead' parameter below to true. By doing this the indicator will use the symbols visible in your Market Watch window instead. Please note though that depending on your screen size/resolution, having more then for instance 40 symbols might make the text of the symbols very small.
    • Use symbols from Market Watch window instead: With this option set to true all visible symbols in your Market Watch window will be scanned instead of the symbols above. Due to performace reasons It is not recommended to use more than 40 symbols.
    • Time frames: Set to true for each time frame you would like to monitor.
    • Period
    • MA shift
    • Method
    • Price type
    • Period
    • Overbought level
    • Oversold level
    • Price type
  • ALERTS (set to true to allow for alerts to be sent)
    • Enable alerts: Set to true to allow for alerts to be sent.
    • Alert interval (minutes): If you set this to 10, you will receive an initial alert when a pair is in alignment and then again every 10 minutes as long as the pair remains in alignment.
    • Customer alert text: If you write something here then the alert will have to following format: "Divergence dashboard: [symbol] Bullish or Bearish - [your customized text]"
    • On-screen (pop-up) alert
    • Custom sound alert (if true then no pop-up alert)
    • Custom sound file
    • Mail alert
    • Push alert
    • Text color: Default is black but can be changed to for instance white in case you have black chart background.
    • Font size: Used for the symbol and time frame texts. Default is 8.
    • Score offset: Default is 800 but can be adjusted to another value if the score is overlapping into the last time frame column or if the score is to far away.

Known bugs

  • Nothing reported or known at the moment. 

Planned changes

  • Add bollinger trend filter

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