Trading Systems

Rsi Divergence Multicurrency Settings/Inputs Guide for MT4 & MT5

12 March 2026, 08:56
Biswarup Banerjee
Biswarup Banerjee
0
14

MT4 Version: RSI Divergence Multicurrency Scanner MT4

MT5 Version:

Complete User Documentation — MT4 & MT5

1. OVERVIEW

The RSI Divergence Multicurrency Scanner is a powerful tool designed for forex traders to identify divergence across multiple currency pairs using the Relative Strength Index (RSI). This scanner helps traders spot potential reversal points by analyzing price movements and RSI trends simultaneously. By automating the scanning process, traders can save time and improve their decision-making efficiency.

Who Should Use It: This tool is ideal for forex traders who utilize technical analysis, particularly those focused on divergence strategies.

Main Benefit: It enables traders to quickly identify potential trading opportunities across various currency pairs, enhancing their trading strategies and increasing profitability.

2. INPUT PARAMETERS & SETTINGS

This product shares a common set of general input settings with all Multi-Currency Scanner Dashboard products in this series. The following sections are covered in the common guide: General Settings (pairs list, dashboard colors, panel size), Timeframe Signal Settings (individual TF scan per symbol), Timeframe Confluence Settings (multi-TF confluence scan), and Alert Settings (popup, push notification, email). For full details refer to the Common Multi-Currency Scanner Dashboard Settings Guide. The sections below cover only the product-specific inputs unique to this product.

General Display Settings

This section controls the visual aspects of the scanner's display, allowing customization of how data is presented on the dashboard.

Setting Name Type Default Value Description Example
Label Offset % int 20 Adjusts the vertical position of labels on the dashboard, improving readability and organization of information. 25 - Use this value for better spacing in crowded dashboards.
Line style ENUM STYLE_SOLID See options explained below. STYLE_DASH - Use this for a dashed line effect for better visibility.
Line width int 2 Sets the thickness of the lines on the dashboard, allowing for better visibility based on personal preference. 3 - A thicker line can enhance visibility on smaller screens.
Background line bool false Enables a background line for better contrast against the dashboard, improving readability. true - Use this to enhance visibility in bright chart settings.
Highlight to move bool true Allows users to highlight elements for easier manipulation, enhancing user experience. false - Disable this if you prefer a static dashboard without highlights.
Line's continuation to the right bool false Determines if the lines extend to the right, which can help visualize future price movements. true - Use this to project potential future trends based on current data.
Hidden in the object list bool true Hides the object from the list, keeping the workspace clean and organized. false - Use this if you need to access the object frequently.
Priority for mouse click long 0 Sets the click priority for objects, which can help manage overlapping elements in the dashboard. 1 - Increase this value to ensure a specific object is clickable.
RSI Color color clrBlue Sets the color of the RSI line, allowing for customization based on personal preferences or visibility needs. clrRed - Change to this color for better visibility against a dark background.

Indicator Settings

This section defines the parameters that control the behavior of the RSI indicator used in the scanner.

Setting Name Type Default Value Description Example
rsi 1 period int 14 Defines the number of periods used to calculate the RSI, affecting sensitivity to price changes. 10 - Use a shorter period for more sensitivity to price movements.
rsi 1 applied price ENUM PRICE_CLOSE See options explained below. PRICE_OPEN - Use this for a different perspective on market trends.
rsi 1 upper LEVEL double 80 Sets the overbought threshold for the RSI, indicating potential reversal points when exceeded. 85 - Adjust this for a more aggressive trading strategy.
rsi 1 lower LEVEL double 20 Sets the oversold threshold for the RSI, signaling potential buying opportunities when below this level. 15 - Use this to identify extreme oversold conditions for potential entries.
Minimum Bars between divergence int 20 Specifies the minimum number of bars required to confirm a divergence, ensuring reliability in signals. 25 - Increase this to filter out less significant divergence signals.
Maximum Bars between divergence int 200 Sets the maximum number of bars to consider for divergence, allowing flexibility in analysis. 150 - Use this to focus on more recent price action for divergence detection.

Zigzag Settings

This section configures the ZigZag indicator settings, which are crucial for identifying support and resistance levels.

Setting Name Type Default Value Description Example
Support Resistance TF ENUM PERIOD_CURRENT See options explained below. PERIOD_H1 - Use this for a broader perspective on support and resistance.
ZigZag Depth Lower int 12 Defines the depth of the ZigZag indicator, affecting how sensitive it is to price changes. 10 - Lower this value for more frequent zigzag patterns in volatile markets.
ZigZag Deviation Lower int 5 Sets the minimum price movement required for the ZigZag to change direction, ensuring significant moves are captured. 7 - Increase this for less noise in the zigzag patterns.
ZigZag Backstep Lower int 3 3. HOW IT WORKS

Core Calculation & Logic

The RSI Divergence Multicurrency Scanner calculates the Relative Strength Index (RSI) across multiple currency pairs to identify potential divergences. This helps traders spot overbought or oversold conditions, indicating possible reversal points.

By analyzing price movements against the RSI, the scanner detects discrepancies that suggest a weakening trend, allowing traders to make informed decisions about entry and exit points.

How Signals Are Generated

A BUY signal is generated when the price makes a lower low while the RSI forms a higher low, indicating potential upward momentum. Traders may consider this a buying opportunity.

A SELL signal occurs when the price creates a higher high while the RSI shows a lower high, suggesting a potential downward reversal. This could be a signal to sell.

Signals are displayed in a dashboard format, showing symbols, timeframes, and color-coded arrows representing the strength and age of each signal.

Step-by-Step Workflow

Step 1: Setup the Scanner Install the RSI Divergence Multicurrency Scanner on your trading platform and select the currency pairs you wish to monitor.

Step 2: Configure Settings Adjust the settings according to your trading preferences, including timeframes and display options.

Step 3: Monitor Signals Observe the dashboard for BUY and SELL signals, and analyze the strength and age of each signal.

Step 4: Execute Trades Use the signals generated to make informed trading decisions based on your strategy.

4. USAGE TIPS & BEST PRACTICES

Utilizing the RSI Divergence Multicurrency Scanner effectively can enhance your trading strategy.

Feature Description
Pairs List Customize the list of currency pairs to focus on those of interest or relevance to your trading strategy.
Scan Last N Candle Set the number of recent candles to analyze, allowing for tailored analysis based on market volatility.
Panel Height Adjust the panel height to optimize visibility and space on your trading chart.
Arrow Size Modify the size of the arrows indicating signals for better clarity based on your screen resolution.

5. IMPORTANT NOTES & WARNINGS

Known Limitations

Issue Explanation
Market Conditions The scanner may provide false signals during highly volatile market conditions, requiring additional confirmation.
Lagging Indicator RSI is a lagging indicator, which means it may not predict future price movements accurately.
Timeframe Sensitivity Different timeframes can yield varying results; ensure you select the appropriate one for your strategy.

Settings Beginners Should NOT Change

Setting Why to Leave Default
Panel Width Default width ensures optimal visibility and layout on various screen sizes.
RSI Color Maintaining the default color helps in quick identification of RSI levels.
Arrow Size Default arrow size is designed for optimal visibility and clarity on charts.

Dashboard Usage Tips

  1. Regularly Monitor Signals: Check the dashboard frequently to catch timely trading opportunities.
  2. Use Multiple Timeframes: Analyze signals across different timeframes for better context.
  3. Combine with Other Indicators: Use the scanner alongside other indicators for confirmation.
  4. Adjust Settings as Needed: Customize settings to fit your trading style and preferences.
  5. Stay Informed: Keep updated on market news that may affect currency pairs.

Quick Start Guide

Follow these steps to get started in under 5 minutes:

  1. Download the Scanner: Obtain the RSI Divergence Multicurrency Scanner from the marketplace.
  2. Install the Indicator: Add the scanner to your trading platform following installation instructions.
  3. Set Up Currency Pairs: Input the currency pairs you want to monitor in the settings.
  4. Configure Display Settings: Adjust panel height, width, and colors to your preference.
  5. Start Scanning: Activate the scanner and begin monitoring signals across selected pairs.
  6. Analyze Signals: Review the dashboard for potential trading opportunities.
  7. Execute Trades: Use the signals to make informed trading decisions.

You may also be interested in these related products:

Installation Guide for MQL Products | Updating Purchased MQL Products on MT4/MT5 | General Troubleshooting Guide

Check all my products: https://www.mql5.com/en/users/biswait50/seller

Contact me for support: https://www.mql5.com/en/users/biswait50
#metatrader dashboard signal scanner multi currency scanner momentum mt4 overbought oversold mt5 rsi