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2013.10.07 12:11

Awesome Oscillator Divergence - indicator for MetaTrader 5

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votes: 44

This indicator will plot divergence lines on the Awesome_Oscillator indicator and will give buy and sell signal by displaying arrows.

It also has a built-in Show_alert, Play_Sound, Send_Email & Send_Notification function. In default:

  • Bullish Regular_Divergence is plotted in Blue lines & solid,
  • Bullish Hidden_Divergence is plotted in Aqua lines & dotted,
  • Bearish Regular_Divergence is plotted in Red lines & solid,
  • Bearish Hidden_Divergence is plotted in Orange lines & dotted,
  • & Indicator Divergence lines does not pass ( going across ) through the body of the Indicator/histogram.

This indicator based on description for divergence in: Signals of the Awesome Oscillator

for example in Bullish Regular_Divergence:

Awesome Oscillator Bullish Divergence

Fig. 1. Bullish Divergence example

Divergence: —the first analyzed bottom of the indicator is shallower than the previous one, and the corresponding price valley is deeper than the previous one. In addition, the indicator must not rise above the zero level.


Inputs parameters are shown in below pic. 

Awesome Oscillator Divergence input parameters

Fig. 2. Input parameters of the Awesome Oscillator Divergence indicator

Two of them are important.

1. Deviation_percent: default value is 0.05 and this is the maximum percent ratio of AO value which allowed to be out of range.

As shown in Figure below:

Deviation percent

Fig. 3. Awesome Oscillator percent ratio

Obviously, with choice 0.0 there are all AO value will be within the range.

2. Indicator_Trend_Line_Allowed_across_through_the_histogram_body: default value is no.

The following screenshots are enough to show the difference in performance for different modes yes/no.

Fig. 3. Indicator_Trend_Line_Allowed_across_through_the_histogram_body=no

Fig. 4. Indicator_Trend_Line_Allowed_across_through_the_histogram_body=no

Fig. 4. Indicator_Trend_Line_Allowed_across_through_the_histogram_body=yes

Fig. 5. Indicator_Trend_Line_Allowed_across_through_the_histogram_body=yes

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