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Specification
Custom RSI Divergence Indicator for MT5
📌 General Requirements
✅ The indicator should scan for divergences continuously with each new candle close. The user should be able to indicate the number of candles to scan backwards. Once the indicator is applied to a new chart, it should highlight all divergences found in past candles. From that point onwards, it should continue searching with each new candle close, without requiring a refresh or timeframe change.
✅ It should work across multiple timeframes (one by one), updating automatically when the user switches timeframes. The indicator does not scan divergences from multiple timeframes simultaneously; it just updates divergences when switching timeframes.
✅ It is compatible only with standard candlesticks (plus regular RSI in the window below the price chart).
✅ Divergences are marked only after confirmation (confirmation being minimum number of candles closing above/below), and being within a predefined level of RSI values.
✅ No repainting → Once a divergence is marked, it should remain, even if the market moves differently afterward.
✅ However, user should be able to delete any object created by the indicator.
✅ The indicator should detect both regular and hidden divergences.
✅ It should display trendlines on both the price chart and the RSI window. The user should be able to choose colours for each type (i.e., four colours: regular up, regular down, hidden up, hidden down). And arrows for buying and selling.
✅ It should only delete its own objects when switching timeframes, leaving other objects (like support & resistance, for example) untouched.
✅ I am open to suggestions on how to estimate pivot points for divergences. Some indicators rely on fractals to detect highs and lows. A key requirement is that it must not repaint. Then, zigzag I think should be discarded since the beginning.
✅ It must be lightweight and efficient, avoiding excessive CPU usage.
🔍 Divergence Detection
- The indicator must identify regular and hidden divergences between the RSI and price action.
- It should look backwards over a pre-determined number of candles.
- The user should be able to set custom RSI levels.
- The indicator must mark divergences only when RSI is above or below user-defined levels. If not selected, it marks independently on RSI level.
- Minimum candle distance filter: The user must be able to set a parameter for the minimum number of candles between divergence points.
- Minimum candles for confirmation: Once a high or low has been reached, before confirming a divergence, the indicator should require a user-defined number of candles closing above/below that pivot.
📊 Visual Representation
📀 On the price chart → The indicator should draw trendlines connecting divergence points. Plus, arrow indicating buy or sell bellow the adequate closed candle (only after confirmation). Arrows will avoid overlap with price bars. They should be seen clearly (example below).
📀 On the RSI window → The same trendlines should appear, indicating the divergence.
📀 Custom Object Deletion Control – The user should be able to delete divergences on the chart price and RSI window.
⚙️ Settings & Parameters
✔ RSI Period
✔ Custom RSI Levels (example: 20 & 80 instead of 30 & 70)
✔ Number of candles to scan backwards
✔ Minimum candles between divergence points
✔ Minimum candles for confirmation: Number of candles closing above/below the pivot before confirming the divergence
✔ Line colours & styles for different divergences
✔ Depending on the method for determining pivot points, appropriate parameters
❌ What I DON’T Need
❌ No alerts or notifications – I only need visual signals.
❌ No repainting or re-adjusting past divergences.
💰 Budget & Timeline
💲 My budget is $75. I’m looking for a reliable developer who can deliver a stable, efficient, and well-coded indicator in three to five days.
Example below: