RSI Divergence Pulse MT4
- Indicators
- Version: 1.0
- Activations: 20
RSI Divergence Pulse is an RSI-based indicator for MetaTrader 4. It detects regular and hidden divergences, draws them on the price chart and in the RSI subwindow, shows RSI values from five timeframes in one panel, and reports the current RSI state in an information panel. Alerts can be sent when a divergence is confirmed.
How it works
The indicator calculates a standard RSI and a signal line, which is a simple moving average of the RSI. Significant RSI highs and lows are located with a fractal-based pivot algorithm. Consecutive pivots are then compared with the corresponding price extremes:
Price makes a lower low while RSI makes a higher low: regular bullish divergence.
Price makes a higher high while RSI makes a lower high: regular bearish divergence.
Price makes a higher low while RSI makes a lower low: hidden bullish divergence.
Price makes a lower high while RSI makes a higher high: hidden bearish divergence.
Regular divergences are drawn with solid lines and hidden divergences with dashed lines, both on the price chart and in the indicator window. Each of the four types has its own color. Divergences are evaluated only on confirmed pivots, so a signal that has been drawn is not recalculated on later ticks.
Chart display
The RSI line is colored according to the zone it is in: one color above the overbought level, another below the oversold level, and a third between them. The overbought and oversold areas are shaded in the indicator window. Arrows and short text labels mark each detected divergence on the price chart and indicate whether it is a regular or a hidden one.
Multi-timeframe panel
A panel inside the indicator window shows the current RSI value for M5, M15, H1, H4 and D1. Each value is colored according to its zone, so the readings of the higher timeframes can be seen without opening additional charts.
Information panel
The information panel shows the current RSI value, the signal line value, the difference between the two, the zone the RSI is currently in (overbought, bullish, bearish or oversold), and a summary of these readings.
Alerts
Terminal alert, sound, email and push notification can be enabled separately. Each confirmed divergence produces one alert. Email requires SMTP settings in the terminal, push notification requires the MetaTrader mobile application and a MetaQuotes ID.
Input parameters
RSI settings:
RSI Period: period of the RSI (default 14).
Signal MA Period: simple moving average period applied to the RSI (default 9).
Applied Price: price used for the RSI calculation (default Close).
Levels:
Overbought Level (default 70).
Middle Level (default 50).
Oversold Level (default 30).
Divergence detection:
Pivot Strength: number of bars on each side required to confirm a pivot (default 5).
Max Lookback Bars: number of bars scanned for pivots (default 500).
Show Regular Divergence (default true).
Show Hidden Divergence (default true).
Display:
Separate colors for bullish regular, bearish regular, bullish hidden and bearish hidden divergence.
Divergence line width, from 1 to 5.
Switches for arrows, labels, information panel, zone shading and multi-timeframe panel.
Alerts:
Popup alert (default false).
Sound alert (default false).
Email notification (default false).
Push notification (default false).
Notes on the settings
A lower pivot strength, 2 or 3, confirms pivots faster and produces more signals on the lower timeframes. A higher value, 5 to 8, produces fewer signals and suits H4 and higher. The overbought and oversold levels can be changed, for example to 80 and 20, if the default levels are reached too often on the instrument being traded.
Requirements
MetaTrader 4, any symbol and any timeframe. The indicator makes no DLL calls and uses no external files. All chart objects it creates are removed when it is detached from the chart.
