B Williams Div bar
- Indicators
- Version: 1.1
B Williams Divergent Bar
The indicator searches for and marks Divergent Bars on the chart according to Bill Williams' methodology.
What it shows:
- Green upward arrow — potential bullish reversal (Bullish Divergent Bar).
- Red downward arrow — potential bearish reversal (Bearish Divergent Bar).
Arrows appear only on closed bars.
Signal logic: The indicator looks for bars with a large shadow in the direction of the reversal that update the local extremum (new local low or high), while being on the opposite side of the Alligator lines. It additionally checks the size of the candle body and shadows, as well as the relationship between the Alligator lines (Lips and Teeth).
Settings:
- JawPeriod, JawShift, TeethPeriod, TeethShift, LipsPeriod, LipsShift — Alligator parameters (default standard values: 13,8 / 8,5 / 5,3)
- ATR_Period and Multiplier — distance for offsetting the arrows from High/Low
- BarsLimit — maximum number of bars for calculation
- UseTimeFilter, StartHour, EndHour — time-of-day filter (works only on timeframes lower than H4)
- UseAlert — enable pop-up alerts
The indicator is displayed in the main chart window as arrows above or below the corresponding bars.
The indicator searches for reversal patterns of the “Shooting Star” type and its bullish counterpart (Inverted Hammer).
Signals:
- Red dot above the bar — sell signal
- Green dot below the bar — buy signal
Main signal conditions:
- Classic “Shooting Star” / “Inverted Hammer” with a long shadow
- The bar is significantly larger than the average size of the previous 5 bars (≥ 90%)
- The High/Low of the bar updates the 4 previous extrema
- The entire bar is strictly above (for sell) or below (for buy) all Alligator lines
- The Alligator is in the following order (Lips > Teeth for sells, and vice versa)
Additional features:
- Adaptive offset of the dots from the bar
- Time filter (9:00–19:59) with automatic disabling on H4, D1, W1, MN1
- Signals do not repaint
