Multi oscillator divergence scanner
This multi oscillator, multi timeframe and multi symbol indicator identifies when a divergence occurs between price and an oscillator. It identifies both regular/classical (trend reversal) and hidden (trend continuation) divergences. It has a RSI filter option which makes it possible to filter out only the strongest setups.
- Can detect divergences for the following oscillators: MACD, OsMA (Moving average of Oscillator), Stochastics, RSI, CCI and RVI. Only one oscillator can be selected.
- Can monitor all symbols visible in your Market Watch window at the same time. Apply the indicator to just one chart and instantly monitor the entire market.
- Monitors every timeframe, from M1 to MN, and sends you a real-time alert when a divergence has been identified.
- Besides the alerts the indicator includes an interactive panel on the chart which shows the xx last signals. A new chart will be opened upon mouse click on an item. Please see separate screenshot for full explanation.
You can place the indicator on for instance EURUSD M5 chart and receive an alert from any symbol and any timeframe of your choice.
Please note that due to the multi-timeframe functionality this indicator is not supported in the strategy tester. Please also note that due to the same reason lines and arrows will not be drawn on any chart.
- Oscillator to use: Default is CCI. You can select from any of the above mentioned oscillators.
- Scan for bullish divergences: True or False. Default is True.
- Scan for bearish divergences: True or False. Default is True.
- Include hidden (trend continuation) divergences: True or false. Default is True.
- Wait for candle close for alert: True or False. Default is False. When set to false you will get the alert earlier and will be able to catch the movement earlier. On the other hand the signal is less reliable. But can nevertheless be quite effective on M15 timeframe with Stochastics as oscillator.
- Amount of signals to show in the panel: Default is 10. But you can set it to 20, or even more if it will fit on your chart. The signals will be shown in descending order, i.e. the latest signal first.
- MACD AND OsMA SETTINGS
- Fast EMA: Default is 12.
- Slow EMA: Default is 26.
- Signal SMA: Default is 9.
- STOCHASTICS SETTINGS
- K: Default is 5.
- D: Default is 3.
- Slowing: Default is 3.
- CCI, RSI AND RVI SETTINGS
- Period: Default period is 14.
- RSI FILTER SETTINGS
- Enable RSI for regular divergences: True or False. Default is True.
- Enable RSI for hidden divergences: True or False. Default is False. It is worth to notice that a hidden divergence usually does not very often reach the RSI levels.
- RSI overbought and oversold levels: The divergence candle must form above/below these levels in order to be valid.
- RSI Period: Default period is 14.
- RSI apply to price: RSI level is calculated from this setting.
- Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be put in the exact way as it is visible in the Market Watch window and separated with a comma without spaces. If you put a symbol which does not exist in the Market Watch window, that symbol will not be scanned.
- Timeframes: Set to True for each timeframe you would like to monitor.
- Alerts: Set to true for each alert type you would like to receive.