Multi oscillator divergence scanner
This multi oscillator, multi time frame and multi symbol indicator identifies when a divergence occurs between price and an oscillator/indicator. It identifies both regular/classical (trend reversal) and hidden (trend continuation) divergences. It has moving average, RSI/Bollinger, ADX, pin bar and engulfing filter options which makes it possible to filter out only the strongest setups.
The indicator can write the signals to a file which can be used by an Expert Advisor for auto trading. For instance this product.
- Can detect divergences for the following oscillators/indicators: MACD (signal line or main line (histogram)), Stochastics, OsMA, RSI, CCI, RVI, Awesome (AO), OBV, ADX, ATR, MFI, Momentum and Composite Index. 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 time frame, from M1 to MN, and sends you a real-time alert when a divergence has been identified.
- The indicator includes an interactive panel. Please see the blog for explanation.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any time frame of your choice.
Please note that due to the multi-time frame functionality, this indicator will not draw lines and arrows or sell and buy advice on the chart where the indicator has been installed. For this purpose you need to create a chart template with my free divergence indicator.
I recommend to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators or Expert Advisors on it.
Please find the description and explanation of the input parameters here.
Please also check out my other divergence products:
- bug fix in the pinbar filter
- added the possibility to enable the MA trend filter separately for regular and hidden divergences
- I have changed the logic of detecting divergences so that more divergences will be detected. The new logic will allow divergences even if there are additional indicator extremums (top/bottoms) between the 2 already existing extremum points.
- added the possibility to use the RSI filter on first, second or both extremums
- added Bollinger bands filter as an alternative to the RSI filter
- added MFI, Momentum, Composite Index and MACD histogram (main line) divergences
- added ADX filter
- added the possibility to select a specific time frame for the RSI filter
- added the option to use the RSI filter also on all lower time frames
- added an option to use divergence strict mode for close price levels. Please see the first screenshot under the product description
- added a filter option for setting a minimum price close level for the last extremum (divergence) candle. Please see the second screenshot under the product description.
- added the possbility to use separate RSI filter values for hidden divergences
- added the possibility to set which stochastics price field to use (Low/High or Close/Close)
- it will now be possible to set the candle shift where to search for the last extremum
- improved support for the strategy tester
- overall performance improvements
- added possibility to set the width of the panel
- added the possibility to use a custom sound file for alerts
- added possibility to use a custom chart template when opening a chart from the panel
- added time of divergence alert to the panel
- Possibility to disable scanning for regular divergences
- Possibility to disable the panel