TSO Top Bottom Divergence Momentum MT5
This indicator combines double bottom and double top reversal chart patterns together with detection of divergences between the price chart and the Momentum oscillator.
- Easily detect strong reversal signals
- Allows to use double top/bottom and Momentum divergence signals combined or independently
- Get email and/or push notification alerts when a signal is detected
- Custom colors can be used
- The indicator is not repainting
- Can easily be used in an EA (see below)
- ENABLE Double Top - Bottom: Enable the double top - bottom indicator.
- ENABLE Divergence: Enable the Momentum divergence indicator.
- Period: Set the period of the Momentum oscillator.
- Applied Price: The candlestick price to be used for Momentum calculations.
- Relationship between Double Top-Bottom and Momentum Divergence:
- Combined: All Double Top - Bottom signals are shown but only the Momentum Divergence Signals that correspond with Double Top - Bottom signals are shown. Both Double Top - Bottom and Momentum Divergence indicators should be enabled.
- Independent: Each indicator presents their signals independently.
- Number of Bars (Odd Number) [Affects only Divergence]: This is the number of bars that are required to detect a price high or low, including the top/bottom bar. For example, if set to 5, price HIGHs will be detected at bars which have a HIGH that is higher than the HIGH of the first two bars on their left and right. If Momentum Divergence is used independently, it uses this mechanism to detect highs and lows. Otherwise, highs and lows are detected through the Double Top/Bottom indicator.
- Color Settings: Set the colors for the objects shown on the graph.
- ENABLE Metatrader Alert: Get an alert on the MetaTrader platform when a divergence is detected.
- ENABLE Email Alert: Get an alert sent to your email when a divergence is detected.
- ENABLE Push Notification: Get a push notification on your mobile when a divergence is detected.
For EA Developers
- Momentum value: Buffer = 0
- Divergence Signal: Buffer = 1
- Minor bug fixes