Multi oscillator divergence MT5
The indicator identifies when a divergence occurs between price and an oscillator. It identifies both bullish and bearish divergences.
The free version of this indicator can be downloaded here. It has some limitations. For instance it has no support for alerts.
Please also check out my other divergence products:
- Can detect divergences for the following oscillators: MACD, OsMA (Moving average of Oscillator), Stochastics, RSI, CCI, RVI and Awesome. Only one oscillator can be selected.
- Draws solid lines for regular/classical (potential reversal) divergences and dotted lines for hidden (trend continuation) divergences. The lines are drawn on the chart as well as in the indicator window.
- Sends an alert when a divergence has been detected.
- Contains 2 buffers which a developer can use with iCustom(). Buffer index 4 for bull signals and index 5 for bear signals. The shift is always 0. The value returned is a close price of the candle where the divergence occured.
- Oscillator to use: Default is Stochastics. You can select from any of the above mentioned oscillators.
- Divergence candle shift (must be >0): Default is 1. You can set it to a higher value for a stronger confirmation of the possible reversal/trend continuation. By having it set to 1 you will catch the possible movement earlier (pending divergence). On the other hand, the signal is less reliable.
- Scan for bullish divergences: True or False.
- Scan for bearish divergences: True or False
- Scan for hidden divergences: True or False.
- Scan for regular divergences: True or False
- Max history bars: Bars back in time for which to draw divergences. Default is 1000.
- Bars to check (divergence depth): Default is 40.
- MACD and OsMA SETTINGS
- Fast MA: Default is 12 (fixed value 5 for Awesome).
- Slow MA: Default is 26 (fixed value 34 for Awesome).
- Signal MA: Default is 9.
- CCI, RSI AND RVI SETTINGS
- Period: Default period is 14.
- STOCHASTIC SETTINGS
- K: Default is 14.
- D: Default is 3.
- Slowing: Default is 3.
- Enable RSI for regular divergences: True or False.
- Enable RSI for hidden divergences: True or False.
- 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.
- RSI/Stochastics indicator level 1: Default is 80.
- RSI/Stochastics indicator level 2: Default is 20.
- RSI/Stochastics indicator max. value: Default is 100.
- RSI/Stochastics indicator min. value: Default is 0.
- Bullish divergence line color: Color for bullish lines.
- Bearish divergence line color: Color for bearish lines.
- Indicator level line: Color for indicator level lines.
- Alerts: Set to true for each alert type you would like to receive.
- added the possibility to disable scanning of bullish or bearish divergences