Double divergence scanner MT5
This multi oscillator, multi timeframe and multi symbol indicator identifies when a divergence occurs between price and one or two oscillators. It identifies both regular/classical (trend reversal) and hidden (trend continuation) divergences. It has a RSI and Bollinger Bands filter option which makes it possible to filter out only the strongest setups.
It can be used in 3 ways:
- Set both Main and Second oscillator and leave the default value 'current' as Second timeframe. By doing this you will get alerts only when there is a double divergence on each timeframe which you have selected.
- Set both a Main and Second oscillator and set Second timeframe to for instance H4. By doing this you will only get alerts for the other timeframes when there is a Second divergence also on the H4 timeframe.
- Set only Main oscillator. By doing this you will get alerts when there is a divergence on the selected oscillator.
- Can detect divergences for the following oscillators: MACD, Stochastics, OsMA, RSI, CCI and Awesome.
- 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.
- The indicator includes an interactive panel. Please see separate screenshot for explanation.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any timeframe of your choice.
I recommend you to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators or Expert Advisors on it.
Please note that due to the multifunctionality neither buy and sell advice nor lines and arrows will be drawn on the chart. Due to the same reason the indicator is not supported in the strategy tester.
Parameters marked with an asterisk (*) in the beginning are explained more in detail in the following blog: https://www.mql5.com/en/blogs/post/717881
- Main oscillator: Default is STOCHASTICS.
- Second oscillator (double divergence): Default is RSI.
- 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.
- Second divergence max. candle shift: Default is 2.
- Second divergence time frame: The default value is 'current'.
- Bars to check (divergence depth): Default is 26.
- * Amount of signals to show in the panel: Default is 15. But you can set it to more if it will fit on your chart. The signals will be shown in descending order, i.e. the latest signal first.
- Panel width: Default is 200. For instance, if you are using a non-standard font size in windows, you could set this to a larger value in order for the whole text to be visible.
- * Template name: The template you put here will be applied to the chart which will be opened when you click on a signal in the panel. The name must include the file extension (.tpl).
- 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
- Trend filter to use: This is a drop down menu where you can select from RSI or Bollinger Bands.
- MACD and OsMA settings:
- Fast EMA: Default is 12.
- Slow EMA: Default is 26.
- Signal SMA: Default is 9.
- Stochastic settings:
- K: Default is 12.
- D: Default is 3.
- Slowing: Default is 3.
- RSI and CCI period: Default is 10.
- Enable RSI for regular and/or hidden divergences: True or False.
- RSI overbought and oversold levels for regular and for hidden divergences: The divergence candle must form above/below these levels in order to be valid.
- Bollinger shift: Default is 0.
- Bollinger deviation: Default is 2.
- RSI/Bollinger period: Default is 10. For Bollinger Bands, it should be changed to 20, for instance.
- RSI/Bollinger apply to price: Default is Typical price.
- 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 and without spaces.
- Time frames: Set to true for each timeframe you would like to monitor.
- Alerts: Set to true for each alert type you would like to receive.