Double divergence scanner MT5

4.71

This multi indicator/oscillator (hereafter indicator), multi time frame and multi symbol indicator identifies when a divergence occurs between price and one, two or three indicators. It identifies both regular/classical (trend reversal) and hidden (trend continuation) divergences. It has RSI and MA trend filter options which makes it possible to filter out only the strongest setups. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.

It can be used in 3 ways:

  1. Set both main and second/third indicator and leave the default value 'current' as Second time frame. By doing this you will get alerts only when there is a double divergence on each time frame which you have selected.
  2. Set both main and second/third indicator and set the time frame for second/third divergence to for instance H4, or set 'One time frame higher' to True. By doing this you will only get alerts when there is a second/third divergence also on the H4 time frame or on one time frame higher than the main divergence.
  3. Set only main indicator. By doing this you will get alerts when there is a divergence on the selected indicator.

Features

  • Can detect divergences for the following indicators: MACD, Stochastics, OsMA, RSI, CCI, Awesome (AO), ADX, ATR, OBV, MFI, Momentum and Composite Index.
  • 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.
  • Can monitor every time frame, from M1 to MN, and sends you a real-time alert when a divergence has been identified. All alert types are supported.
  • Can also be used in single chart mode (scanning only current chart).
  • The indicator includes an interactive panel. Please see separate screenshot for explanation.
  • The indicator can write the signals to a text file or to global variables which can be used which can be used by an Expert Advisor for auto trading.

Input parameters

Please find the description and explanation of the input parameters here.

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.

It is highly advisable to put the indicator on a clean (empty) chart without any other indicators or Expert Advisors on it which could interfere with the scanner.


Reviews 8
AdamK1974
61
AdamK1974 2024.09.17 17:43 
 

Jan is professionalist with his products and the indicator is really sophisticated with a lot of different options .Highly recommend

croxall100
467
croxall100 2020.08.11 16:57 
 

Very useful indicator and saves a tremendous amount of time once its set your your own requirements. Jan is extremely helpful and patient in explaining the set up. Would definitely recommend this indicator to any trader who looks for Divergence to support the trade entry.

Germano
53
Germano 2020.01.23 14:49 
 

For those who wish to monitor divergences between market prices and one or more indicators of their preference, I would recommend "Double divergence scanner". It is an excellent tool, valuable for searching, fast and accurate in alerts which, as suggested by its maker, can be conveniently displayed using "Multi oscillator divergence indicator". As well as complimenting the efficiency of the scanner, I would also like to congratulate Jan on his patience and zeal in providing assistance. Thank you!

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dav5790
166
dav5790 2025.10.09 16:21 
 

User didn't leave any comment to the rating

Jan Flodin
142386
Reply from developer Jan Flodin 2025.10.10 06:15
Hello, I am so sorry to hear that you are not satisfied with the indicator. Always better to ask me first for optimal settings based on your trading style before hurrying up with a review. Please bare in mind that you gave the review already 2 hours after the purchase. That was not time enough to test the indicator also on the larger time frames.
Best regards, Jan
AdamK1974
61
AdamK1974 2024.09.17 17:43 
 

Jan is professionalist with his products and the indicator is really sophisticated with a lot of different options .Highly recommend

Kasim Ijelu
539
Kasim Ijelu 2021.09.22 23:16 
 

Hi I'm Still in the process after a few weeks of purchasing this product, however so far so good , what I like it the flexibility and the light weightedness of this indicator. Combined with other trading methods it gives great early ideas to watch and monitor. and most importantly a great price affordable price

croxall100
467
croxall100 2020.08.11 16:57 
 

Very useful indicator and saves a tremendous amount of time once its set your your own requirements. Jan is extremely helpful and patient in explaining the set up. Would definitely recommend this indicator to any trader who looks for Divergence to support the trade entry.

Germano
53
Germano 2020.01.23 14:49 
 

For those who wish to monitor divergences between market prices and one or more indicators of their preference, I would recommend "Double divergence scanner". It is an excellent tool, valuable for searching, fast and accurate in alerts which, as suggested by its maker, can be conveniently displayed using "Multi oscillator divergence indicator". As well as complimenting the efficiency of the scanner, I would also like to congratulate Jan on his patience and zeal in providing assistance. Thank you!

lilychu1911
49
lilychu1911 2019.09.23 09:38 
 

This indicator works perfect for me. Thank you.

Devonish
3268
Devonish 2019.04.09 09:12 
 

A very useful tool; use in conjunction with your existing strategy and as always, look for supporting reasons to confirm a signal.

A very helpful programmer.

faithdefender
1746
faithdefender 2019.02.13 23:02 
 

I am still learning how to use this, but I wanted to say it is like all of the other indicators he creates; I own several others. They do what they say they are going to do and he charges a fair price for them. Thank you for understanding many of us are new to Forex and very poor. With your help we can afford important indicators to help move us along. Thank you Jan

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