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- What's new
Multi oscillator divergence FREE MT5
The indicator identifies when a divergence occurs between price and an oscillator. It identifies both regular and hidden divergences.
This free version has some limitations compared with the paid version. For instance alerts are not supported.
Please also check out my other divergence products:
- Can detect divergences for the following oscillators/indicators: MACD, OsMA, Stochastics, RSI, CCI, RVI, Awesome, ADX, ATR, OBV, Composite index, MFI and Momentum. Only one oscillator/indicator can be selected.
- Draws solid lines for regular/classical (potential reversal) divergences and dashed lines for hidden (trend continuation) divergences. The lines are drawn on the chart as well as in the indicator window.
- Oscillator to use: Default is Stochastics. You can select from any of the above mentioned oscillators/indicators.
- Use old logic (before version 1.9): True or False. Set to True to detect divergences the way it was before version 1.9. The new logic will detect more divergences but it will also come with a performance cost. Something which will be more visible on slower computers. The new logic will allow divergences even if there are additional indicator extremums (top/bottoms) between the 2 already existing extremum points.
- Divergence candle shift (must be 0, 1 or 2): Set to 2 for a stronger confirmation of the possible reversal/trend continuation (confirmed divergence). By having it set to 1 you will catch the possible movement earlier (unconfirmed/pending divergence). On the other hand, the signal is less reliable. You can also set it to 0 for catching "early" divergences. This means that the alert will come directly upon candle open instead of waiting for the slope in the indicator to change direction (candle shift 1 or 2), which means that the price must show at least some sign of reversal. Please be aware though that this will lead to more false signals (repaintings). Higher values than 2 are not supported.
- Bars to check (divergence depth): Bars back in time to check for a divergence. Default is 40.
- Max history bars: Bars back in time for which to draw divergences. Default is 1000.
- MACD and OsMA SETTINGS
- Fast MA: Default is 12.
- Slow MA: Default is 26.
- Signal MA: Default is 9.
- CCI, RSI, RVI, ATR, MFI, MOMENTUM SETTINGS
- Period: Default is 10.
- STOCHASTIC SETTINGS
- K: Default is 14.
- D: Default is 3.
- Slowing: Default is 3.
- Apply to price
- ADX AND OBV/MFI (VOLUME) SETTINGS
- ADX period
- ADX line mode
- OBV/MFI volume type for calculation: List box from where you can select from Tick volume or Real volume.
- COMPOSITE INDEX SETTINGS
- RSI slow period
- RSI fast period
- Momentum period
- Average period 1
- Average period 2
- Average period 3
- Price type
- Show RSI/Stochastics/MFI indicator window levels: True or False. Please leave this value to False if you are setting you own custom indicator levels.
- Indicator level 1: Default is 80.
- Indicator level 2: Default is 20.
- Indicator max. value: Default is 100.
- 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.
- 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. Please be aware of the fact that the new logic also comes with a performance cost. Something which will be more visible on slower computers.
- added a parameter 'Divergence candle shift'. Default value is 1 (this is the value which was also automatically used in the previous version). 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/unconfirmed divergence). On the other hand, the signal is less reliable.