Divergence dashboard FREE MT5
This multi time frame and multi symbol divergence dashboard indicator sends an alert when one or two different divergences have been identified on several time frames. It can be used with all time frames from M1 to MN. Max. 9 time frames can be shown in the dashboard at the same time. It is possible to enable moving average or RSI trend filter to filter out only the strongest setups.
This free version is limited to EURUSD, GBPUSD and USDJPY and without the option to send mail and push alerts. The unlimited paid version can be found here.
- Can detect divergences for following oscillators: MACD, Stochastics, OsMA, RSI, CCI, Awesome, OBV, ADX, ATR, MFI and Momentum.
- It is possible to select up to 9 time frames to be used.
- Continuously performs a divergence rank sorting within the dashboard. It is possible to disable this sorting though to make it easier finding a specific symbol. The symbols will then be visible in the same order as they have been entered in the Symbols parameter or in the order they are visible in the Market Watch window.
- By clicking inside a rectangle a new chart will be opened with the symbol and time frame in question.
It is enough to place the indicator on one chart and you will receive an alert from any symbol of your choice.
Both regular/classical (trend reversal) and hidden (trend continuation) divergences will be taken into consideration. Hence there could be a regular divergence and at the same time a hidden divergence on another time frame. Please see screenshot #3 below. The example is showing divergences from 2 indicators but it could also be from one and the same indicator. It is possible though to set if to use only regular or only hidden divergences by changing a parameter.
Please find the description and explanation of the input parameters here (paid version).
Please note that this indicator is not supported in the strategy tester. It will also not draw lines and arrows or sell and buy advice on any chart.
I recommend putting the indicator on a M5 chart. A clean chart without any other indicators or Expert Advisors on it. The indicator will be loaded to an indicator window which you can then expand to cover the whole chart.
Please also check out my other divergence and dashboard products:
- added scanning for Accelerator oscillator divergences
- added an option to set the scanning interval. This is by default set to 1 second but could be set to for instance 60 seconds, or higher, for users with slower computers.
- 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 the possibility to select from all supported time frames in MT5. Max. 9 time frames can be used in the dashboard.
- added the possibility to scan for "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). Candle shift must be set to 0 for this to work. Please be aware though that this will lead to more false signals.
- added information if the divergence is hidden or regular. Please see the first screenshot.
- added the possibility to set the rectangle colors
- added support for the H12 time frame
- added Bollinger bands (reversal) trend filter
- added support for ADX, ATR, OBV, MFI and Momentum divergences