Multi oscillator divergence FREE
The indicator identifies when a divergence occurs between price and an oscillator. It identifies bullish and bearish hidden or regular (classical) divergences.
- Can detect divergences for the following oscillators: MACD, OsMA (Moving average of Oscillator), Stochastics, RSI, CCI, RVI, Awesome (AO), ADX, ATR, OBV, MFI, Momentum and Composite index. Only one oscillator can be selected per chart.
- 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.
- Use old logic (before version 1.5): True or False. Set to true to detect divergences the way it was before version 1.5. 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.
- Max history bars: Bars back in time for which to draw divergences.
- MACD OsMA AND AWESOME SETTINGS
- Fast MA: Default is 12 (set to 5 for Awesome).
- Slow MA: Default is 26 (set to 34 for Awesome).
- Signal MA (not used for Awesome): Default is 9.
- CCI, RSI, RVI, ATR, MFI, MOMENTUM SETTINGS
- Period: Default period is 14.
- STOCHASTIC SETTINGS
- K: Default is 14.
- D: Default is 3.
- Slowing: Default is 3.
- Price type
- ADX SETTINGS
- ADX period
- Line mode
- COMPOSITE INDEX SETTINGS
- RSI slow period
- RSI fast period
- Momentum period
- Average period 1
- Average period 2
- Average period 3
- Price type
- Bullish line color: Color for bullish lines.
- Bearish line color: Color for bearish lines.
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- bug fix
- I have added the possibility to scan for "early" divergences. This means that the alert will come directly upon candle opening 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 (repaintings)
- I have changed the logic of detecting divergences so that more divergences will be detected
- replaced the parameter 'Wait for candle close' with new parameter 'Divergence candle shift'. Value 1 = previous parameter set to False and value 2 was value True. You can also set a higher value than 2.
- added a parameter for setting the divergence depth (bars back in time to check for a divergence)