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I would like to add Rob Booker"s ( Knoxville Divergence ) Indicator to my existing EA. The Indicator will work with existing inputs and have a ON/Off feature. I have bought the (Finch EA)+ source code from Rob Booker that utilizes the Knoxville Divergence indicator. Possibly this source code can be used to help code the the indicator. I also have the EX file of the Knoxville Divergence Indicator. If the Knoxville Divergence Indicator is on then EA will execute trades off of the Indicators buy sell signal.
Details of the Indicator:You can get the Knoxville Divergence indicator here.
What Knoxville Divergence Looks Like:
The red lines you see underneath and above price are Knoxville Divergence lines.
What Does Knoxville Divergence Mean?
The appearance of Knoxville Divergence (or KD, for short) is the suggestion - not a guarantee - that price is set to reverse course. It is a counter-trend indicator.
This means that if price has been moving upward on the 240 minute chart above, and we see a KD line above price, it is a suggestion that price is possibly going to move lower in the near future. Because of this, it is a useful indicator for counter-trend traders, or trend-traders who want to look for a pullback before they enter a trade with the longer-term trend.
How is Knoxville Divergence Built?
Knoxville Divergence is comprised of two elements:
- Momentum indicator. The momentum indicator - when price is rising, but the momentum indicator is falling, this is a first sign that we could see Knoxville Divergence appear on the chart. But it's not enough by itself.
- Relative Strength Index. If, at the same time we see the disagreement between price and the momentum indicator, we also see the relative strength index go overbought or oversold, then we have the second necessary element for KD and a KD line will appear on the chart.
Here is a look at the separate elements on a chart:
Point #1: Price is fallling.
Point #2: The Momentum Indicator is rising. This means that even though price is dropping, the rate at which it is doing so has decreased. In other words, enthusiasm for selling the EUR/USD is dissipating.
Point #3: During this same time, the Relative Strength Index has dipped into oversold territory (below 30). This adds one more element of confirmation to the idea that price is set for a move upward.