Double divergence scanner MT5
This multi oscillator, multi time frame and multi symbol indicator identifies when a divergence occurs between price and one, two or three indicators/oscillators. 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. The indicator can write the signals to a file which can be used by an Expert Advisor for auto trading. For instance this product.
It can be used in 3 ways:
- Set both main and second/third indicator/oscillator and leave the default value 'current' as Second timeframe. By doing this you will get alerts only when there is a double divergence on each timeframe which you have selected.
- Set both main and second/third indicator/oscillator 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.
- Set only main indicator/oscillator. By doing this you will get alerts when there is a divergence on the selected indicator/oscillator.
- Can detect divergences for the following indicators/oscillators: 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.
- Monitors every timeframe, from M1 to MN, and sends you a real-time alert when a divergence has been identified.
- The indicator includes an interactive panel. Please see separate screenshot for explanation.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any time frame of your choice.
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.
I recommend you to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators or Expert Advisors on it.
Please find the description and explanation of the input parameters here.
Please also check out my other divergence products:
- 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 write the signals in the panel to a file. Could for instance be used by an Expert Advisor for automatical trading.
- added the possibility to set a custom code page to support unicode extended characters (pound sign etc.) in symbol names.
- addded the possibility to scan also for triple divergence
- added support for strategy testing
- added scanning for ADX divergences