Double divergence scanner MT5
This multi oscillator, multi timeframe and multi symbol indicator identifies when a divergence occurs between price and one or two oscillators. It identifies both regular/classical (trend reversal) and hidden (trend continuation) divergences. It has a RSI and Bollinger Bands filter option which makes it possible to filter out only the strongest setups.
It can be used in 3 ways:
- Set both Main and Second 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 a Main and Second oscillator and set Second timeframe to for instance H4. By doing this you will only get alerts for the other timeframes when there is a Second divergence also on the H4 timeframe.
- Set only Main oscillator. By doing this you will get alerts when there is a divergence on the selected oscillator.
- Can detect divergences for the following oscillators: MACD, Stochastics, OsMA, RSI, CCI and Awesome.
- 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 timeframe of your choice.
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 note that due to the multifunctionality neither buy and sell advice nor lines and arrows will be drawn on the chart. Due to the same reason the indicator is not supported in the strategy tester.
Please find the description and explanation of the input parameters here.