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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:

  1. 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.
  2. 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.
  3. Set only Main oscillator. By doing this you will get alerts when there is a divergence on the selected oscillator.


Features

  • 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.


Parameters

Please find the description and explanation of the input parameters here.

Devonish
576
Devonish 2019.04.09 09:12 
 

A very useful tool; use in conjunction with your existing strategy and as always, look for supporting reasons to confirm a signal.

A very helpful programmer.

faithdefender
379
faithdefender 2019.02.13 23:02 
 

I am still learning how to use this, but I wanted to say it is like all of the other indicators he creates; I own several others. They do what they say they are going to do and he charges a fair price for them. Thank you for understanding many of us are new to Forex and very poor. With your help we can afford important indicators to help move us along. Thank you Jan