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Divergence dashboard MT5
This multi time frame and multi symbol divergence dashboard indicator sends an alert when one or two different divergences have been identified on several time frames and not on single divergences. It can be used with all time frames from M1 to MN. Max. 9 time frames can be shown in the dashboard at the same time. It is possible to enable moving average, RSI or Bollinger bands trend filter to filter out only the strongest setups. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.
- Can detect divergences for following oscillators/indicators: MACD, Stochastics, OsMA, RSI, CCI, Awesome, OBV, ADX, ATR, MFI, Momentum and Accelerator.
- It is possible to select up to 9 time frames to be used.
- Continuously performs a divergence rank sorting within the dashboard. It is possible to disable this sorting though to make it easier finding a specific symbol. The symbols will then be visible in the same order as they have been entered in the Symbols parameter or in the order they are visible in the Market Watch window.
- By clicking inside a rectangle a new chart will be opened with the symbol and time frame in question.
- The indicator can write the signals to global variables which can be used by an Expert Advisor for auto trading. For instance this product.
It is enough to place the indicator on one chart and you will receive an alert from any symbol of your choice.
Both regular/classical (trend reversal) and hidden (trend continuation) divergences will be taken into consideration. Hence there could be a regular divergence and at the same time a hidden divergence on another time frame. Please see screenshot #3 below. The example is showing divergences from 2 indicators but it could also be from one and the same indicator. It is possible though to set if to use only regular or only hidden divergences by changing a parameter.
Please note that this indicator is not supported in the strategy tester. It will also not draw lines and arrows or sell and buy advice on any chart.
The indicator must be put on a M5 chart. A clean (empty) chart without any other indicators or Expert Advisors on it which could interfere with the dashboard. The dashboard will be loaded in an indicator window which you can then expand to cover the whole chart.
- added scanning for Accelerator oscillator divergences
- added an option to set the scanning interval. This is by default set to 1 second but could be set to for instance 60 seconds, or higher, for users with slower computers.
- added a possibility to enable writing of of global variables when point ranking has been enabled. The global variables can be used by an Expert Advisor for automatical trading.
- 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.
- bug fix. Not a mandatory update if everything is already working as it should.
- added the possibility to select from all supported time frames in MT5. Max. 9 time frames can be used in the dashboard
- added an option to change the blue color in the rectangles when there is no signal (neutral)
- added the possibility to set the rectangle bull and bear colors
- added Bollinger bands (reversal) trend filter
- added the possbility to be alerted based on the point system instead of the color count system
- the indicactor will now print warnings in the Expert tab if there are not enough bars on a chart. Can sometimes happen on WK1 and MN