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Multi oscillator divergence MT5
The indicator identifies when a divergence occurs between price and an oscillator/indicator. It identifies both regular and hidden divergences. It has a RSI filter option which makes it possible to filter out only the strongest setups. The default settings are suitable for trading currency pairs on time frames H4 and larger. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.
- Can detect divergences for the following oscillators/indicators: MACD, OsMA, Stochastics, RSI, CCI, RVI, Awesome, ADX, Composite index, ATR, OBV, MFI and Momentum. Only one oscillator/indicator can be selected.
- Draws solid lines for regular/classical (potential reversal) divergences and dashed lines for hidden (trend continuation) divergences. The lines are drawn on the chart as well as in the indicator window.
- Sends an alert when a divergence has been detected.
- Contains 2 buffers which a developer can use with the iCustom() function in an Expert Advisor (EA). Buffer index 0 for bull signals and index 1 for bear signals. The value returned is the indicator value. The RSI filter (if enabled) will not work. You will have to build you own RSI filter in the EA if you plan to use it. There is a code example in the end of the blog on how to use iCustom().
Please find the description and explanation of the input parameters here.
Please also check out my other divergence products:Divergence Expert Advisor (free)
This is not a mandatory update if you are not using iCustom() calls in an own developed Expert Advisor.
- added the possibility to use another buffer (#4) for iCustom() calls. By using this buffer instead you will know if the divergence is of regular (classical) or hidden type. Code example at the end of the product's blog
- 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 an option to disable drawing of lines and arrows if the RSI filter is enabled and the price it outside the RSI levels
- upon request I have added the possibility to scan for "early" divergences. This means that the alert will come directly upon candle open instead of waiting for the slope in the indicator to change direction (candle shift 1 or 2). Candle shift must be set to 0 for this to work. Please be aware though that this will lead to more false signals (repaintings)
- added the possibility to show MACD main line as histogram instead of a line (same as in the Metatrader native MACD indicator)
- added support for OBV, ATR and Composite Index divgergences
- added an option to select if divergence candle must close at least xx % away from the high/low price
- added the possibility to disable scanning of bullish or bearish divergences