Double divergence scanner FREE
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.
This free version is limited to EURUSD and USDJPY and has no support for mail and push alerts. The unlimited paid version can be found here.
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 oscillators/indicators: MACD, Stochastics, OsMA, RSI, CCI, Awesome, 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 strongly recommend to put the indicator on a clean (empty) chart without any other indicators on it which could interfere with the scanner.
Please find the description and explanation of the input parameters here.
Please check out my other divergence products: