Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
I recommend you to read the product's blog (manual) from start to end so that it is clear from the beginning what the indicator offers. The indicator comes with a fully functional Expert Advisor.
The indicator identifies when a divergence occurs between price and an oscillator/indicator. It identifies both regular and hidden divergences. It has a RSI, Bollinger Bands and ATR filter options which makes it possible to filter out only the strongest setups. The indicator also offers options to wait for an Engulfing formation, Donchian channel breakout, Hull moving average color alignment or for price to cross a moving average (see screenshot #3) to confirm the divergence before signaling the trade opportunity. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.
For higher probability setups I can recommend you to use my Supply Demand indicator and trade only if the divergence occurs inside a zone. Supply zone for bearish div and demand zone for bullish div. The optimal scenario is if it's the first zone test and that there are at least 30 bars before the zone was tested.
Features
- At the end of the product's blog you will be able to download the source code of an example Expert Advisor (EA) which is using the iCustom() function to retrieve trade signals from the indicator. Even though the EA is fully functional, the main purpose is to use the code and paste it into your own developed EA. Given my limited time I will not be able to provide with any programming support though. My apologies
- Can detect divergences for the following oscillators/indicators: MACD (Metatrader native), OsMA, Stochastics, RSI, CCI, RVI, Awesome, ADX, Composite index, ATR, OBV, MFI, Momentum, Accumulation/Distribution and Accelerator. 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 or a breakout/cross has been detected. All Metatrader native alert types are supported.
Input parameters
Please find the description and explanation of the input parameters here.
