I use to use this indicator in conjunction with the Traders Dynamic Index to trade Big E's "Trading Made Simple" back in the old days and what I like about it is the simplicity and the thickness of the Divergence lines (my eyes aren't too good). I'm pretty sure this one was done by Mrtools over a decade ago, but it's still as reliable as ever.
It's not a holy grail indicator but it does a very good job at detecting intermediate reversals which makes it ideal for scalping.
For me, it's the Best Stochastic Divergence indicator I've seen for MT4 (even better than True TL's Stochastic Divergence indicator), so I would like to re-post it here for those who are looking for it
I find this version of Stochastic Divergence much better than True TL's paid Stochastic Divergence indicator as True TL's indicator alert's are delayed by one full candle which renders it useless. Even after having a chat to True TL in the past about it they failed to correct it and see the issue which is a shame as True TL provide a promising set of tools for MT4.
This Stochastic Divergence indicator has proven to be a much better choice and I have used it to make lots of successful (live) intraday trades. I also find it to be one of the more reliable ones out there.
PS: For coders, this source code can also be used for guidance to learn how to create indicators with divergence. Have a look through it, and give it a try with your coding projects
