Jimmy wrote: Wed Oct 14, 2020 8:05 pm

You've done it

This is a special indicator, indeed and the best part is that it filters those Divergence signals so well. For me, this is the Best RSI Divergence indicator on MT4 now.

Divergences are only visible on this indicator if:

• If RSI MA is outside 80 Overbought, Bearish Divergence signal will appear (to forecast a reversal to the downside)
• If RSI MA is outside 20 Oversold, Bullish Divergence signal will appear (to forecast a reversal to the upside)

Thank you Mrtools for taking time to upgrade & optimize this indicator for us & thanks to TEAMTRADER for the great suggestion and for sharing his settings in the previous posts.

PS: For traders looking for a template to get you started, here's what we've posted today:

Don't know how it works but this is the result from today at my first chance to look at it.
It missed a bear divergence (short black lines) but picked up the hidden divergence - that I did not pick up by eye.
THEN before I had finished this post the bear divergence showed up on chart.
I watched this live to ensure the short was good and waited till the exit.
Consecutive screengrabs show the sequence of waiting and importantly the EXIT - when the RSx has reached the 20 level in this case. +10 points for that very safe trade.
Brilliant indi and it ensures everyone will have safer trading.
Thanks on behalf of all day traders.
TEAMTRADER