Tricky to find and scarce in frequency, divergences are one of the most reliable and profitable trading scenarios. This indicator finds and scans for regular and hidden divergences automatically using your favourite oscillator. Its winning ratio is around 90%.
Finds regular and hidden divergences
Supports many well known oscillators
Implements trading signals based on breakouts
It displays suitable stop-loss and take-profit levels
Configurable oscillator parameters
Customizable colors and sizes
Filter divergences by size in bars
Implements performance statistics
Includes a multi-symbol and multi-timeframe scanner
It implements email/sound/visual alerts
To offer a broad market perspective, the indicator can be loaded many times in the same chart using different oscillators, without interference. The indicator supports the following oscillators:
RSI
CCI
MACD
OSMA
Stochastic
Momentum
Awesome Oscillator
Accelerator Oscillator
Williams Percent Range
Relative Vigor Index
Money Flow Index
On Balance Volume
Rate of change
The indicator uses different colors to display different types of divergences:
Regular bullish divergences are blue
Regular bearish divergences are red
Hidden bullish divergences are light blue
Hidden bearish divergences are pink
Since divergences can expand quite a bit -especially in the forex market-, this indicator implements a twist: it waits for a donchian breakout to confirm the divergence before signaling the trade. The end result is an otherwise repainting indicator with a very reliable trading signal.
