GraniteChief wrote: Thu Jan 09, 2025 6:25 pm
Hi, please can someone convert this indicator to MT5? It is very useful as a confirmation when identifying reversals.
It is very much appreciated.
GC
Divergent Bar indicator for MT4 and MT5
Hello, converted it and updated the mt4 version.
What is the Divergent Bar indicator?
The Divergent Bar indicator is designed for scalping and counter-trend trading. It's form of calculation is based off every tick and determines a reversal by comparing the current bar's price action (High, Low, Open and Close) with the previous bar:
- If the current Low is lower than the "previous low" and the Close is higher than the Open it'll display an up arrow
- If the current High is higher than the "previous high" and the Close is lower than the Open, it'll display a down arrow
You can adjust the Offset (Height) for the Arrows based on your preference but there's no other adjustable options in terms of the way the indicator calculates.
Basically it uses price action and a comparison between bars to determine trend direction changes and can be used as a scalping indicator without too much delay or add it to a system for extra confirmation.