Multi Oscillator Divergence Indicator - Other - 13 September 2019


The main purpose of this blog is to describe and explain the input parameters of my Multi oscillator divergence indicator (MT4
version
 / MT5 version). Further below you will also find a
list of known bugs and other shortcomings as well as a list of planned changes.


Input parameters

Parameters marked with an asterisk (*) in the beginning are only available in the MT5 version and parameters marked with two asterisks (**) in
the beginning are only available in the MT4 version.

  • Oscillator to use: Default is MACD. You can select from any of the above mentioned oscillators/indicatr.
  • ** Wait for candle close for alert: Default is False. You can set it True for a stronger confirmation of the possible
    reversal/trend continuation. By having it set to False you will catch the possible movement earlier (pending/unconfirmed
    divergence). On the other hand, the signal is less reliable.
  • * Divergence candle shift (must be >0): Default is 1. You can set it to a higher value for a
    stronger confirmation of the possible reversal/trend continuation. By having it set to 1 you will catch the possible movement earlier
    (pending divergence). On the other hand, the signal is less reliable.
  • Scan for bullish divergences: True or False.
  • Scan for bearish divergences: True or False
  • Scan for hidden divergences: True or False.
  • Scan for regular divergences: True or False.
  • Bars to check (divergence depth): Bars back in time to check for a divergence.
  • Max history bars: Bars back in time for which to draw divergences.
  • Strict mode: List box with 2 options. Price or Indicator level. When Price has been selected then, for regular divergences,
    the price of any of the candles between the both extremums is not allowed to be higher/lower than the price of the second extremum candle.
    For hidden divergences it is the same just that it is counted from the first extremum candle. These conditions are used in the same way
    when Indicator levels has been selected. The line levels in the indicator window then be used. 
  • Price type (used when Price has been selected above): List box with 2 options. Close price or High/low price.
    Close price basically means that wicks are allowed to cross the price of the extremum candle.
  • ** Min/max close percent away from high/low (0=disabled): This can be used to avoid situations where for instance
    the candle for a bearish divergence closes near or at its high price. The value could bet set to for instance 20 to get a wick which is at
    least 20% of the candle size.
  • MACD, OsMA AND AWESOME (AO) SETTINGS (in the MT 5 version the fast and slow MA values for Awesome are automatically set to 5 and 34. Hence
    no need to change the 2 first parameters below)


    • Fast MA: Default is 12 (5 for Awesome).
    • Slow MA: Default is 26 (34 for Awesome).
    • Signal MA: Default is 9 (not used for Awesome).
  • CCI, RSI AND RVI SETTINGS


    • Period: Default period is 10.
  • STOCHASTIC SETTINGS


    • K: Default is 5.
    • D: Default is 3.
    • Slowing: Default is 3.
    • Price type
  • ADX SETTINGS


  •  ** COMPOSITE INDEX SETTINGS


    • RSI slow period
    • RSI fast period
    • Momentum period
    • Average period 1
    • Average period 2
    • Price type
  • Enable RSI for regular divergences: True or False.
  • Enable RSI for hidden divergences: True or False.
  • RSI overbought and oversold levels: The divergence candle must form above/below these levels in order to be valid.
  • RSI Period: Default period is 10.
  • RSI apply to price: RSI level is calculated from this setting.
  • Show RSI/Stochastics indicator window levels: True or False. Please leave this value to False if you are setting you own
    custom indicator levels.
  • RSI/Stochastics indicator level 1: Default is 80.
  • RSI/Stochastics indicator level 2: Default is 20.
  • RSI/Stochastics indicator max. value: Default is 100.
  • RSI/Stochastics indicator min. value: Default is 0.
  • Bullish line color: Color for bullish lines.
  • Bearish line color: Color for bearish lines.
  • Alerts: Set to True for each alert type you would like to receive. All alert types are supported.


Known bugs

  • Nothing reported or known at the moment. 
  • Add support for ATR and OBV divergence



Source link

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Multi Oscillator Divergence Indicator - Other - 13 September 2019
Multi Oscillator Divergence Indicator - Other - 13 September 2019
Multi Oscillator Divergence Indicator - Other - 13 September 2019
Multi Oscillator Divergence Indicator - Other - 13 September 2019
Multi Oscillator Divergence Indicator - Other - 13 September 2019

Multi Oscillator Divergence Indicator - Other - 13 September 2019

Multi Oscillator Divergence Indicator - Other - 13 September 2019