FX5 Divergence - indicator for MetaTrader 4

Divergence is a powerful tool for detecting price reversal points from support and resistance zones. It usually gives us a relatively early signals compared to those given by moving average indicators. It can be successfully applied to many technical indicators and end up with good results.

This indicator will plot divergence lines between the price and OsMA indicator. It will give buy/sell signal according to the type of divergence that was detected. The indicator also is capable of drawing divergence lines for the whole history prices located within a specific chart.

FX5 Divergence V2.1

Bullish divergence will be plotted with green lines on both price and OsMA idicator windows.

Bearish divergence will be plotted with red lines on both price and OsMA idicator windows.

Input parameters

OSMA Settings :

• fastEMA = 12
• slowEMA = 26
• signal=9

Indicator Settings :

• drawDivergenceLines=true
• displayAlert=true

Inputs

Colors :

• indicator-color1 clrLimeGreen
• indicator-color2 clrFireBrick
• indicator-color3 clrGreen
• indicator-color4 clrRed

Colors

I hope this indicator prove to be a useful tool.

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Trading Platform: MetaTrader 4

Category: Trading Strategy

Author:  Hazem

Free download of the 'FX5 Divergence' indicator by 'FX5' for MetaTrader 4 in the MQL5 Code Base!