Divergences Template Indicator

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Divergences Template Indicator Indicator suitable for MT4 use. [tags:title] helps to identify potential trading opportunities in different time frames. In addition Divergences Template Indicator has been designed with ease of use in mind, providing a simple and intuitive interface suitable for both novice and experienced Forex traders.

How template works?

This indicator provides a template to be used to plot divergences based on your desired oscillator.

Depending on which oscillator you choose(whether it is CCI, RSI or even your custom indicator) you may modify this part of the code:

   /////////////////////////////////////////////
   //Load indicator data into indicator buffer
   //You can easily replace RSI with any indicator you like
   int BARS=MathMax(rates_total-IndicatorCounted()-pivots_period,1);
   for(int i=BARS;i>=0;i--)
   {
      indicatorBuffer[i]=iRSI(_Symbol, PERIOD_CURRENT, 14, PRICE_CLOSE, i);
   }
   //End of load indicator section
   /////////////////////////////////////////////

signal buffers

This indicator has four different buffers as below to keep track of signals generated. There is a signal whenever the corresponding buffer hold non-empty value.

   SetIndexBuffer(3,bull_reg_divBuffer);
   SetIndexBuffer(4,bear_reg_divBuffer);
   SetIndexBuffer(5,bull_hid_divBuffer);
   SetIndexBuffer(6,bear_hid_divBuffer);

inputs section

input int pivots_period=5; //period to find indicator pivots
input int alert_confirm_candles=1; //#candles for confirmation(0=disable alert)

Finding pivot highs and pivot lows in indicatorBuffer depends on pivots_period input. The bigger you choose this value it will search larger swings for possible divergences.

Another input is alert_confirm_candles which defines how many bars to wait for confirming a signal. Divergence indicators are mostly lagging and issue a lot of false signals. The bigger you choose this value it will wait more and the number of false signals reduce. It is a compromise whether you want on-time signals or you want confirmed ones.

Normally you are not allowed to apply pivots_period < 2.

Repaint issue

Indicators that rely on pivot calculations has to wait as long as pivots_period to get a confirmation of the recent high/low. So this indicator needs to repaint signals as far as pivots_period back in time.

   BARS=MathMax(rates_total-IndicatorCounted()-pivots_period,pivots_period);
   for(int i=BARS;i>=0;i--)
   {
      PHBuffer[i]=pivothigh(indicatorBuffer, pivots_period, pivots_period, i);
      PLBuffer[i]=pivotlow(indicatorBuffer, pivots_period, pivots_period, i);
      bull_reg_divBuffer[i]=BullRegDiv(i);
      bear_reg_divBuffer[i]=BearRegDiv(i);
      bull_hid_divBuffer[i]=BullHidDiv(i);
      bear_hid_divBuffer[i]=BearHidDiv(i);
   }

How to Install the Divergences Template Indicator Indicator in MetaTrader 4

Unzip the downloaded Divergences Template Indicator Indicator file.
Open MetaTrader 4, go to the “File” menu, and select “Open Data Folder”.
Navigate to the MQL4 folder, then open the Indicators folder.
Paste the unzipped Divergences Template Indicator Indicator files into the Indicators folder.
Restart MetaTrader 4 or refresh the indicators list by right-clicking in the “Navigator” window and selecting “Refresh”.
In MetaTrader 4, open the “Navigator” window (Ctrl+N) and find the Divergences Template Indicator Indicator under the “Indicators” section.
Drag and drop the Divergences Template Indicator Indicator onto the chart of your choice.
Adjust the indicator settings as needed and click “OK” to apply it to the chart.