Elliott Wave Divergence Oscillator Download in MetaTrader 4 | Forex Indicator Download - MT4/MT5 Resources

The Elliott Wave Oscillator is a specialized tool designed to detect divergences between the price and the Elliott Wave Oscillator in MetaTrader 4.

Forex traders can use this indicator along with the Elliott Wave Oscillator to spot divergences in highs and lows. Divergences are highlighted on the chart using blue and red lines.

Elliott Wave Oscillator Divergence Indicator Chart

The following section contains information about the Elliott Wave Oscillator Divergence Indicator.

Indicators at a glance

The Elliott Wave Oscillator Divergence Indicator is a useful tool that allows you technical analysis traders to identify divergences between price and the Elliott Wave Oscillator and display them on the chart by drawing peak and trough lines.
This indicator can detect two types of divergences: the first type is based on regular divergences, and the second type is called hidden divergence.

Bullish Trend

On the 30-minute GBP/USD chart, the price is in a downtrend, forming lower highs and lower lows.
With the help of the Elliott Wave Divergence indicator, traders can identify positive divergence between price and the oscillator. If the price reverses, they can move into a buy position.

Bearish Trend

On the 1-hour EURUSD chart, traders can apply this indicator to detect divergence between price and oscillators.
When a regular bearish divergence forms, the indicator draws a red line on the oscillator and chart. Traders can use this divergence as a sell signal.

Elliott Wave Oscillator Divergence Indicator Settings

The following section contains the settings for the Elliott Wave Oscillator Divergence Indicator:

• Fast Period: short-term calculation period;
• Slow Period: long-term calculation period;
• Signal Period: Sensitivity coefficient for divergence detection; the higher the value, the larger the step size used to detect divergence.
• Price Source: price calculation basis;
• Extr Left Bars: The left bar confirms the divergence;
• Extr Right Bars: The right bar confirms the divergence;
• Plus Sens: Price sensitivity confirmation of bullish divergence;
• Minus Sens: Price sensitivity confirmation of bearish divergence.

Conclusion

The Elliott Wave Oscillator Divergence indicator is a specialized tool used to identify divergences between oscillators and price.

By applying this indicator to a chart, traders can detect two types of divergence: reversal divergence, which forms at the end of an uptrend or downtrend, and hidden divergence, which signals the continuation of a market trend.