Elliott Wave Divergence Oscillator Download in MetaTrader 5 | Forex Indicator Download - MT4/MT5 Resources

The Elliott Wave Oscillator Divergence Indicator is a specialized tool for technical analysis traders designed to identify and detect divergences between price and oscillators in MetaTrader 5.

The indicator detects two types of divergence - regular and hidden - and displays them on the chart via divergence lines, indicating trend reversal or continuation.

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 specialized oscillator used to detect divergences. It identifies regular divergences (positive and negative) and hidden divergences directly on the chart by drawing divergence lines on the highs and lows.

Forex traders can apply this indicator to detect potential reversals at the end of a trend or to confirm continuation signals, allowing them to enter buy or sell trades according to their strategies.

Bullish Trend

On the 5-minute USD/CAD chart, the indicator found bullish divergence at the lows.
When the price is forming lower lows, the oscillator is forming higher lows, indicating a potential reversal in the market.
Traders can use this divergence at the end of a downtrend as a buy signal.

Bearish Trend

On the 15-minute S&P 500 chart, price is forming higher highs while oscillators are showing lower highs.
By applying this indicator, traders can spot differences between price and oscillators. At the end of an uptrend, this signals a potential reversal, providing a selling opportunity.

Elliott Wave Oscillator Divergence Indicator Settings

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

• Fast Period: Defines the short-term calculation period.
• Slow Period: Define the long-term calculation period.
• Signal Period: Sensitivity coefficient for divergence detection; higher values ​​cause the indicator to use larger step sizes to detect divergence.
• Price Source: Defines the basis for price calculation.
• 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 divergence detection tool that identifies price and oscillator highs and lows and then plots divergences directly on the chart.

It represents bullish divergence at the end of a downtrend, bearish divergence at the end of an uptrend, and implicit divergence (dashed line) that confirms trend continuation.