Awesome Oscillator Divergence - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource
This indicator will draw a divergence line on the Awesome_Oscillator indicator and give buy and sell signals by showing arrows.
It also has built-in Show_alert, Play_Sound, Send_Email and Send_Notification functions. By default:
The indicator is based on the divergence description of: Signals of the Momentum Oscillator
For example, in the bullish regular divergence:
Figure 1. Bullish divergence example
Divergence : The bottom of the first analysis of the indicator is shallower than the previous one, and the corresponding price valley is deeper than the previous one. Furthermore, the indicator must not rise above the zero level.
The input parameters are shown in the figure below.
Figure 2. Input parameters of the Momentum Oscillator
Two of them are important.
1. Deviation percentage : The default value is 0.05, which is the maximum percentage of AO values allowed to be out of range.
As shown below:
Figure 3. Awesome Oscillator Percentage
Obviously, when 0.0 is selected, all AO values will be within this range.
2. Indicator_Trend_Line_Allowed_across_through_the_histogram_body: The default value is No.
The following screenshots are enough to show the performance difference of different modes yes/no.
Figure 4. Indicator_Trend_Line_Allowed_across_through_the_histogram_body=no
Figure 5. Indicator_Trend_Line_Allowed_across_through_the_histogram_body=yes
Attachment download
📎 awesome_oscillator_divergence.mq5 (26.81 KB)
Source: MQL5 #1868
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