MT5 OBV Divergence Indicator Download – Free | Forex Indicator Download – MetaTrader 5 Resource

The OBV Divergence indicator is an analytical tool available on the MetaTrader 5 platform designed to identify differences between price movements and volume flows. technical analysis .

This indicator is based on the concept of On-Balance Volume (OBV) and uses colored lines (e.g. green and red) to visually highlight bullish and bearish divergences on the chart.

OBV Divergence Indicator Specification Table

The specifications of the OBV-based divergence indicator are as follows:

Overview of OBV-based divergence indicators

In addition to visually displaying divergence with colored lines, the OBV Divergence indicator also displays an information table on the chart, providing a more detailed understanding of the status of the divergence. These include:

• Divergence Type: Displayed divergence type
• Exist: Indicates whether there is a divergence, marked with a positive or negative sign
• Consecutive: the number of consecutive divergences
• Quality: Strength and quality assessment of disagreements
• Change Phase: Test of changes in price stage

Note: This information only applies to the current divergence.

Bullish trend conditions (positive divergence)

Based on the EUR/GBP chart on the 30-minute time frame, the OBV indicator shows a detected positive divergence, marked as a green line on the chart.

As shown in the chart, after the divergence was formed, the price continued to rise, starting a bullish trend. In addition, the indicator also supplements the divergence information placed in the table for traders to use.

Bearish trend conditions (negative divergence)

Based on the EUR/JPY chart on the 5-minute time frame, the OBV Divergence indicator plots negative divergence as a red line through the candlestick.

After this signal, the price enters a correction phase and starts a downward trend.

OBV Divergence Indicator Settings

The settings of the OBV Divergence Indicator are as shown below:

• FRACTAL_PERIODS: Number of reference candles used to identify peaks and troughs
• SHOW_TABEL: Switch the display of the information table
• SHOW_LABEL: Switch the display of different labels

Conclusion

OBV Divergence Indicator intelligently detects divergence by combining visual data and analytical algorithms to calculate the relationship between price and volume.

In addition to displaying divergence lines, the tool also provides an information table that includes details such as divergence type (bullish or bearish) , repeat count, signal quality, and more.