Parameters description and demo recordsdata:

RSI Divergence Scanner

MACD Divergence Scanner

Methods to get probably the most from MACD|RSI divergence scanners

Divergence indicators present when development is weakening and lets you being conscious of potential ending of a development, so you should use them to seek out development reversals for coming into the commerce or taking partial income out of your open orders.

Should you already commerce based mostly on a divergence technique you’re good to go, all you want is setting the scanner parameters based mostly in your buying and selling technique, and let the scanner do the arduous work of looking out the symbols and timeframes and discovering the divergences for you. 

If you do not have earlier expertise in buying and selling based mostly on divergences, first you need to discover a technique appropriate for you and getting grasp in it and be sure to could make income from that technique. Then you should use the dashboard to save lots of your time from discovering the divergences manually and let the dashboard scan the symbols and timeframes for you.

There are many articles and movies for studying the divergence buying and selling that you could find them by a little bit of googling, and these are some first rate YouTube movies that you may begin with them:

Some notes about divergence buying and selling:

1. Buying and selling based mostly on divergences works finest in giant swings or within the path of robust tendencies (when divergence occurs in pullbacks). Divergences are usually not dependable within the vary (sideways) markets or in opposition to the robust tendencies.
2. Divergences that occur within the necessary areas of chart like assist and resistance zones, provide and demand zones, Fibonacci ranges and … are extra dependable indicators of ending the development.
3. It’s a good observe to seek out divergences in bigger timeframes after which seek for commerce indicators in smaller timeframes. It reduces your cease loss distance and offers you a greater reward to threat ratio.
4. Try the principle development path in giant timeframes, and ignore divergence indicators in smaller timeframes which are in opposition to the principle development.
5. Divergence is an indication that exhibits the development is shedding its momentum, not the signal of fast finish of the development. Usually merchants enter a commerce too quickly, proper after they noticed the divergence. So have endurance and watch for some confirmations for development reversal like these:

• Breaking the development line, transferring common, greater low or decrease excessive with robust candles (and ideally retesting them)
• Candlestick patterns
• Robust reversing candles
• Spike outdoors Bollinger Bands
• Another confirmations that your technique suggests

Some suggestions for utilizing the dashboard:

1. After adjusting the scanner parameters, save them by means of the “Save” button within the “Inputs” window, then you’ll be able to simply load your required settings subsequent time you run the scanner.
2. Add your affirmation indicators to default or customized chart templates, so if you click on on dashboard cells, you’ll be able to see the divergence sign alongside together with your different technical instruments within the newly opened chart. 
3. You may set the dashboard to robotically open charts for brand new alerted divergences.
4. The dashboard can save the final alert sort that you simply set for every image (please set the “Allow alert for symbols on startup” parameter), so you should use the dashboard as a fast reminder of your final development evaluation for various symbols within the subsequent day or session that you simply begin buying and selling once more.
5. Within the MT5 model, MACD|RSI indicator robotically might be added to the opened chart, however for MT4 you must save the MACD|RSI indicator on default and customized templates (with enter parameters equal to MACD|RSI parameters within the dashboard settings). Then the dashboard attracts the divergence line on the indicator within the new chart.

Filtering and fine-tuning the development waves:

There are a number of filtering and ratio parameters that you should use them to reduces the variety of indicators and enhance their high quality. These parameters are:

• Use Transferring Common filter
• Discover solely divergences which are in overbought/oversold ranges
• Solely discover divergences that occur after a protracted development
• Alert provided that Divergence occurs in S/R zones
• Ratio parameters within the “Common Divergence Ratios” part
• Parameters within the “Robust Reversing Candle Settings” part (if you choose the “Robust Reversing Candle” choice within the “Affirmation Sort” parameter)
• ZigZag Settings
• MACD|RSI Settings

Use above parameters to scale back the variety of divergences that do not slot in your buying and selling technique guidelines and make a steadiness between variety of indicators and their high quality.

Try your failed trades to see which filters can cut back the variety of indicators that result in failed divergences. 

Some examples for easy methods to use filters:

1. In case your technique requires that you must commerce on divergences that occur after a protracted development, then allow the associated parameter and set its worth.
2. If after many trades you discover out that your profitable orders are totally on a particular sort (form) of development waves, you should use ratio parameters to solely obtain alert for divergences that occur after that sort of development waves.
3. The dashboard makes use of the ZigZag indicator for figuring out the development waves, so you’ll be able to change the ZigZag parameters to extend or lower dashboard sensitivity to cost fluctuations. For instance, if you do not need dashboard finds divergences that occur after small development pullbacks, you’ll be able to enhance the “Depth” worth to scale back the ZigZag sensitivity. Additionally, you’ll be able to check the ZigZag indicator on totally different symbols and timeframes to seek out the very best values for its parameters after which use these values within the dashboard settings.

Contemplating the assist and resistance zones:

If you’re aware of the assist and resistance idea in buying and selling, set the scanner to seek out the S/R zones, and you should use them to determine which one of many divergences detected by the dashboard are a legitimate signal of development reversal. As well as, you should use S/R zones for setting order stop-loss and partial take-profit ranges.

You may see the assist and resistance zones for all symbols and timeframes by clicking on their associated cell of the dashboard. 

You may effective tune the zones by means of the dashboard parameters and choose the zone sorts that you simply need to see on the charts.

Troubleshooting:

The dashboard requires a minimum of 350 candles in a chart to seek out the divergences, and within the first run of the dashboard it takes a while to obtain the historical past information for all symbols and timeframes that you simply loaded within the dashboard.

If Metatrader caught in loading the info for dashboard, please take into account the next gadgets:

• Be sure that Metatrader is related to the server and it will probably load the historical past information. Open the chart of some symbols and see if the Metatrader updates their chart or not.
• If the charts of the symbols which are loaded within the dashboard by no means opened earlier than (like operating the dashboard on a newly put in Metatrader), it might take a couple of minutes to load the wanted information, however the dashboard will load quick within the subsequent runs. You may open the chart of these symbols and switching between timeframes to ensure Metatrader load the historical past information.
• Within the header of the dashboard, you’ll be able to see which image and timeframe is loading to the dashboard. So if you happen to see the dashboard stays on an emblem for a very long time, you’ll be able to open its chart manually and swap between timeframes to obtain the info for that image.
• Run the dashboard with lower than 10 symbols and some numbers of timeframes to ensure it really works regular, after which enhance the variety of symbols and timeframes.
• If dashboard does not have sufficient information for an emblem, and it will probably’t obtain the info, it writes a message within the “Specialists” tab of the “Toolbox” window. You may manually open the chart for that symbols and swap between timeframes to obtain the info.
• Should you set the scanner to load the symbols from “Market Watch” window, checkout the Market Watch window and ensure there is no grayed out image in its listing.
• MT4 by default hundreds too many bars for every image on the charts that typically are solely helpful for again testing, and decreasing them hastens the operating of the dashboard. Within the Metatrader choices, “Charts” tab, you’ll be able to cut back the “Max bars in historical past” and “Max bars in chart” choices to 5000 or much less.