The MACD Divergence Indicator for MT5 is a unique tool that seeks out divergences between the price chart and the MACD indicator, alerting users through various notifications including popup, mobile, and email. It is primarily used for detecting trend reversals in the chart. However, it is advisable to use the divergence indicators in conjunction with other technical assets such as support resistance zones, candlestick patterns, and price action for a higher probability of identifying trend reversals.

Three Confirmation Types for MACD Divergences

Three distinctive confirmation types are used by the MACD Divergence Indicator. They include the MACD line crossing the zero level, the price returning to the previous high or low (H/L), and the creation of a new ZigZag leg in the price chart.

Indicator Alerts and Divergence Confirmation

Once a divergence is confirmed, the indicator draws an arrow on the chart, with the exception of the new ZigZag leg confirmation type. This indicator employs the ZigZag indicator to determine the trend direction and the highest high (HH) and lowest low (LL) of the price. The ZigZag parameters can be customized in the indicator’s input window for a more personalized user experience.

Adding the ZigZag Indicator to the Chart

For a better view of painted divergences, users can add the ZigZag Indicator to their chart template. The indicator’s divergence type buffer can be utilized in expert advisors, providing a thorough and comprehensive analysis.

Multi-Timeframe/Multi-Symbol Version of the Indicator

For traders looking for an even more comprehensive analysis, a multi-timeframe/multi-symbol version of this indicator is available. This version allows for the simultaneous monitoring of various timeframes and symbols, providing a broader perspective on the market.

Parameters of the MACD Divergence Indicator

The MACD Divergence Indicator for MT5 offers a variety of customizable parameters to tailor the tool to the user’s needs. These include the ZigZag parameters, which can be adjusted in the indicator’s input window, the divergence type buffer for use in expert advisors, and the multi-timeframe/multi-symbol version for more extensive monitoring.

FAQ

Where can I find independent testing of the MACD Divergence Indicator MT5?

Independent testing of the MACD Divergence Indicator MT5 can be found on the forexroboteasy.com website. Users can subscribe to updates on the results of testing this product to stay informed on its performance.

Can I share my experience of using the MACD Divergence Indicator MT5?

Yes, users are encouraged to share their experiences of using the MACD Divergence Indicator MT5. Your feedback and insights can be invaluable to other traders and potential users.

Is this an independent product review?

Yes, this is an independent product review written in the third person. The text does not contain any possessive pronouns such as “our” or “my”.