RSI Divergence Scanner MT4

The RSI Divergence Scanner is a multi-timeframe, multi-symbol dashboard and alert system designed for forex trading. This tool is specifically designed to identify divergences between the price chart and the RSI indicator. This article provides a detailed review of the scanner, its features, and how it can be used for trend reversal in forex trading.

Key Features of RSI Divergence Scanner

The RSI Divergence Scanner is equipped with several features that make it a valuable tool for forex traders. It can identify both regular and hidden divergences, providing traders with a comprehensive view of potential market trends. The dashboard is designed to be run on a single chart, displaying the RSI Divergence for all selected symbols and timeframes.

One of the unique aspects of this scanner is its integration with support and resistance zones. This allows traders to check RSI divergences in the most critical areas of the chart, helping to identify potential trend reversals. The scanner also features a panel that shows how many candles have passed since the divergence occurred and the number of trend waves leading to the divergence.

Flexibility and Customization

The RSI Divergence Scanner offers a high degree of flexibility and customization. Traders can split symbols into multiple columns for easier viewing and can set the scanner to search for divergences that occur in overbought or oversold levels. The scanner also allows traders to separate symbols into multiple dashboards with different parameters for each dashboard.

Alerts can be enabled or disabled for symbols and timeframes directly from the scanner dashboard. This feature makes the scanner versatile and adaptable to various markets, including Forex, Stocks, Indices, Commodities, and Cryptocurrencies.

Alert Types and Confirmations

The RSI Divergence Scanner offers various alert types, including pop-up alerts, push notifications to mobile phones, and email alerts. These alerts can be enabled simultaneously in the scanner settings, ensuring traders never miss a potential trading opportunity.

Additionally, the scanner provides four confirmation options for RSI divergences: RSI line cross 50 level, price returns to previous H/L, creating a new ZigZag leg in the price chart, and immediate alert without confirmation. This allows traders to customize their alert preferences based on their trading strategy and risk tolerance.

Support and Resistance Zones

The scanner’s integration with support and resistance zones is a key feature that helps traders identify potential trend reversals. Traders can set the scanner to receive alerts for RSI divergences that are within these zones. The scanner’s parameters for these zones can be customized, providing traders with additional flexibility.

FAQ Section

1. Can the RSI Divergence Scanner be used in all markets?
Yes, the scanner can be used in all markets, including Forex, Stocks, Indices, Commodities, and Cryptocurrencies.

2. Can I customize the scanner’s parameters?
Yes, the scanner offers a high degree of customization, allowing you to adjust the parameters to suit your trading strategy and risk tolerance.

3. How does the scanner identify potential trend reversals?
The scanner identifies potential trend reversals by checking for divergences in the most critical areas of the chart, specifically within support and resistance zones.

For independent testing of the RSI Divergence Scanner MT4, visit forexroboteasy.com. You can also subscribe to updates on the results of testing this product. Share your experience of using this product in the comments below.

Please note that this is an independent product review and the text is written in the third person. The RSI Divergence Scanner is not associated with the author or the website.