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The RSI Divergence Scanner MT5 is a multi-symbol, multi-timeframe dashboard that stands out among Forex trading tools. It is designed to identify both regular and hidden divergences between the price chart and the RSI indicator. This Forex market analysis tool is unique in its integration with support and resistance zones, allowing traders to pinpoint trend reversals in the most crucial areas of the chart.
Efficient Use of RSI Divergences
RSI divergences, when used in conjunction with other technical tools such as price action, candlestick patterns, and support resistance zones, can provide reliable signals for potential trend reversals. The RSI Divergence Scanner MT5 is a trading software designed to streamline this process and help traders identify the best trading opportunities without the need to constantly monitor the market.
Key Features of the RSI Divergence Scanner MT5
The scanner includes several unique features that set it apart from other MetaTrader 5 tools. It can identify both regular (classic) and hidden divergences, and allows traders to run the dashboard on a single chart while viewing the RSI Divergence for all selected symbols and timeframes. The scanner can be set to only search for divergences that occur in overbought/oversold levels, and the panel displays how many candles have passed since the divergence occurred. Additionally, the panel shows the number of trend waves (2 or 3 and more) that lead to the divergence.
Alert Types and Confirmations
The RSI Divergence Scanner MT5 provides different alert types, including pop-up alerts, push notifications to mobile phones, and email alerts. It also offers four confirmation options for RSI divergences: RSI line cross 50 level, price returns to previous H/L, creating a new ZigZag leg in price chart, and immediate alert without confirmation. These features make it a versatile Forex strategy tool.
Integration with Support and Resistance Zones
This scanner can be set to only receive alerts for RSI divergences that are inside the support and resistance zones. This feature not only enhances the accuracy of the scanner but also provides traders with valuable information on which RSI divergences occur in support resistance zones.
Does the RSI Divergence Scanner MT5 work in all markets?
Yes, the scanner works in all markets, including Forex, Stocks, Indices, Commodities, and Crypto.
Does the scanner require the ZigZag indicator to operate?
The RSI Divergence Scanner uses the ZigZag indicator to determine trend direction and HH/LL of the price. However, the parameters of the ZigZag indicator can be changed in the indicator’s input window.
Can the scanner handle multiple symbols and timeframes?
Yes, the dashboard works smoothly for 50 symbols and all 21 timeframes on an average PC. The number of symbols can be increased by reducing the number of timeframes.
For a more hands-on experience with the RSI Divergence Scanner MT5, independent testing of this product is available on the forexroboteasy.com website. Users can also subscribe to updates on the results of testing this product. We encourage traders to share their experiences using this tool to help others make informed decisions.
This review is independent and does not endorse or promote the use of the RSI Divergence Scanner MT5. It is meant to provide an objective analysis of the tool’s features and functionality.