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Divergence Finder [Multigrain]

█ OVERVIEW

This indicator is a divergence finder, designed to be overlayed on top of any oscillator. By utilizing an Exponential Moving Average , rather than built-in pivot functions, this allows for insignificant pivots of the oscillator to be filtered out. Additionally, by sampling more than just the previous oscillator pivot , this allows for divergences to be found that would otherwise be overlooked through other methods.

█ CONCEPTS

Interim Price Threshold
A new metric used when determining valid divergences is the Interim Price Threshold (IPT​). The IPT​ is the maximum percent delta the price is allowed to "poke-through" the divergent line at any given time.

Interim Oscillator Threshold
Similar to the Interim Price Threshold, the Interim Oscillator Threshold (IOT​) is the maximum percent delta the oscillator is allowed to "poke-through" the divergent line at any given time.

Dynamic Midline
Commonly a static midline is utilized when determining whether a divergence may be bullish or bearish . By utilizing the built-in percentile nearest rank function, the midline is automatically and dynamically determined based on the previous 250 bars. As a result certain divergences which may otherwise be overlooked will be discovered.

█ SETTINGS

  • Oscillator Source: The oscillator in which you want find divergences from. Default to a MACD oscillator when unchanged.
  • Price Source: The price source in which you want to find divergences from.
  • Moving Average Length: The length of the exponential moving average used when determining the pivot points of the selected oscillator.

█ USAGES

Divergence in technical analysis can indicate a significant bullish or bearish price move. A bullish divergence occurs when an asset's price makes a new low while an indicator begins to rise. A bearish divergence occurs when the price makes a new high but the indicator under consideration makes a lower high.
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