Elliott Wave Divergence Oscillator Indicator in MetaTrader 4 Download

The Elliott Wave Oscillator Divergence Indicator is a specialized tool designed to detect divergence between price and the Elliott Wave Oscillator in MetaTrader 4.

Forex traders can use this indicator along with the Elliott Wave Oscillator to spot divergences in highs and lows. Divergences are highlighted on the chart using blue and red lines.

Elliott Wave Oscillator Divergence Indicator Table

The following section contains information about the Elliott Wave Oscillator Divergence Indicator.

Indicator at a Glance

The Elliott Wave Oscillator Divergence Indicator is a practical tool that allows technical analysis traders to identify divergences between price and the Elliott Wave Oscillator, and to display them on the chart by drawing peak and trough lines.
This indicator can detect two types of divergences: the first type is based on regular divergence, and the second type is known as Hidden Divergence.

Bullish Trend

On the 30-minute GBPUSD chart, the price was in a downtrend forming lower highs and lows.
With the Elliott Wave Divergence Indicator, traders can identify positive divergence between price and oscillator. If the price reverses, they can enter a buy position.

Bearish Trend

On the 1-hour EURUSD chart, traders can apply the indicator to detect divergence between price and oscillator.
When a regular bearish divergence forms, the indicator draws a red line on both the oscillator and chart. Traders can use this divergence as a sell signal.

Elliott Wave Oscillator Divergence Indicator Settings

The following section contains the settings of the Elliott Wave Oscillator Divergence Indicator:

• Fast Period: Short-term calculation period;
• Slow Period: Long-term calculation period;
• Signal Period: Sensitivity coefficient for divergence detection; the higher the value, the larger the steps used to detect divergence.
• Price Source: Basis for price calculation;
• Extr Left Bars: Left-side bar confirmation for divergence;
• Extr Right Bars: Right-side bar confirmation for divergence;
• Plus Sens: Price sensitivity confirmation for bullish divergence;
• Minus Sens: Price sensitivity confirmation for bearish divergence.

Conclusion

The Elliott Wave Oscillator Divergence Indicator is a specialized tool for identifying divergences between the oscillator and price.

By applying this indicator to the chart, traders can detect two types of divergence: a reversal divergence, which forms at the end of an uptrend or downtrend, and a hidden divergence, which indicates the continuation of the market trend.