Multi-Indicator Divergence Screener

The Multi-Indicator Divergence Screener indicator is a versatile technical analysis tool designed to scan multiple assets and indicators simultaneously for regular and hidden divergences. It provides traders with a comprehensive dashboard to identify potential trend reversals or continuations across six different symbols and three user-selectable indicators.

Usage

The Usage section highlights how to monitor market conditions using the built-in scanner table and alert system.

• Multi-Asset Scanning: Input up to six different tickers to monitor their price action relative to selected indicators in real-time.
• Indicator Confluence: By selecting three different indicators (e.g., RSI for momentum and OBV for volume), you can look for "agreeable divergence." If all three indicators show divergence in the same direction, the asset name highlights to indicate high-confidence confluence.
• Confirmed vs. Potential: The script distinguishes between confirmed divergences (formed on pivot points) and potential divergences (developing in real-time). Confirmed signals are shown with solid backgrounds in the table, while potentials use transparent backgrounds.
• Visual Dashboard: The on-chart table displays which assets have active divergences, the specific indicators involved, and the count of identified divergence points.

Details

The script utilizes a sophisticated lookback logic to identify pivots in both price and the selected oscillator. It calculates the slope between these pivots to ensure no price or indicator data "intersects" the divergence line, which filters out low-quality signals.

Supported indicators include:

• MACD: Moving Average Convergence Divergence.
• RSI: Relative Strength Index.
• OBV: On Balance Volume.
• MFI: Money Flow Index.
• Stochastic: Standard Stochastic Oscillator.
• FSR: A custom calculation combining RSI momentum and smoothed RSI.

Settings

Indicators

• Indicator 1, 2, 3: Choose which technical indicators to use for divergence scanning from the dropdown menu.

Alert Options

• Regular/Hidden Bullish/Bearish: Toggle specific types of divergence to scan for.
• Potential Divergences: Enable scanning for real-time, unconfirmed divergence signals.
• Alert Confluence Filter: Set alerts to trigger for any single divergence ("All"), a minimum of two indicators in agreement ("Min 2"), or only when all three indicators align ("Triple Only").

Divergence Settings

• Min/Max Lookback Range: Define the window (in bars) to search for valid pivot points.

Assets

• Custom 1-6: Define the symbols you wish to monitor in the screener table.

Table

• Table Location: Adjust the position of the dashboard on your chart.
• Bull/Bear Colors: Customize the visual theme for bullish and bearish signals.

FAQ

How do I interpret the confluence highlight? When the asset name in the table turns green or red, it means all three of your selected indicators are currently showing divergence for that specific asset, suggesting a higher probability signal.

What is the difference between Regular and Hidden divergence? Regular divergence typically indicates a potential trend reversal, while hidden divergence often suggests a trend continuation.

How can I access this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.