Period |
Set the period for the underlying indicator (e.g., RSI, CCI, or MoneyFlow, etc. depending upon which divergence indicator you are using).
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Price Source |
Select the price source for the underlying indicator. Default is close.
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Pivot Lookback |
Divergences are calculated by comparing recent high and low pivots in the indicator data to the same points in time in the price data. Whenever a new pivot is identified, the indicator looks back over several pivots in an attempt to identify the longest divergence possible. This setting governs how far back the indicator will look. The default value is 10 which means that the indicator will analyze the price and indicator data between the current pivot and the 10th pivot back in time and will highlight the longest divergence it can find. You can set this to any value between 1 and 50.
Typically the best divergences will be found using a Pivot Lookback setting between 5 and 15.
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Minimum Divergence Length |
Set the minimum acceptable length, in bars, for a divergence. This can be used to filter out very small divergences which are found quite frequently but are not necessarily tradeable. Default is 10 and the range is from 1 to 100.
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Upper Ref |
The level at which to plot the upper reference line. The default is different for each divergence indicator.
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Lower Ref |
The level at which to plot the lower reference line. The default is different for each divergence indicator.
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Show Mid Line? |
Check this box if you wish to see the mid-line for the indicator being plotted. For RSI and MFI the mid line level will be at 50, and for CCI it will be at 0. Default is checked.
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Show Bullish? |
Check this box if you wish to see bullish divergences. Default is checked.
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Show Bearish? |
Check this box if you wish to see bearish divergences. Default is checked.
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Allow Overlapping Divergence Sets? |
Check this box if you wish to allow a new divergence to begin inside of a prior divergence. This is strictly a personal choice and it serves to reduce clutter in those situations where a number of divergences are identified over a short period of time. Default is unchecked.
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Require OS/OB? |
Check this box if you want to filter out divergences that are not in Oversold or Overbought territory. If unchecked then all divergences will be displayed. If checked then only those divergences with at least one point in Oversold territory (for a bullish divergence) or one point in Overbought territory (for a bearish divergence) will be displayed. The Oversold and Overbought levels are determined by the settings you select for Upper Ref and Lower Ref above. Default is unchecked.
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Dashed Divergence Lines? |
Check this box if you want all divergence lines drawn as dashed lines. If unchecked then solid lines will be used. Default is unchecked.
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Divergence Line Thickness |
Input the line width to be used when drawing divergence lines. The default value is 2.
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