DBT MoMo Divergence Finder
A divergence is found when price makes a higher high, but the MoMo makes a lower high (bear divergence) or when price makes a lower low, but the MoMo makes a higher low (bull divergence).
This indicator has warning signals and confirmation signals when a divergence is found. Due to the extreme difficulty in coding a divergence indicator properly there are still false signals. Make sure to use basic technical analysis to confirm a divergence signal before trading it.
This indicator allows you to make alerts for Bull and Bear divergence signals, also crossing above 10 or below -10 signals.
You may use this indicator for momentum, but I do not recommend it. If you would like to use this indicator to find momentum signals please use the original version of the DBT MoMo. This indicator was made specifically to showcase divergence signals.
In the settings there is an option to change the histogram colors to match your warning colors.
The default colors are made for a dark background, if you trade on a light background like myself please feel free to change the colors to suit your needs.
Use at your own risk. This is not financial advise and this indicator is not guaranteed to make you profits. Please message me if you have any questions or feedback. Enjoy.
This indicator is apart of my indicators package, if you would like a trial access please feel free to message me.
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