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Most indicators are highly correlated to price, but you could try
overlapping peak/trough signals and get some divergence signals this
way.
Try the indicator below, and note that ZigZag-based signals are
dynamic in the last leg. Reference the indicator for your Expert
signals.
======================
Peak-Trough divergence
======================
---8<--------------------
{©Copyright 2006 Jose Silva.
For personal use only.
http://www.metastocktools.com }
{ User Inputs }
perP:=Input("Price %minimum change",.01,100,2);
perI:=Input("Indicator %minimum change",
.01,1000,3);
lap:=Input("Overlap peak/troughs by x periods",
.1,260,2);
{ Price }
x:=C;
{ Price Peaks/Troughs }
pkPr:=Alert(PeakBars(1,x,perP)=0,lap);
trPr:=Alert(TroughBars(1,x,perP)=0,lap);
PkTrPr:=pkPr-trPr;
{ Sample indicator }
ind:=MACD();
{ Indicator Peaks/Troughs }
pkInd:=Alert(PeakBars(1,ind,perI)=0,lap);
trInd:=Alert(TroughBars(1,ind,perI)=0,lap);
PkTrInd:=pkInd-trInd;
{ Price/Indicator Peak-Trough divergence }
diverg:=-PkTrInd=PkTrPr AND PkTrPr<>0;
{ Plot in own window }
diverg
---8<--------------------
Another possible solution would be to compare the +/- slope of the two
ZigZags, rather than their peaks/troughs, but this will yield many
signals.
jose '-)
http://www.metastocktools.com
--- In equismetastock@xxxxxxxxxxxxxxx, "bvpr1" <investman@xxxx> wrote:
>
> Hi,
> I have a zigzag of price in one window and zigzag of an indicator on
> the other window. I would like to write an expert which should put
> an arrow where ever the peaks or troughs are diverging. Is it
> possible.
> Thanks
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