Login / Register
Add a review
Log in
Sign UP
RenkoMACD Divergence


The indicator displays renko bars on the chart, builds a MACD oscillator on them, and determines the conditions of divergence (divergence of the price movement and the oscillator readings). A buy/sell signal is generated if the next low / high of the price is not confirmed by the oscillator reading.

The ZigZag indicator is used to estimate price extremes. The last 3 peaks are taken into account (see the screenshot). If peak 1 is higher than peak 2 or peak 3, while the macd reading is lower, then a sell signal is formed. The logic of the buy signal is mirrored.

The indicator displays signals with arrows in the main chart window, displays messages in a pop-up window, sends them to email and mobile devices, and generates a custom EventChartCustom event for using the signal in trade automation. The event generated by the indicator can be processed by an external Expert Advisor in the OnChartEvent function. The indicator passes the following parameters to the event handler: id-ID; dparam-values of the nearest price peak; sparam-text message.

  • RenkoBar – the size of the renko bar in points (automatically recalculated for 5-digit quotes);
  • CountBars – the number of renko bars displayed on the chart;
  • bearColor-the color of the bearish renko bar;
  • bullColor – the color of the bullish renko bar;
  • hideBars-indicates whether to hide the display of regular bars on the chart;
  • MacdFast-period of the fast oscillator line;
  • MacdSlow-the period of the slow oscillator line;
  • MacdColor – color of the oscillator;
  • zzDev-deviation from the previous movement in percent;
  • zzBack-deviation from the previous movement in the number of renko bars;
  • zzColor – the color of the ZigZag lines;
  • zzWidth – the thickness of the ZigZag lines.
  • signalBuyColor – the color of the arrow of the buy signal;
  • signalSellColor – the color of the arrow of the signal for sale;
  • UseAlert-resolution of the message in the popup window;
  • useMail-permission to send a message to an email;
  • useNotification-allowing a message to be sent to a mobile device;
  • CustomEventBuy – indicator of a custom purchase event (0-ban).);
  • CustomEventSell-indicator of a custom event for sale (0-ban).
Add review
Reviews ( 0 ):