MT4 Divergence Indicator (Scanner)
MT4 Divergence Indicator identifies divergence conditions across multiple currencies, timeframes, and oscillators — including RSI, Stochastic, MACD, OBV, and Awesome Oscillator. A divergence is a market condition where an indicator and price move in opposite directions, reflecting a potential shift in trend momentum. The scanner dashboard displays detected conditions across all monitored assets and timeframes in a structured format.
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What the Divergence Indicator (Scanner) Does
MT4 Divergence Indicator (Scanner) is a technical analysis tool that automatically monitors specified assets and timeframes to identify divergence conditions across five oscillators: RSI, Stochastic, MACD, On Balance Volume (OBV), and Awesome Oscillator (AO).
Divergence occurs when an oscillator and price move in opposite directions — a condition that analysts use to evaluate potential shifts in trend momentum or structure, including both trend reversal and trend continuation after a pullback.
For example, a Stochastic forming lower highs while price forms higher highs registers a bearish divergence condition — reflecting a discrepancy between price movement and oscillator behavior:
The dashboard displays the most recent divergence conditions across the assets and timeframes you want to monitor — providing a structured overview at a glance. Clicking on any cell in the dashboard updates the chart to the corresponding instrument and timeframe directly.
How to Interpret and Use the Divergence Indicator
The indicator registers bullish and bearish divergence conditions depending on the discrepancy identified between price and the selected oscillator. You can configure which oscillators to use for the scan — different analysts reference different oscillators depending on their analytical approach. The indicator supports RSI, Stochastic, MACD, OBV, and AO divergence detection simultaneously or independently.
Divergence Lines and Labels
Each identified divergence is displayed as a line connecting the relevant price and oscillator vertices, with a directional marker and a label showing which oscillator was used for detection.
Directional Markers
Green directional markers indicate a bullish divergence condition. Red directional markers indicate a bearish divergence condition.
The label next to the marker shows the name of the oscillator on which the divergence was detected.
Since divergences are identified using formed indicator vertices, the marker will appear 2 bars back. A formed vertex is defined as:
- A peak has 2 lower highs to the left and right of its value.
- A trough has 2 higher lows to the left and right of its value.
Indicator Limitations — Divergence detection is based on historical price and oscillator data. A registered divergence condition reflects a mathematical discrepancy between price movement and oscillator behavior — it does not predict future price movement and does not guarantee that a trend reversal or continuation will follow. Divergence conditions should be evaluated within a broader analytical framework that considers overall market structure and context.
Multi-Asset Monitoring with the Dashboard
The dashboard provides a structured overview of divergence conditions identified across the selected currency pairs and timeframes, organized by oscillator.
Each currency pair/timeframe cell contains several boxes — one for each oscillator — each showing the most recent divergence condition detected on that chart using that particular oscillator. The cell color indicates the directional context — bullish or bearish — with color saturation decreasing as the number of bars since the last detected condition increases. This allows you to prioritize charts where divergence conditions are most recent.
Clicking on any cell updates the chart to the corresponding instrument, timeframe, and oscillator.
Indicator Settings & Parameters
The indicator parameters allow you to configure the monitored asset scope, calculation depth, and oscillator selection.
| Parameter | Description |
|---|---|
| Scanner & Oscillators | |
| Assets and timeframes | Select the currency pairs and timeframes to monitor. |
| max_bars | Limits the number of bars included in calculations to improve indicator performance. Adjust this parameter if divergence detection far back in the historical data is not required. |
| Oscillator selection | Configure which oscillators to use for divergence detection and set the related parameters for each oscillator independently. |
System Requirements & Installation
What you need to run the indicator, how to download and install it in MetaTrader 4, and how the license works.
System Requirements
- Platform
- MetaTrader 4 (Desktop)
- Operating system
- Windows 10 or Windows 11
- Instruments
- Forex pairs, metals, indices, CFDs and other symbols available from your broker in MetaTrader 4
- Data
- Your broker’s price feed in MetaTrader 4
Not available on MetaTrader 4 Web or Mobile. Custom indicators run in the MetaTrader 4 desktop terminal only.
License Terms
- Lifetime License
- This indicator only, 1 live and 1 demo account, one-time payment, free updates included.
- All-Access Subscription
- All indicators and trade copiers, billed monthly, cancel anytime, updates included while the subscription is active.
- Free trial
- 5 days on the subscription plan. If not cancelled, the subscription starts automatically.
- License binding
- Linked to your email and to your MetaTrader 4 trading accounts: one live account and one demo account.
- Computers
- Not restricted. The license is linked to your trading accounts, not to a specific computer.
Installation
- Get access
Start the free trial, subscribe, or buy a lifetime license on this page.
- Download
The indicator is not sent by email. Open (top right of this page) and enter the email you used for your trial, subscription or purchase. The indicator file (.ex4) downloads to your computer.
- Copy to the MetaTrader 4 data folder
In MetaTrader 4, go to
File → Open Data Folder, openMQL4 → Indicatorsand copy the downloaded .ex4 file there. - Add to a chart
Restart MetaTrader 4 or right-click Indicators in the Navigator window and select Refresh. Then drag the indicator from the Navigator onto a chart.
- Activate the license
In the indicator inputs, enter the same email. On first activation, the license is linked to that email and to the trading account the terminal is logged into.
If MetaTrader 4 asks for additional permissions when the indicator is attached, such as DLL imports or WebRequest access, allow them in the indicator’s Common tab or under
Tools → Options → Expert Advisors.
Updating: When a new version is released, download it again through and replace the existing .ex4 file in the same folder.
Installation questions? Contact support, Monday to Friday.
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"Best Seller" and "Trending" reflect Nordman Algorithms sales and usage data, January–September 2026.
Disclaimer — Software Use & Risk Disclosure
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Use
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Read the full Terms of Service →Risk Disclosure
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. An investor could potentially lose all or more than the initial amount committed.
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. Simulated results are also subject to the benefit of hindsight. No representation is being made that any account will achieve profits or losses similar to those shown.
Read the full Risk Disclosure →Trademark Notice — MetaTrader 4 and MT4 are trademarks of MetaQuotes Ltd. Nordman Algorithms is an independent software developer and is not affiliated with, sponsored by, or endorsed by MetaQuotes Ltd. References to MetaTrader 4 identify software compatibility.
Need a different setup?
We can customize this indicator to your requirements: add new features, change the calculation logic, or combine several tools into a single solution. We also build Expert Advisors on your own logic, with configurable modules such as dynamic risk parameters, multi-stage trailing stops and additional confirmation filters.
Every project is delivered with full source code and post-delivery support. Fixed-price quote before development begins.
