MT4 MACD Divergence Indicator (Scanner)
MT4 MACD Divergence Indicator identifies discrepancies between price movement direction and MACD oscillator direction — a market condition where price and the indicator move in opposite directions. The indicator detects classic and hidden divergences across all specified assets and timeframes, with configurable alerts and a multi-asset dashboard.
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What the MACD Divergence Indicator (Scanner) Does
MT4 MACD Divergence Indicator (Scanner) is a technical analysis tool that automatically monitors all specified assets and timeframes to detect classic and hidden divergences between price and the MACD indicator.
Divergence is one of the most widely referenced concepts in technical analysis. It occurs when price movement and MACD movement diverge in direction — a condition that analysts use to evaluate potential shifts in trend momentum or structure.
We have designed this indicator as a dashboard so that you can view the most recent divergences across the assets and timeframes you want to monitor. This approach provides a structured overview of the market at a glance, identifying instruments and timeframes where divergence conditions have recently formed. Clicking on any cell in the dashboard updates the chart to the corresponding instrument and timeframe directly.
You can configure an alert that will notify you when a divergence condition is registered — without continuous manual monitoring.
How to Interpret and Use the MACD Divergence Indicator
Divergence is a discrepancy between what the price chart shows and the direction of the MACD indicator line. The indicator evaluates these discrepancies to identify potential momentum shifts in trend structure.
Traders use divergence to evaluate potential price reversal conditions within a broader analytical framework.
Divergences are divided into two types — bullish and bearish.
Bearish Divergence
Bearish divergence is registered when price forms a sequence of higher highs in an uptrend, while the MACD does not follow that trend and forms a descending pattern.
When price rises and the MACD value falls, this registers a bearish divergence condition — reflecting a potential weakening of upward momentum. The indicator displays a red line connecting the relevant price and MACD peaks, and a red directional marker indicating the bearish context.
Bullish Divergence
Bullish divergence is registered when price forms a sequence of lower lows in a downtrend, while the MACD does not confirm this by forming an ascending pattern.
When price falls and the MACD rises, this registers a bullish divergence condition — reflecting a potential shift in downward momentum. The indicator displays a green line connecting the relevant price and MACD troughs, and a green directional marker indicating the bullish context.
Classic and Hidden Divergence
The indicator detects two types of divergences: classic and hidden. Classic divergence is displayed as a continuous line; hidden divergence is displayed as a dashed line.
Please note that since divergences are identified using formed indicator vertices, the directional marker will appear 2 bars back. A formed vertex is defined as follows:
- 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 — MACD divergence detection is based on historical price and oscillator data. Registered divergence conditions do not predict future price movement and do not guarantee that a trend reversal or continuation will follow. The presence of a divergence condition reflects a mathematical discrepancy between price and the MACD — it 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 MACD divergence conditions identified across the selected assets and timeframes.
Each asset/timeframe cell displays the most recently detected divergence on that chart. 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 asset and timeframe of the selected cell.
Indicator Settings & Parameters
The input parameters of the indicator are shown below.
| Parameter | Description |
|---|---|
| Scanner & Divergence | |
| Assets and timeframes | Select the instruments and timeframes to monitor. |
| max_bars | Limits the number of bars included in calculations to improve indicator performance. Adjust this parameter if you do not require divergence detection far back in the historical data. |
| Classic / Hidden divergence display | Configurable separately, allowing you to display one or both divergence types on the chart and dashboard. |
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.
