MT4 RSI Divergence Indicator (Scanner)
MT4 RSI Divergence Indicator detects divergence conditions between price movement and the RSI oscillator across multiple assets and timeframes. It supports both classic and hidden divergence, includes alert functionality, and provides a dashboard view for structured multi-market analysis.
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What the RSI Divergence Indicator (Scanner) Does
MT4 RSI Divergence Indicator (Scanner) is a tool that automatically scans the assets and timeframes selected by the trader to detect classic and hidden divergence of the RSI indicator.
Divergence is a widely used concept in technical analysis. Traders use divergence to identify potential exhaustion in the current trend and to evaluate areas of confluence for structural market analysis.
We have designed this indicator as a dashboard so that you can visualise the most recent divergences between assets and timeframes that interest you in your trading. This approach makes it possible to see the market at a glance, helping you quickly identify which pairs and timeframes currently display divergence patterns. Click any cell on the dashboard to open the corresponding chart and examine the divergence instantly.
You can set up an alert that will notify you when divergence conditions are detected, reducing the need for manual chart monitoring.
How to Interpret and Use the RSI Divergence Indicator
Divergence is a discrepancy between what the price chart shows and the trend line of the indicator itself. Identifying these discrepancies helps you see when price action loses the momentum confirmed by the oscillator.
Traders use divergence as an additional analytical reference when evaluating potential changes in price structure.
Divergence between the asset price and the RSI indicator can imply two situations:
- If the price of an asset makes new highs, but the oscillator begins to make lower highs, this may indicate weakening momentum within the current uptrend and a potential shift in price structure;
- If the price of an asset makes lower lows and the oscillator makes higher lows, this may reflect weakening downward momentum within the current price structure.
Divergences are divided into two types — bullish and bearish.
Bearish RSI Divergence
Bearish RSI divergence occurs when price forms a sequence of highs in an uptrend, while the RSI does not follow that trend and forms a bearish trend-line.
When the price on the chart rises and the RSI value falls, this may indicate that upward momentum is weakening within the current price movement. This indicates a bearish technical bias in the current price structure.
Bullish RSI Divergence
A bullish RSI divergence forms when price reaches a series of lower lows while the RSI creates a rising trend-line. This technical condition reflects a loss of downward momentum, indicating a bullish bias in the current price structure.
Rising RSI values against falling prices suggest a potential trend exhaustion. This discrepancy highlights a bullish bias, as the internal strength of the asset no longer confirms the downward move.
Divergence Lines and Markers
The indicator displays the identified divergences in the form of lines connecting pairs of price and indicator peaks, and visual markers (arrows) that show the direction of the detected technical condition. Green arrows highlight bullish conditions, while red arrows mark bearish conditions on your chart. Bullish divergence is shown as a green line, while a bearish divergence is shown as a red line.
The indicator detects two types of divergences: classic and hidden. If the divergence is classic, the line will be continuous, and if it is hidden, the line will be dashed.
Please note that since divergences are identified using formed indicator vertices, the arrow will appear 2 bars back as a formed vertex is defined as:
- Peak has 2 lower highs to the left and right of its value.
- Trough has 2 higher lows to the left and right of its value.
Divergence is a momentum study, not a complete trading system. It should be used as a component of a broader analytical framework.
Multi-Asset Monitoring with the Dashboard
The Dashboard allows you to quickly monitor selected instruments in relation to RSI divergences identified across different assets and timeframes:
Each cell of an asset / timeframe contains several blocks, each of which shows the most recent divergence found on the chart of that particular asset / timeframe.
The colour of the field indicates whether the divergence was bullish or bearish — the higher number of bars ago the pattern was identified, the paler the cell colour will be. This helps you prioritize charts based on how recently the divergence appeared.
Clicking on the corresponding cell will change your chart to the asset and timeframe of the selected cell.
This structure allows traders to monitor multiple instruments simultaneously without switching between charts.
Indicator Settings & Parameters
The input parameters of the indicator are shown below.
| Parameter | Description |
|---|---|
| Scanner & Divergence | |
| Assets and timeframes | Allows you to select the assets and timeframes that you want to track. |
| max_bars | Limits the number of calculations in order to speed up the indicator, if you do not need it to calculate divergences too far back in the past. |
| Classic and hidden divergences | Selects the parameter for displaying classic and hidden divergences. |
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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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.
