This is a code update for the old DivergenceSpotter v2
Here’s the link: https://sandboxwp2.ninjatraderecosystem.com/user-app-share-download/divergence-spotter-nt8/
This new version had updated internals (all basis indicators are instantiated, as per the best practices for NT8), plus addition of:
1) Trade Entry Price – indicator now calculates a support/resistance break price level, for confirmation of a divergence trade.
On a short divergence signal, the lowest price low is found on the price bars between the two basis indicator high peaks. This is a support level that, if broken, may be considered a trade entry. The indicator draws a down triangle at this price level.
On a long divergence signal, the highest price low is found on the price bars between the two basis indicator low peaks. This is a resistance level that, if broken, may be considered a trade entry. The indicator draws an up triangle at this price level
2) Sound alerts – One set of WAV files for when a new divergence setup is forming, and a second set of WAV files for when price confirms the divergence setup and pushes beyond the specific entry level (calculated as described above and marked on the chart as an up or down pointing triangle chart marker)
3) 2 new basis indicator types are available. “MACDHisto” and “MultiMACD”.
There are now 16 different basis indicators available. The MACD has 3 variations. MACDLine, which is the macd difference line, otherwise known as the “main” line. This is the result of subtracting the slow moving EMA from the fast moving EMA. Also, we now have the MACDHisto, which is the difference between the MACD main line, and the MACD Signal (or smoothed) line.
And a 3rd option is the MultiMACD. This is a conglomerate histogram composed of the histograms of 4 different slow moving MACD histograms. Those 4 MACD’s are an 8,20,20, a 10,20,20, a 20,20,20 and a 60,240,20.