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He describes his scan as semi automatic because it detects the first high/low of the MACD - H , the crossover through the zero line and the beginning of the third a final MACD-H value
Simple divergence scans can be created by selecting (somewhat arbitrarily) a time duration (5 days for example) and seeing if prices have increased by more than a given percentage while the associated indicator has decreased by a different given percentage. Here's a sample scan that uses that technique:
[type = stock] and [close > 1.0] and [volume > 40000] and [close > 5 days ago close * 1.025] and [[[macd line(12,26,9) - 5 days ago macd line(12,26,9)] / AbsVal(5 days ago macd line(12,26,9))] < -0.08 ]
In this example, the price must have increased by at least 2.5% over the past five days, while the MACD value must have decreased by at least 8%. (Note: The advanced scan interface must be used because a function of a function (i.e., AbsVal of the MACD) is needed.)
While this technique is easy to program into a scan engine, its results are hit-and-miss. Many of the charts returned by this kind of scan are not really experiencing a negative divergence. A visual review of all stocks returned by this kind of scan is a necessity.
The only TOS divergence indicator I know of that has divergence is the Knoxville divergence which can be found in the elite download section here if you do a search. I don't know if you will find much use for it though as doesn't draw rays it draws arrows because TOS cant be coded to draw rays as far as I have seen.
growex: That scan works exactly as specified - the problem is that the specification requires to compare MACD and price on specific bars which is in itself useless - but your code works great.
Question: Can you create code to identify peaks and troughs and make comparisons with respect to them?
This web site is selling the indicators you are looking for, a bit pricy but perhaps someone can look at the description and code it themselves. I have some RSI and MACD divergence code if it can help?
