Advanced ADX Divergence SCAN for Thinkorswim TOS
This product is part of the:ADX Divergence Indicator all-in-one package for Thinkorswim
This customized scanner will find all Positive/Negative (bearish/bullish) ADX Divergence based on your settings.
The algorithm of this SCAN is same as our ADX Divergence indicator.
This Advanced scanner is specially made for experienced traders.
For example, you can search ADX Divergence signals in a short range, such as 15 bars(applicable to any time period).
You can also search in a long range, such as 60 or 100 bars. Furthermore, you can specify the percentage of price change between 2 Highs/Lows and the percentage of ADX value change which are used to find the Divergence.
It makes possible to scan on very complex conditions.
Example 1, scan Negative (bearish) ADX Divergence if current High is the peak within 15 bars, and it’s 5% greater than the peak from 25 bars ago. At the same time, the current ADX value is 8% less than the ADX value of that peak from 25 bars ago.
Example 2, scan Positive (bullish) ADX Divergence if current Low is the trough within 5 bars, and it’s 3% less than the trough from 15 bars ago. At the same time, the current ADX value is 10% greater than the ADX value of that trough from 15 bars ago.
Features:
- You can change all ADX (Relative Strength Index) parameters:
- ADX length: The number of bars used to calculate the ADX.
- average type: The type of moving average to be used in calculations: simple, exponential, weighted, Wilder’s, or Hull.
- Length 1&2: Define the range of bars which are used to calculate the current High/Low and previous High/Low.
- Percent: The difference current High/Low and previous High/Low.
- ADX_Percent: The difference between current ADX and the ADX value from previous High/Low.
- Scan in any time frames, 5mins, 15mins, 30mins, 1 day, 1 week, 1 month.
- Applicable for all securities(Stocks, Futures, Forex, Options, ETF, etc.).