MACD Divergence semi-auto scanner for TradeStation

Dr Alexander Elder and John Bruns (Authors)

MACD divergences are disagreements between the patterns of prices and the indicator.  They are among the most powerful signals in technical analysis.  Dr. Elder addressed divergences in all of his books, and he dedicated an entire e-book to them, with dozens of charts that show how to identify and trade divergences.

His innovative concept: instead of trying to create an automatic scanner, why not build a semi-automatic scanner that will signal when a divergence may be developing.  Use the power of digital processing to identify market conditions in which divergences are highly likely to occur – and then switch to a visual scan of those charts.  We created this program to alert you when a divergence may be developing, so that you can focus on that chart, getting ready for action.

Force Index extreme scanner is the latest tool for identifying tops and bottoms.  Whenever the Force Index rises above or falls below its 3-ATR channel, it signals that the ticker has reached an area of an unsustainable extreme. That’s where rallies and declines become exhausted and prices tend to reverse.  This is one of very few tools that are equally efficient in calling both top and bottom areas.

For additional information, please download the manual here.

“Hi Dr. Elder, I recently moved over to TradeStation and developed scans for ATR levels. As I was going through the scan results, I noticed a high occurrence of divergences preceding the price moves. This prompted me to look for a scanner for MACD Divergences. In plain English. every one I found was garbage. Not one picked up true divergence as you outlined in your book, and plotted signals that made no sense on the charts, and produced little positive results. Then I changed the Google search from scan to scanning and found a video of you displaying your semi-automatic divergence scanner from 2012. I had no idea you developed such a tool. This is the best kept secret. I already formulated the scans and am impressed with the results. I have dabbled with Easy Language and there is no way I could have accomplished this on my own. Thank you for making this available. Well worth the price.”