FX5 MACD Divergence Indicator: Pivots Sixty Bars Apart

Written by Dominic Walsh · Published 8 Jun 2026 · Last updated 9 Sep 2026

The fx5 macd divergence indicator compares two price pivots and the MACD reading at each. A shallow pivot test at `PivotStrength` keeps the candidates plentiful, while `LookbackBars` bounds how far back the pairing may reach. Marks land on the price chart rather than in a pane.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	2: Bullish Divergence, Bearish Divergence
Alerts	popup
Inputs	9

What the FX5 MACD Divergence Indicator draws on the chart

Bullish Divergence places a lime arrow under a lower price low with a stronger reading.

Bearish Divergence places a red arrow above the mirror case.

Mark distance takes `ArrowOffsetATR` `0.5` of an ATR, so it scales with the bar.

The MACD line itself stays internal.

• Bullish Divergence: arrow, lime, width 2, arrow code 233
• Bearish Divergence: arrow, red, width 2, arrow code 234

How the FX5 MACD Divergence Indicator calculates its values

Finding the pivots

IsPriceLow and IsPriceHigh test each bar with `PivotStrength` `2` bars on either side. Two is a shallow test on purpose, since the divergence comparison does the real filtering afterwards.

Pairing across the window

For each fresh pivot the code walks back up to `LookbackBars` `60` bars for an earlier one of the same kind. jmax gets clamped so the search never runs past the usable history.

Scaling the mark

atr reads iATR at `ATRPeriod` `14`, with a fallback of ten points when it returns nothing. off then takes `ArrowOffsetATR` times that value. A quiet chart gets a tight mark and a busy one gets a wider gap.

How to read the signals

A mark means price made a new extreme and momentum did not follow.

The two-bar pivot test is loose, so read clusters as one observation.

Sixty bars is the furthest the pairing reaches back.

Raise `PivotStrength` when the chart fills with marks.

Alert channels in this build: popup, one message per closed bar.

`EnableAlerts` ships on and raises a terminal popup, with `AlertPrefix` in front of the text. This build carries no push, email or sound channel. The guard permits one message per closed bar.

Every FX5 MACD Divergence Indicator input

Core settings

Setting	What it does	Default
FastEMA	MACD Fast EMA. Fast leg of the momentum calculation, default `12`.	12
SlowEMA	MACD Slow EMA. Slow leg of the momentum calculation, default `26`.	26
SignalSMA	MACD Signal SMA. Signal smoothing on that calculation, default `9`.	9
LookbackBars	Divergence lookback window. Furthest the pairing reaches back, default `60` bars.	60
PivotStrength	Pivot detection strength (bars left/right). How many bars flank a pivot on each side, default `2`.	2
ATRPeriod	ATR period for offset. Length of the range average behind the offset, default `14`.	14

Display settings

Setting	What it does	Default
ArrowOffsetATR	Arrow offset (ATR multiplier). Mark distance in ATR units, default `0.5`.	0.5

Alert settings

Setting	What it does	Default
EnableAlerts	Enable alerts. Popup on a fresh divergence, default `true`.	on
AlertPrefix	Text at the front of the message, default `FX5 MACD Divergence`.	FX5 MACD Divergence

Settings that fit your chart

Divergence wants a market that swings. EURUSD H1 is the reference chart, where `LookbackBars` at `60` covers two and a half days. On M5 the pivot test fires constantly and marks cluster. On H4 the pairings are rare and each spans a genuine swing.

When the FX5 MACD Divergence Indicator fails

`PivotStrength` `2` accepts almost any small turn as a pivot.

Momentum can disagree with price through an entire trend without it ending.

The comparison uses one earlier pivot, ignoring everything between them.

Copy the compiled FX5 MACD Divergence Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the FX5 MACD Divergence Indicator for MT4 and MT5

The zip holds the compiled FX5 MACD Divergence Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does LookbackBars at 60 bound?

How far back the code hunts for the earlier pivot. Sixty bars on EURUSD H1 is two and a half days. Beyond that the pairing stops, because two swings from different weeks rarely say much about each other.

Why is PivotStrength only 2?

It keeps the candidate pool large. Two bars on each side accepts almost any small turn, and the divergence comparison then decides which pairings matter. The cost is a noisier chart, so raise it if that bothers you.

Why measure ArrowOffsetATR against ATRPeriod?

So the mark keeps its distance on any instrument. At `0.5` the arrow always sits about half a typical bar range from the extreme. A fixed point offset would look right on one chart and wrong on the next.

What does AlertPrefix put in the message?

The text you set, defaulting to FX5 MACD Divergence. It matters when several tools raise popups on one terminal, since the message otherwise gives no clue which one fired.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the FX5 MACD Divergence Indicator as one input. Always backtest before trading live.