OPEN-SOURCE SCRIPT

Momentum Divergence Oscillator

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Momentum Divergence Oscillator is a customizable oscillator that measures the percentage distance between price and a user-defined moving average (SMA, EMA, WMA, or RMA) to gauge momentum strength. The script includes two smoothed oscillator lines (Momentum and Signal) and automatically detects both bullish and bearish regular divergences based on momentum vs. price action pivots.

🔧 Features:
Selectable price basis: Close, HL2, HLC3, or OHLC4

Selectable momentum baseline type: SMA, EMA, WMA, RMA

Custom smoothing options for momentum and signal lines

Bullish and Bearish Divergence detection, with labeled plot points

Built-in alerts for regular divergences

Compatible with any timeframe or asset

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