The Awesome OC MT4 forex indicator is a modified version of the traditional Awesome indicator developed by Bill Williams.
Similar to the traditional version, the indicator fluctuates above and below the zero levels and the rules are quite clear on this matter:
- Above the zero line, the trend is bullish and traders look for buy trades.
- Below the zero line, the trend is bearish and traders look for sell trades.
It is recommended to use the AwesomeOC together with a trend-following indicator.
For instance, Bollinger Bands, moving averages, ADMI, Envelopes,…
Free Download
Download the “AwesomeOC.mq4” MT4 indicator
Indicator Chart (USD/CHF M5)
The USD/CHF M5 chart below displays the Awesome OC forex indicator in action.
Basic Trading Signals
Signals from the AwesomeOC MT4 indicator are easy to interpret and goes as follows:
Buy Trade: Open buy order when AwesomeOC crosses back above 0.00 from below (first orange UP bar).
Sell Trade: Open sell order when AwesomeOC crosses back below 0.00 from above (first orange DOWN bar).
Exit Trade: Close trades at an opposite signal, or use your own preferred exit method.
Tip: Use AwesomeOC in conjunction with a trend-following indicator and open buy and sell trades in the direction of the trend indicator.
Bullish trend direction? Trade AwesomeOC buy signals, avoid sell signals.
Bearish trend direction? Trade AwesomeOC sell signals, avoid buy signals.
Awesome OC & Moving Average Combo Forex Day Trading Strategy MT4
This MT4 day trading strategy combines momentum signals from the Awesome OC Metatrader 4 Forex Indicator with trend confirmation from the Moving Average Combo Signals Metatrader 4 Forex Indicator.
The Awesome OC histogram shows momentum shifts, giving a buy signal when it crosses back above zero and a sell signal when it drops below zero.
The Moving Average Combo indicator provides directional confirmation, with green arrows indicating a bullish trend and red arrows indicating a bearish trend.
Combining these two indicators helps traders identify high-probability entries aligned with the current market trend.
This strategy works best on M15 and M30 charts, making it suitable for day trading.
It is ideal for traders who prefer simple rules and want to capture intraday trends without holding positions overnight.
By using both momentum and trend confirmation, the strategy reduces false signals and provides clearer entries and exits.
Buy Entry Rules
- Check that the Moving Average Combo indicator shows a green arrow, confirming a bullish trend.
- Wait for the Awesome OC histogram to cross back above zero.
- Enter a buy trade immediately after the histogram crosses above zero in alignment with the green arrow.
- Place the stop loss 3 to 5 pips below the most recent swing low.
- Close the trade when the Awesome OC histogram crosses back below zero or the Moving Average Combo arrow turns red.
Sell Entry Rules
- Confirm that the Moving Average Combo indicator shows a red arrow, indicating a bearish trend.
- Wait for the Awesome OC histogram to cross back below zero.
- Enter a sell trade immediately after the histogram crosses below zero in alignment with the red arrow.
- Place the stop loss 3 to 5 pips above the most recent swing high.
- Close the trade when the Awesome OC histogram crosses back above zero or the Moving Average Combo arrow turns green.
Advantages
- Combines momentum and trend indicators for high-probability day trading setups.
- Clear visual signals make entry and exit decisions fast and easy.
- Works well on M15 and M30 timeframes, suitable for intraday trades.
- Helps avoid entering trades against the prevailing trend.
- Reduces false entries by requiring both indicators to align.
Drawbacks
- Small stop losses can be triggered by short-term volatility.
- May miss some early trend moves if waiting for both indicators to align.
- Not suitable for traders who prefer long-term or swing trading.
Case Study 1
On EURJPY M15 during the London session, the Moving Average Combo indicator displayed a green arrow and the Awesome OC histogram crossed back above zero.
A buy trade was entered with a 12 pip stop loss.
Price moved upward steadily, and the trade was closed when the histogram crossed back below zero, capturing 38 pips in profit.
Case Study 2
On GBPAUD M30 during the New York session, the Moving Average Combo indicator showed a red arrow and the Awesome OC histogram crossed below zero.
A sell trade was executed with a 17 pip stop loss.
Price declined in line with the trend, and the trade was closed when the histogram crossed back above zero, netting 56 pips.
Strategy Tips
- Only take trades when both the Awesome OC histogram and the Moving Average Combo arrow align in direction.
- Trade during high liquidity sessions to reduce slippage and ensure smooth price movement.
- Set realistic pip targets and exit when the histogram or arrow signals a trend change.
- Keep a trading log to track which pairs and timeframes provide the most reliable signals.
Download Now
Download the “AwesomeOC.mq4” MT4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Oscillator
