The Awesome Oscillator MT4 indicator is an momentum type forex indicator.
It helps you identify bullish and bearish entries in the direction of the overall trend.
The indicator fluctuates above and below the zero level.
Above the zero level, the short-term momentum trend is considered to be bullish.
On the contrary, below the zero level, the short-term momentum trend is considered to be bearish.
Combine this indicator with a trend following indicator such as a moving average with longer period (for example, a 200-period SMA).
Free Download
Download the “Awesome.mq4” MT4 indicator
Indicator Chart (GBP/USD H1)
The GBP/USD H1 Min chart below shows the Awesome forex indicator in action.
Basic Trading Signals
Buy signal: the Awesome indicator crosses the 0.00 level from below.
Sell signal: the Awesome indicator crosses the 0.00 level from above.
Awesome Oscillator and Zero Lag Moving Average MT4 Forex Strategy
This MT4 strategy combines momentum strength with trend direction using the Awesome MT4 Forex Indicator and the Zero Lag Moving Average MT4 Indicator.
The Awesome indicator generates a buy signal when it crosses above the 0.00 level from below and a sell signal when it crosses below the 0.00 level from above.
The Zero Lag Moving Average identifies trend direction: price above the moving average indicates a bullish trend, and price below it indicates a bearish trend.
Combining these indicators helps filter high-probability entries in the direction of the prevailing trend, making this strategy suitable for M15 and H1 charts for intraday trading.
Buy Entry Rules
- Ensure price is above the Zero Lag Moving Average, indicating a bullish trend.
- Wait for the Awesome indicator to cross above the 0.00 level from below.
- Enter a buy trade at the close of the candle where the crossover occurs.
- Place a stop loss below the most recent support level.
- Take profit at the next resistance level or when the Awesome indicator crosses back below the 0.00 level.
Sell Entry Rules
- Ensure price is below the Zero Lag Moving Average, indicating a bearish trend.
- Wait for the Awesome indicator to cross below the 0.00 level from above.
- Enter a sell trade at the close of the candle where the crossover occurs.
- Place a stop loss above the most recent resistance level.
- Take profit at the next support level or when the Awesome indicator crosses back above the 0.00 level.
Advantages
- Integrates trend direction with momentum for more reliable trade signals.
- Awesome indicator provides simple entry points with its zero-level crossovers.
- Zero Lag Moving Average filters out trades against the prevailing trend.
- Suitable for multiple timeframes including M15 and H1 for intraday trading.
- Helps capture strong intraday moves with defined rules for entries and exits.
- Makes it easier to manage trades using objective signals instead of guesswork.
- Supports disciplined trading by combining trend and momentum indicators.
- Simple to implement for both beginners and experienced traders.
- Flexible enough to incorporate additional confirmation tools like support and resistance levels.
Drawbacks
- Zero-level crossovers can produce false signals in sideways or choppy markets.
- The trend filter may delay entries during sharp trend reversals.
- Requires active monitoring to catch timely Awesome indicator signals.
- Pairs with inconsistent volatility may yield less predictable results.
- Momentum-based exits may close trades before reaching optimal price levels.
Example Case Study 1
On GBPUSD M15, price stayed above the Zero Lag Moving Average, confirming a bullish trend.
The Awesome indicator crossed above the 0.00 level from below, signaling a buy.
A buy trade was entered at the candle close with a stop loss set 2 pips below the most recent support.
Price continued upward and the trade was closed at the next resistance level, resulting in a 32 pip profit.
Combining trend and momentum helped capture the main intraday move.
Example Case Study 2
On USDCAD H1, price remained below the Zero Lag Moving Average, showing a bearish trend.
The Awesome indicator crossed below the 0.00 level from above, signaling a sell.
A sell trade was opened at candle close with a stop loss placed 6 pips above the most recent resistance.
Price moved lower and the trade closed at the next support level, yielding a 45 pip profit.
Aligning trend direction with momentum crossover produced a high-probability setup.
Strategy Tips
- Combine the Awesome indicator and Zero Lag MA with higher timeframe analysis for stronger trend confirmation.
- Focus on trades where price aligns with both the trend and momentum for higher probability setups.
- Adjust trade size according to volatility to manage risk more effectively.
- Use alerts for Awesome indicator crossovers to ensure timely entries.
- Consider taking partial profits near key support or resistance zones to lock in gains.
- Observe historical price behavior with the Zero Lag MA to identify recurring intraday patterns.
- Skip trades if momentum and trend signals do not fully align to reduce low-probability setups.
- Combine with volatility indicators to avoid entering during flat market conditions.
Download Now
Download the “Awesome.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
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: Momentum
