The Awesome Oscillator (AO) Divergence indicator for Metatrader 5 spots bullish and bearish divergences between price and the AO indicator.
The indicator is pretty accurate and produces fewer false signals.
How to interpret the AO no-repaint buy and sell divergence arrows?
- The green colored arrow represents a bullish divergence signal.
- The orange colored arrow represents a bearish divergence signal.
The indicator contains the following inputs and parameters: fast MA period, slow MA period, bullish color, bearish color, style.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Awesome Oscillator (AO) Divergence indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Awesome Oscillator (AO) Divergence Indicator?
Find a simple trading example below:
- The appearance of the green colored divergence signal alert arrow is a buy signal.
- Open a buy trade and place your stop order below the most recent support area.
- Exit the buy trade for a risk/reward ratio of at least 1, or use your own take profit strategy.
- The appearance of the orange colored divergence signal alert arrow is a sell signal.
- Open a sell trade and place your stop order above the most recent resistance area.
- Exit the sell trade for a risk/reward ratio of at least 1, or use your own take profit strategy.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the AO_Divergence.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration