The Awesome Oscillator (AO) indicator for Metatrader 5 measures market momentum and identifies potential reversal points in market trends.
The AO indicator is versatile and can be used in several ways:
- To spot divergences between the AO and price.
- To find market shifts from bullish to bearish.
- To find market shifts from bearish to bullish.
How to find bullish and bearish market entries using the Awesome Oscillator?
- A shift from bearish to bullish market momentum occurs when the AO histogram bars cross back above 0.
- A shift from bullish to bearish market momentum occurs when the AO histogram bars cross back below 0.
The following indicator inputs can be modified: line color, and line style.
Please make yourself familiar with this technical indicator and test it first on a demo account until you understand how it works.
The Awesome Oscillator indicator works for all currency pairs and trade instruments available on the MT5 charting platform.
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awesome_oscillator.mq5 Indicator (MT5)
Chart Example
The following picture shows how the Awesome Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Awesome Oscillator Indicator?
Find a simple trading strategy below:
Buy Signal
- Buy market condition: the market trend must demonstrate a clear uptrend (see an example above).
- A buy signal is given when the Awesome oscillator turns back above the zero level from below.
- Exit the buy trade near resistance levels, or hold the trade and wait for a bearish trend reversal signal.
Sell Signal
- Sell market condition: the market trend must demonstrate a clear downtrend.
- A sell signal is given when the Awesome oscillator turns back below the zero level from above.
- Exit the sell trade near support levels, or hold the trade and wait for a bullish trend reversal signal.
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awesome_oscillator.mq5 Indicator (MT5)
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 awesome_oscillator.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