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 a number of 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, line style.
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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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 market condition: it is crucial for the market trend to 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 market condition: it is crucial for the market trend to 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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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