The Forex Crossover Signal oscillator for Metatrader 5 is a reliable indicator designed to identify trend reversal signals for any currency pair.
It provides non-repainting trading signals and assist in making informed buying and selling decisions.
How does it work?
- A bullish trend occurs when both oscillator lines cross back above 0.
- A bearish trend occurs when both oscillator lines cross back below 0.
The following indicator inputs can be modified to suit your preferences: period, line style & color.
The crossover signal oscillator can be easily integrated with an existing trading strategy to validate a trend reversal signal.
It supports all time frames and Forex pairs.
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The following image shows how the Forex Crossover Signal oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Trading Instruments With The Forex Crossover Signal Oscillator?
Find a simple trading example below:
- A buy signal is triggered when both colored oscillator lines cross the 0 level bottom up.
- Open a long transaction and place your stop loss below the most recent swing low region.
- Close the buy trade for a reward/risk ratio of at least 1.0, or wait for a bearish trend reversal signal.
- A sell signal is triggered when both colored oscillator lines cross the 0 level top down.
- Open a short transaction and place your stop loss above the most recent swing high region.
- Close the sell trade for a reward/risk ratio of at least 1.0, or 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 cgoscillator.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