The JP Forex Oscillator indicator for Metatrader 5 is a solid technical tool that delivers buy & sell trading signals for any currency pair.
The oscillator appears in a sub chart window as colored histogram bars that oscillate above and below the neutral 0 level.
Essentially, histogram bars above 0 indicate a bullish trend while bearish below.
The following indicator inputs and parameters can be modified: period, method (simple), smoothing (yes or no).
For M1 and M5 chart traders: deploy the indicator on the lower spread Forex pairs for better and faster profits.
Tip: Swing traders can use the JP oscillator signals for finding optimal trade entries in trending markets.
It works as follows:
- During an uptrend, only trade the buy signals (cross above 0).
- During a downtrend, only trade the sell signals (cross below 0).
- Avoid counter-trend trading.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on real trading account.
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The following chart shows how the JP Forex Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The JP Forex Oscillator Indicator?
Find a simple trading example below:
- The first green colored JP histogram bar above 0 creates a buy signal.
- Open a buy order and place a stop loss slightly below short-term support.
- Exit the buy trade for a fixed profit target, or wait for the first red colored histogram bar below 0.
- The first red colored JP histogram bar below 0 creates a sell signal.
- Open a sell order and place a stop loss slightly above short-term resistance.
- Exit the sell trade for a fixed profit target, or wait for the first green colored histogram bar above 0.
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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 JpOscillator.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