The M-Oscillator indicator for Metatrader 5 is a Forex scalper designed to take advantage of rapid changes in market trends.
Typically, we aim for 8-20 pips profit per trade.
The indicator consists of two colored signal lines that create a simple to use crossover trading system.
- The short-term trend is bullish when the green M-Oscillator line gets displayed on the chart.
- The short-term trend is bearish when the red M-Oscillator line gets displayed on the chart.
For scalping purposes, the best results will be achieved in the London and New York trading sessions.
The indicator contains the following inputs and parameters: period, smoothing period 1, smoothing period 2, signal period, price, color change mode.
Feel free to experiment with the various indicator input settings!
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the M-Oscillator Forex scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The M-Oscillator Scalper Indicator?
Find a simple trading example below:
- A green colored M-oscillator line is a buy signal.
- Open a buy trade and set your initial stop loss below short-term support.
- Exit the buy trade for 8-20 pips profit per trade.
- A red colored M-oscillator line is a sell signal.
- Open a sell trade and set your initial stop loss above short-term resistance.
- Exit the sell trade for 8-20 pips profit per trade.
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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 M-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