The MACD OsmaX Oscillator indicator for Metatrader 5 delivers solid trading signals based on the MACD + OsmaX technical indicators.
This technical tool gets displayed in a separate chart window as a colored MACD histogram and two additional signal lines.
How to spot market trends with it?
- The Forex market is bullish when the colored MACD bars oscillate above the zero level.
- The Forex market is bearish when the colored MACD bars oscillate below the zero level.
For scalpers and day traders, the indicator tends to deliver the best results during the London and New York trading sessions.
The indicator contains the following inputs and parameters: fast EMA period, slow EMA period, signal period, OsmaX, applied price.
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 MACD OsmaX Oscillator Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The MACD OsmaX Oscillator Forex Indicator?
Find a simple trading example below:
- The first blue colored MACD OsmaX bar above the zero level is a buy signal.
- Open a buy trade and place your stop loss below the most recent support level.
- Close the buy trade for a fixed take profit target, or utilize your own exit strategy.
- The first red colored MACD OsmaX bar below the zero level is a sell signal.
- Open a sell trade and place your stop loss above the most recent resistance level.
- Close the sell trade for a fixed take profit target, or utilize your own exit strategy.
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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 MACD_Osmax.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