The author of the Oracle Metatrader 5 Forex indicator says the indicator can be trusted more than analysts.
The indicator is designed to redraw four bars ahead, which makes it a leading indicator.
The Oracle indicator comes in a separate window with two lines that oscillate around the zero signal level.
The lines are filled magenta (Oracle line) and dark violet (Signal line).
Forex traders can trade the line crosses, which performs poorly on default (considering that it’ll produce too many fake signal) and filtering is certainly going to be required if this route is taken.
In this case, use together with a trend following indicator.
While traders can also trade signals based on the lines crossing above or below the zero reference level.
This approach tends to work better for all kind of trading styles.
Free Download
Download the “oracle.ex5” MT5 indicator
Example Chart
The EUR/JPY H1 chart below displays the Oracle Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Signal (dark violet) and Oracle (magenta) lines of the Oracle Metatrader 5 forex indicator cross above the zero signal level from below.
Sell Signal: Go short when the Signal (dark violet) and Oracle (magenta) lines of the Oracle Metatrader 5 forex indicator cross below the zero signal level from above.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Oracle (magenta) line of the Oracle indicator dips below the zero center line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Oracle (magenta) line of the Oracle indicator surges above the zero center line.
Tips: Trading with the Oracle indicator ensures the early pick up of market trends, which is something every trader in the market wants to be a part of.
Both long and short term traders can utilize the Oracle indicator.
Download
Download the “oracle.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Oracle period, smoothing depth, redrawing, horizontal shift of the indicator in bars), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator
Installation
Copy and paste the oracle.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)