The Pivot Oscillator Forex Signal indicator for Metatrader is a buy/sell technical tool composed of 3 moving averages.
This indicator is super easy to use and gets displayed as a colored buy/sell trend oscillator in a bottom chart window.
For scalpers, the indicator tends to deliver the best results during the most volatile trading sessions.
How to interpret the Pivot Oscillator indicator?
- A bullish trend occurs when the Pivot histogram bars oscillate above the zero level.
- A bearish trend occurs when the Pivot histogram bars oscillate below the zero level.
The following indicator inputs and parameters can be modified: fast MA period, medium MA period, slow MA period, MA method.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
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 Pivot Oscillator Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Pivot Oscillator Forex Signal Indicator?
Find a simple trading example below:
- A buy signal is given when the first Pivot signal bar crosses back above zero.
- Open a long trade and place your stop loss 2 pips below the previous swing low price.
- Close the buy trade for a reward to risk ratio of at least 1.5, or wait until the oscillator crosses back below zero (bearish trend reversal).
- A sell signal is given when the first Pivot signal bar crosses back below zero.
- Open a short trade and place your stop loss 2 pips above the previous swing high price.
- Close the sell trade for a reward to risk ratio of at least 1.5, or wait until the oscillator crosses back above zero (bullish trend reversal).
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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 Pivot_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