The Polychromatic oscillator for Metatrader 5 is a momentum based technical oscillator that delivers super buy and sell signals using a smoothing filter.
It appears in an indicator window underneath the price chart as a colored blue line that oscillates above and below the neutral 0 level.
How does it generate trading signals?
- A buy signal occurs when the blue oscillator line crosses the 0 level bottom up.
- A sell signal occurs when the blue oscillator line crosses the 0 level top down.
The following indicator inputs and parameters can be modified: polychromatic momentum period, smoothing period, price.
Tip for scalping with the Polychromatic oscillator:
- Deploy on the low spread currency pairs.
- Trade only during the most volatile trading hours.
It supports all time frames, Forex pairs, Indices, Stocks, Metals, etc.
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 Polychromatic Momentum Signal oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Polychromatic Momentum Signal Oscillator?
Find a simple trading example below:
- A buy signal is formed when the oscillator crosses back above 0.
- Open a buy trade and set a stop order below the previous swing low region.
- Exit the long trade for a fixed take profit target, or wait for a sell signal.
- A sell signal is formed when the oscillator crosses back below 0.
- Open a sell trade and set a stop order above the previous swing high region.
- Exit the short trade for a fixed take profit target, or wait for a buy signal.
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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 Polychromatic momentum – extended.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