The Sonic Forex oscillator indicator for MT5 is built on RSI + Stochastic and delivers precise overbought and oversold market signals to traders.
It’s advised to combine this tool with a trend indicator to yield the best trading results.
How does it generate overbought and oversold market signals?
- Sonic oscillator values of 70 and above indicate an overbought market state.
- Sonic oscillator values of 30 and below indicate an oversold market state.
The following indicator inputs and variables can be modified: RSI period, Stochastic period, slowing, signal period, tape visibility.
Familiarize yourself with the Sonic oscillator and conduct thorough testing on a demo account before trading live with it.
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The picture below shows how the Sonic oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Sonic Oscillator Indicator?
Find a simple trading example below:
- Buy market condition: it is crucial for the currency pair to show a clear uptrend.
- A buy signal occurs when the Sonic oscillator crosses above the 30 value from below.
- Open a buy trade and place a stop loss slightly below short-term support.
- Take profit when the indicator reaches the 70 value (overbought market state).
- Sell market condition: it is crucial for the currency pair to show a clear downtrend.
- A sell signal occurs when the Sonic oscillator crosses below the 70 value from above.
- Open a sell trade and place a stop loss slightly above short-term resistance.
- Take profit when the indicator reaches the 30 value (oversold market state).
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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 dt_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