The Super Aroon Line Oscillator for Metatrader 5 is a true Forex winner providing currency traders with numerous profitable trading signals.
The indicator gets displayed in a bottom chart window as a three-color signal line that detects early trend reversals.
How does the Aroon Line oscillator work?
- The green colored Aroon oscillator line indicates a bullish trend reversal.
- The violet colored Aroon oscillator line indicates a bearish trend reversal.
- The gray colored Aroon oscillator line indicates a sideways market.
The indicator contains the following inputs and parameters: Aroon period, level filter value (50.0).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The picture below shows how the Super Aroon Line oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Super Aroon Line Oscillator?
Find a simple trading example below:
- A buy signal is given when the green colored Aroon line gets displayed on the chart (see chart example above).
- Place a protective stop loss slightly below short-term support.
- Close the buy trade for a predetermined pips target of your preference, or wait for a bearish reversal signal.
- A sell signal is given when the violet colored Aroon line gets displayed on the chart (see chart example above).
- Place a protective stop loss slightly above short-term resistance.
- Close the sell trade for a predetermined pips target of your preference, or wait for a bullish reversal 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 aroon_oscillator_line.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