The Volume Weighted Awesome Oscillator for Metatrader 5 uses volume + AO to deliver precise buy and sell trading signals.
The trading signals appear in a separate chart as colored histogram bars that oscillate above and below the zero level.
How does it work?
- Green colored histogram bars above zero represent a bullish market.
- Orange colored histogram bars below zero represent a bearish market.
It can be used as a standalone trading tool or combined with any trend indicator of your choice.
The indicator contains the following inputs and parameters: volume to use (tick volume).
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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Volume weighted awesome oscillator.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Volume Weighted Awesome Oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Volume Weighted Awesome Oscillator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the green colored histogram bars turn back above zero.
- Open a buy transaction and place your stop loss 3 pips below the most recent support area.
- Reverse the buy trade when the histogram bars turn back below zero.
Sell Signal
- A sell signal occurs when the orange colored histogram bars turn back below zero.
- Open a sell transaction and place your stop loss 3 pips above the most recent resistance area.
- Reverse the sell trade when the histogram bars turn back above zero.
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Volume weighted awesome oscillator.mq5 Indicator (MT5)
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 Volume weighted awesome 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
