The ZigZag OsMA indicator for Metatrader 5 is an oscillator that provides signals for both entry and exit points, utilizing a combination of ZigZag and OsMA.
The indicator gets loaded in a separate chart window as white-colored bars that oscillate above and below the 0 level.
Interpreting these bars is straightforward: a white bar positioned above the zero level indicates a bullish sentiment, while a bearish sentiment is suggested by a white bar below the zero level.
How to identify strong bullish and bearish market sentiments?
- A sequence of consecutive white bars above the zero level signifies a bullish trend in the market.
- A series of consecutive white bars below the zero level implies a bearish trend in the market.
The indicator includes several inputs and parameters, such as MACD periods, depth, deviation, and more.
Becoming familiar with this technical indicator and thoroughly testing it on a demo account for an extended period is advisable.
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The picture below illustrates how the ZigZag OsMA indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The ZigZag OsMA Indicator?
Find a simple trading strategy below:
- A buy signal is generated when the first ZigZag OsMA bar turns back above 0 from below.
- Open a buy trade and place a stop loss below the previous swing low.
- Close the buy trade for a profit target that suits your preference, for example, +20 pips on the 5-minute chart.
- Alternatively: await a sell signal to close the buy trade.
- A sell signal is generated when the first ZigZag OsMA bar turns back below 0 from above.
- Open a sell trade and place a stop loss above the previous swing high.
- Close the sell trade for a profit target that suits your preference, for example, +12 pips on the 1-minute chart.
- Alternatively: await a buy signal to close the sell trade.
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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 zig-zag-os-ma.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 on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration