The Chifbaw Oscillator Metatrader 4 Forex indicator is an oscillator that delivers accurate signals for trend following.
Considering the vast number of indicators out there that provide us with precise information concerning market trends, the Chifbaw Oscillator is an established trend-following tool.
The indicator offers good signals for both long and short positions early in the trend, thereby allowing us lay hold on the majority of the move.
Key Takeaways
- The indicator is represented within a sub-widow at the bottom of the activity chart, along with its green and red histograms.
- Green bars are indicative of an uptrend, while red bars illustrate downward market trends.
- If the Chifbaw Oscillator changes its signal between bullish (green histograms) to bearish (red histograms), it is key to sell, while if a bearish alert (red histograms) changes to bullish (green histograms), it is a trigger to buy.
- It is recommended that the stop loss be placed below the low (during long entry) or above the high (during short entry).
Feel free to explore the Chifbaw Oscillator Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Download the “Chifbaw_Oscillator.ex4” Metatrader 4 indicator
Chifbaw Oscillator Forex Indicator Chart (GBP/NZD H1 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Chifbaw Oscillator Signals MT4 Indicator
Buy Signal: Go long when the Chifbaw Oscillator MT4 indicator prints green histograms that are aligned above the 0.00 horizontal level.
When price bar opens and closes above the 24 SMA indicator line, it is a buy confirmation.
Sell Signal: Go short when the Chifbaw Oscillator MT4 indicator prints red histograms that are aligned below the 0.00 horizontal level.
When price bar opens and closes below the 24 SMA indicator line, it is a sell confirmation.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Chifbaw Oscillator indicator prints a red histogram below the zero-horizontal level. Else, close buy orders when a candle open & close below the 24 SMA line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Chifbaw Oscillator indicator prints a green histogram above the zero-horizontal level. Else, close sell orders when a candle open & close above the 24 SMA line.
Tips: The Chifbaw Oscillator MT4 indicator can be complemented through the use of some key technical indicators like the moving average.
Entries/exits are also better managed when the indicator combines with other technical tools.
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Download the “Chifbaw_Oscillator.ex4” MT4 indicator
Adjustable Parameters
Email alert, sound alerts, number of bars.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Oscillator
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.