The Awesome Oscillator for MT4 is a popular trading oscillator used in Forex trading.
It’s composed of green & red colored histogram that appears in a sub-MT4 window underneath the main trading chart.
Interpret the Awesome Oscillator Indicator as follows:
- The trend is considered bullish when the Awesome Oscillator indicator turns back above the 0.00 level from below.
- The trend is considered bearish when the Awesome Oscillator indicator turns back below the 0.00 level from above.
Tip: It’s advised to combine the Awesome Oscillator with a longer-term trend trading indicator to maximize profits.
You could combine it with a 125 EMA, 200 SMA or with any other trend trading indicator you like to trade with.
Here’s an example for better understanding:
When price trades above the 125 EMA trend indicator, the underlying currency trend is considered up.
Now, in order to avoid most false signals, only trade signals from the Awesome Oscillator in the direction of the underlying uptrend.
It means you’ll only trade the positive Awesome oscillator crosses and avoid the negative crosses.
Vice versa when the underlying trend is down.
Deploy the Awesome Oscillator indicator for scalping, day trading and swing trading purposes.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
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Awesome Oscillator Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The Awesome Oscillator Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade position when the indicator’s histogram turns back above the zero level from below.
Place a protective stop loss below the previous swing low, or use your own stop loss placement strategy.
Close the buy trade for a reward/risk ratio of 1.0 or higher.
Alternatively, exit the buy trade for a predetermined profit target, for example, close the buy trade for 18 pips on the 1-minute scalping chart.
Sell Trigger: Open a sell trade position when the indicator’s histogram turns back below the zero level from above.
Place a protective stop loss above the previous swing high, or use your own stop loss placement strategy.
Close the sell trade for a reward/risk ratio of 1.0 or higher.
Alternatively, exit the sell trade for a predetermined profit target, for example, close the sell trade for 30 pips on the 15-minute day trading chart.
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Colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.