The IBS Red Oscillator indicator for Metatrader 4 identifies oversold and overbought price levels on the trading chart.
The indicator appears as a red colored line that oscillates between the 0 and 100 extreme levels.
The 0 level is considered extremely oversold while 100 is considered extremely overbought.
The IBS oscillator works well for scalpers and day traders.
Buy & sell signal:
- Open a buy trade when the IBS red oscillator reaches the 0 value and the underlying trend is going up.
- Open a sell trade when the IBS red oscillator reaches the 100 value and the underlying trend is going down.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical indicator or it can be combined with other technical indicators and price action techniques.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the IBS Red Oscillator indicator to your Metatrader 4 platform?
- Download the ibs.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration