The Kurtosis Oscillator Forex indicator for Metatrader 4 is a momentum oscillator that can help to find optimal entry points in trends.
The indicator appears in a bottom chart as a red line that oscillates above and below the zero level.
Price action above the zero line is bullish while bearish below.
Basics
- In an uptrend, wait for the Kurtosis indicator to cross the zero level upward.
- In a downtrend, wait for the Kurtosis to cross the zero level downward.
You can easily combine this indicator with additional technical indicators (for example, with moving averages and ADMI).
General Information
- Works well for scalpers and day traders
- Provides short-term trend direction
- Works for any pair and other trading instruments
- Does not repaint
- Developed for Metatrader 4
Free Download
Download the kurtosis-oscillator.mq4 indicator file (MT4)
Indicator Chart Example
The picture below shows the Kurtosis indicator attached to the British Pound / U.S. Dollar H1 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
Buy Signal:
- Open a buy trade when the overall trend is upward and the oscillator crosses back above the zero level.
- Place your stop loss below the previous swing low level.
- Exit the buy trade for a fixed profit target (for example, +15 pips on the M5 chart).
Sell Signal:
- Open a sell trade when the overall trend is downward and the oscillator crosses back below the zero level.
- Place your stop loss above the previous swing high level.
- Exit the sell trade for a fixed profit target (for example, +8 pips on the M1 chart).
How to install the Kurtosis Oscillator indicator to the Metatrader 4 platform?
- Download the kurtosis-oscillator.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
