The KVO Oscillator Forex indicator for Metatrader 4 looks similar to the classic MACD indicator but it calculates signals slightly different.
The indicator appears in a separate chart window as gray histogram bars and a red signal line.
The histogram bars reveal the underlying trend of any trading instrument.
Histogram bars that appear above the 0.00 level are bullish while below bearish.
The KVO Oscillator can work together with any existing trading strategy or system for better trade entry.
General Information
- Should work for any time frame
- Provides trend direction
- Works similar to MACD
- Does not repaint
- Developed for Metatrader 4
Free Download
Download the kvo-oscillator.mq4 indicator file (MT4)
Indicator Chart Example
The picture below shows the KVO indicator attached to the U.S. Dollar / Canadian 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 transaction when the histogram bars cross back above the 0.00 neutral level.
- Place your stop loss below the most recent swing low.
- Exit the buy trade for a fixed profit target or wait for the histogram bars to turn back below the 0.00 level.
Sell Signal:
- Open a sell transaction when the histogram bars cross back below the 0.00 neutral level.
- Place your stop loss above the most recent swing high.
- Exit the sell trade for a fixed profit target or wait for the histogram bars to turn back above the 0.00 level.
How to install the KVO indicator to the Metatrader 4 platform?
- Download the kvo-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
