The Awesome Oscillator MT4 indicator is an momentum type forex indicator.
It helps you identify bullish and bearish entries in the direction of the overall trend.
The indicator fluctuates above and below the zero level.
Above the zero level, the short-term momentum trend is considered to be bullish.
On the contrary, below the zero level, the short-term momentum trend is considered to be bearish.
Combine this indicator with a trend following indicator such as a moving average with longer period (for example 200 period SMA).
The GBP/USD H1 Min chart below shows the Awesome forex indicator in action.
Basic Trading Signals
Buy signal: the Awesome indicator crosses the 0.00 level from below.
Sell signal: the Awesome indicator crosses the 0.00 level from above.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Awesome.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)