The Awesome OC MT4 forex indicator is a modificated version of the traditional Awesome indicator developed by Bill Williams.
Similar to the traditional version, the indicator fluctuates above and below the zero levels and the rules are quite clear on this matter:
- Above the zero line, the trend is bullish and traders look for buy trades.
- Below the zero line, the trend is bearish and traders look for sell trades.
It is recommended to use the AwesomeOC together with a trend-following indicator.
For instance, Bollinger Bands, moving averages, ADMI, Envelopes,…
The USD/CHF M5 chart below displays the Awesome OC forex indicator in action.
Basic Trading Signals
Signals from the AwesomeOC MT4 indicator are easy to interpret and goes as follows:
Buy Trade: Open buy order when AwesomeOC crosses back above 0.00 from below (first orange UP bar).
Sell Trade: Open sell order when AwesomeOC crosses back below 0.00 from above (first orange DOWN bar).
Exit Trade: Close trades at an opposite signal, or use your own preferred exit method.
Tip: Use AwesomeOC in conjunction with a trend-following indicator and open buy and sell trades in the direction of the trend indicator.
Bullish trend direction? Trade AwesomeOC buy signals, avoid sell signals.
Bearish trend direction? Trade AwesomeOC sell signals, avoid buy signals.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
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 AwesomeOC.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)