The Awesome Oscillator Divergence Metatrader 5 forex indicator is a technical tool that plots divergence lines on the Awesome Oscillator indicator.
The indicator takes it a step further by delivering buy and sell alerts via the display of arrows within the Awesome Oscillator Divergence MT5 forex indicator window.
The Awesome Oscillator Divergence forex indicator also has some default built-in features i.e. Play_Sound, Send_Email and Send_Notification.
Bullish regular & hidden divergence are plotted in solid blue and dotted aqua lines respectively, while the bearish regular & hidden divergence are plotted in solid red and dotted orange lines respectively.
The EUR/CHF H4 chart below displays the Awesome Oscillator Divergence Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the bullish regular divergence (shown as a solid blue line and a blue upward arrow) of the Awesome Oscillator Divergence MT5 custom forex indicator pops up on the activity chart.
Sell Signal: Go short when the bearish regular divergence (shown as a solid red line and a red downward arrow) of the Awesome Oscillator Divergence MT5 custom forex indicator gets displayed on the activity chart.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a bearish regular divergence (red downward arrow) of the forex indicator pops up.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a bullish regular divergence of the forex indicator pops up.
Tips: Works for scalping, day trading and swing trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Deviation_percent, Indicator_Trend_Line_Allowed_across_through_the_histogram_body, Numberof_Alerts_Maximum_Iterations, allow to send push-messages, allow to send e-mail messages, allow to put alert, allow to put sound signal, name of the file with sound, the first part of the alert comment), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | trend
Copy and paste the awesome_oscillator_divergence.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)