The Dynamic Trader MT5 Oscillator is usually shortened as DTOSC, and was established by Robert Miner.
The indicator is essentially a stochastic of RSI, but had its name unchanged (DTOSC) as a result of those who’ll continue searching for the indicator in that name.
The indicator is a type of additional normalization of RSI values that is carried out using a Stochastic, with the usual addition of the signal line.
What we see is two lines that are held inside a separate window, where one is the dual colored medium sea green and orange red DTOSC line, while the other is the gray Signal line.
The EUR/CAD H1 chart below displays the Dynamic Trader Oscillator Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dual colored DTOSC line of the Dynamic Trader Oscillator Metatrader 5 forex indicator turns medium sea green.
Sell Signal: Go short when the dual colored DTOSC line of the Dynamic Trader Oscillator Metatrader 5 forex indicator turns orange red.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines of the Dynamic Trader Oscillator indicator intersects or the DTOSC line reverts to orange red.
Exit sell trade: Close all sell orders if while a bearish trend is running, the lines of the Dynamic Trader Oscillator indicator crosses or the STOSC line changes to medium sea green.
Tips: The use of the color change of the DTOSC line within the Dynamic Trader Oscillator indicator as signal is a suitable technique that satisfies medium-term trading.
For scalping and day trading, combine with a trend following indicator such as a 200 period moving average. Trade in the direction of the overall trend.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Price, Stochastic period, Stochastic slowing, Stochastic signal period, Stochastic signal method), 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 Dtosc.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)