The Elliot Oscillator Simple is simply a “34 Period Simple Moving Average of prices deducted from a 5 period Simple Moving Average of prices shown as a histogram above and below a zero line.”
Sometimes traders refer to the Elliot Oscillator Simple MT5 forex indicator as a “5/34 Oscillator.”
The current MT5 version does everything that the original Elliot Oscillator Simple indicator does in addition to allowing traders chose periods of calculation.
In doing so, it becomes easy to read and this is essentially what the Elliot Oscillator Simple indicator is all about.
The indicator has three adjustable inputs parameter:
- Fast period – defines the period of the fast Simple Moving Average
- Slow period – defines the period of the slow Simple Moving Average
- Price – defines the price used in calculation
The GBP/USD H1 chart below displays the Elliot Oscillator Simple Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the silver line breaks above the zero line and the light blue filled area forms above the zero level.
Sell Signal: Go short when the silver line dips below the zero line and the bisque filled area forms below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Elliot oscillator simple MT5 forex indicator silver line dips below the zero line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Elliot oscillator simple MT5 forex indicator silver line surges above the zero line.
Tips: The Elliot oscillator simple Metatrader 5 indicator is suitable for swing traders, intraday traders and scalpers.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Fast period, Slow period, Price), 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 Elliot oscillator simple.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)