The Gioteen-Norm oscillator Metatrader 4 indicator fluctates above and below the zero level.
Above the zero level, price is said to be bullish and traders look for buy trade opportunities.
Below the zero level, price is said to be bearish and traders look for sell trade opportunities.
It is recommended to use this indicator together with a trend-following indicator.
For more reliable forex trading signals, use the Gioteen-Norm oscillator in the direction of the trend-following indicator.
This indicator works for scalping, day trading, swing trading and position trading.
The EUR/USD H1 chart below displays the Gioteen-Norm oscillator forex indicator in action.
Basic Trading Signals
Signals from the Gioteen-Norm oscillator are easy to understand and goes as follows:
Buy Trade: Open buy order when the Gioteen-Norm oscillator crosses back above the 0.00 zero level from below.
Sell Trade: Open sell order when the Gioteen-Norm oscillator crosses back below the 0.00 zero level from above.
Exit Trade: Close open trade at an opposite signal, or use your own preferred exit method.
Tip: Use this indicator in conjunction with a trend-following indicator (SMA, EMA, BB,…)
For example, a longer period simple moving average or exponential moving average.
Only trade in the direction of the trend indicated by the trend-following indicator.
Bullish trend direction? Trade Gioteen-Norm buy signals, avoid sell signals.
Bearish trend direction? Trade Gioteen-Norm sell signals, avoid buy signals.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (ExtPeriod, ExtMAMethod, ExtAppliedPrice, ExtShift) 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 Gioteen-Norm.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)