The Juice Z Metatrader 5 forex indicator uses the OsMA oscillator to gauge a financial asset’s volatility.
It appears in the form of an histogram that is aligned above (medium sea green) and below (gray) the zero center line within an indicator window.
Moreover, the market trend under review is said to be strong, if the histograms above the zero center line is painted medium spring green.
While a forex trader can find himself under such conditions, getting a confirmation signal from other technical indicators is needed.
Use it together with a trend following indicator such as a simple moving average or Bollinger Bands.
The formula that explains the Juice Z MT5 forex indicator is as follows:
JuiceZ = (Abs(OSMA) / Point ) – Level
Abs(OSMA) – defines absolute value of the OSMA indicator;
Point – defines the point value expressed in price chart units;
Level – defines the price changed level specified in the inputs, which should be considered as flat (all OsMA values below this level make the indicator negative).
The EUR/GBP M30 chart below displays the Juice Z OsMA Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the medium spring green histograms of the Juice Z Metatrader 5 forex indicator get aligned above the zero center line.
Sell Signal: Go short when the gray histograms of the Juice Z Metatrader 5 forex indicator get aligned below the zero center line.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Juice Z indicator forms a gray histogram below the zero center line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Juice Z indicator forms a medium spring green histogram above the zero center line.
Tips: The Juice Z Metatrader 5 forex indicator is a convenient day trading and scalping technical tool, and some attention should be given towards adjusting the input parameters for improved results.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (FastPeriod, SlowPeriod, SignalPeriod, OsMAPrice, Level), 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 JuiceZ.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)