The KG Wave Oscillator indicator for Metatrader 4 is a two colored buy/sell trading signals oscillator.
The KG Wave indicator fluctuates above and below it’s zero level. It draws colored bars on the chart.
The trend is considered to be bullish when the oscillator bars are aligned above the zero level.
Conversely, the trend is considered to be bearish when the oscillator bars are aligned below the zero level.
It’s always a wise idea to combine the KG indicator with a trend following forex indicator such as a moving average, Bollinger Bands,…
By doing so, it will increase the number of profitable trades.
The KG Wave Oscillator can be used as a standalone indicator for scalping purposes.
For instance, the KG Wave Oscillator price bars are aligned above the zero line and colored blue.
Now, wait for the bars to turn red color (must be still aligned above the zero line) and then turn blue color again, this is a buy scalping signal.
The EUR/USD H1 chart below displays the KG Wave Oscillator forex indicator in action.
Basic Trading Signals
Signals from the KG Wave Oscillator forex indicator are easy to interpret and goes as follows:
Buy Signal: A buy signal occurs when the KG Wave Oscillator price bars turn back above the zero line from below.
Sell Signal: A sell signal occurs when the KG Wave Oscillator price bars turn back below the zero line from above.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: 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 kg-wave-minor.ex4 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)