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Projection Oscillator Metatrader 5 Forex Indicator

    The Projection Oscillator Metatrader 5 forex indicator is based on the Projection Bands custom MT5 indicator, and embeds into the former the ability to define the borders of price ranges.

    Unlike the Project Bands indicator, the Projection Oscillator opens in a separate window with a display of overbought/oversold levels.

    There are three key input parameters that are available:

    • Period – defines the calculation period
    • Overbought – defines the overbought level
    • Oversold – defines the oversold level

    Seemingly, the formula that explains the indicator is as follows:

    • PO = 100 * (Close-DnBand) / (UpBand-DnBand)
    • UpBand = Max(High, PrevHigh*SlopeHigh)
    • DnBand = Min(Low, PrevLow*SlopeLow)

    Free Download

    Download the “Projection_Oscillator.ex5” MT5 indicator

    Example Chart

    The GBP/USD H1 chart below displays the Projection Oscillator Metatrader 5 forex indicator in action.

    Basic Trading Signals

    Buy Signal: Go long when the dodger blue line of the Projection Oscillator forex indicator breaks above the 50.00 level.

    Sell Signal: Go short when the dodger blue line of the Projection Oscillator forex indicator dips below the 50.00 level.

    Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dodger blue line of the Projection Oscillator indicator falls below the 50.00 level.

    Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dodger blue line of the Projection Oscillator forex indicator surges above the 50.00 level.

    Tips: Trading the Projection Oscillator MT4 indicator should be used in combination with other technical indicators (EMA, SMA) when designing suitable trading strategies for scalping, day trading and swing trading.

    Download

    Download the “Projection_Oscillator.ex5” Metatrader 5 indicator

    MT5 Indicator Characteristics

    Currency pairs: Any

    Platform: Metatrader 5

    Type: chart window indicator

    Customization options: Variable (Period, Overbought, Oversold), Colors, width & Style.

    Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

    Type: oscillator

    Installation

    Copy and paste the Projection_Oscillator.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)

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