The RMO oscillator was created by Rahul Mohindar, hence its name the Rahul Mohindar Oscillator. It is a Metatrader 5 (MT5) indicator that is designed to spot trends.
The general rule is to trade in the path of the intersection between the oscillator line and the zero line.
The RMO MT5 indicator comes with two “anticipating” lines – where their intersection yields early signals, nonetheless with more risk.
There are three input parameters that are available on the RMO oscillator:
Period 1 – defines the period of the first signal line;
Period 2 – defines the period of the second signal line;
Applied price – defines the price used for calculations.
The RMO MT5 indicator properly measures the direction of the market.
It is able to do so by considering the intersection between the blue and red lines.
If the red line intersects with the blue line to hover somewhat below it, a bearish trigger is said to be looming.
The market signal is said to be bullish if the red line of the RMO Metatrader 5 custom indicator intersect the blue line to hover above it.
In some quarters, traders look at the red line being aligned above or below the 0.00 level as an important signal to go long or short respectively.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period 1, Period 2, Applied 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 RMO.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)