The Simple oscillator Metatrader 5 forex indicator was designed as an experiment.
The experiment is to see how simple an oscillator can get and still be usable.
It turned out that this approach was enough to sum prices in a particular manner to yield an oscillator.
The Simple oscillator Metatrader 5 forex indicator behaves fairly well at showing traders changes in trends.
It can be used successfully for scalping, day trading and swing trading strategies without any problem.
Furthermore, it’s possible for traders to also employ the changes in color of the slope for short term trend assessment or deploy the zero crosses as a strategy for longer term trend assessment.
The EUR/CAD M30 chart below displays the Simple Oscillator Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the green line of the Simple Oscillator Metatrader 5 forex indicator breaks above the zero signal level (with a lavender cloud formed above the said level).
Sell Signal: Go short when the red line of the Simple Oscillator Metatrader 5 forex indicator dips below the zero signal level, while a misty rose cloud also forms below the said level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the oscillator breaks below the zero signal level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the oscillator surges above the zero signal level.
Tips: The Simple oscillator Metatrader 5 forex indicator can be built into a long and short term trading plan, depending on the strategy adoption (either color changes of the slope or the zero crosses).
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Oscillator period, Price), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | oscillator
Copy and paste the Simple 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)