The Stealth Oscillator is a buy/sell Metatrader 4 forex indicator that combines a Simple Moving Average (SMA) and Least Squares Moving Average (LSMA).
The resultant indicator is an oscillator that displays lower and upper horizontal bars.
The lower horizontal bars alters its color between lime and red (running along the -3.3 level), while the upper horizontal bar is filled red (running along the +3.3 level).
The changing color of the lower horizontal bars points to changing market directions.
The lime horizontal bars are used to represent bullish sentiments and its red counterpart points to a bearish market.
The EUR/USD H1 chart below displays the Stealth Oscillator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lower horizontal bar of the Stealth Oscillator Metatrader 4 forex indicator turns lime.
Sell Signal: Go short when the lower horizontal bar of the Stealth Oscillator Metatrader 4 forex indicator gets filled red.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lower horizontal bar of the Stealth Oscillator reverts to red.
Exit sell trade: Close all sell orders if while a bearish trend is running, the lower horizontal bar of the Stealth Oscillator changes to lime.
Tips: The Stealth Oscillator is able to practically capture the entire market trend. Howbeit, it is not very good during flat markets.
It’s recommended to use it together with other technical tools or with price action.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (SMAPeriod, LSMAPeriod, FromZero), 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 stealth-oscillator.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)