The Universal Oscillator Metatrader 5 Forex indicator combines nine different oscillators in understanding the currency price more faster.
- Bears power
- Bulls power
- Williams Percent Range
The indicator incorporates three dynamic types of Levels Mode to allow for better smoothening.
Moreover, it has an array of inputs parameters that makes it unique and offers us some variants of the indicator.
The USD/JPY h4 chart below displays the Universal Oscillator Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue filling of the Universal Oscillator indicator gets aligned to the upside.
Sell Signal: Go short when the red filling of the Universal Oscillator indicator gets placed to the downside
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a red filling pops up slightly below.
Exit sell trade: Close all sell orders if while a bearish trend in ongoing, a blue filling pops up slightly above.
Tips: Considering the number of oscillators present in a single setup, traders are advised to play with the Universal Oscillator MT5 forex indicator.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Oscillator, Period, Applied Price, Draw Mode, Levels Mode, Levels Period, Levels Indent / Deviation, Levels Auto Correction, Just Divider NOT Parameter, Stoch %D / MACD Slow EMA, Stoch Slowing / MACD Signal, Stochastic 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 universaloscillator.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)