The Variation Oscillator Forex indicator for MT4 is a short-term technical oscillator that identifies bullish/bearish market sentiments.
The indicator opens up in the bottom window of the trading platform as a red line that fluctuates above and below the zero level.
Utilize the Variation Oscillator for scalping the most volatile trading sessions (aim for 5-15 pips profit per trade).
Key takeaways:
- The market sentiment is considered bullish when the Variation Oscillator crosses back above the zero level.
- The market sentiment is considered bearish when the Variation Oscillator crosses back below the zero level.
Feel free to play with the indicator’s default settings and different parameters.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download:
Download the “variation oscillator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below shows the Variation Oscillator Forex indicator in action on the MT4 trading platform.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with this technical oscillator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Trading Instruments: Any
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Oscillator
Does the indicator repaint? No.
Download Now:
Download the “variation oscillator.mq4” indicator for Metatrader 4
How to install this indicator on Metatrader 4?
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the indicator in the Indicators folder.
Finally restart the trading platform and attach the indicator to any chart.
How to remove the indicator?
Right click with your mouse on the chart that you have the indicator attached to.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse on the chart that you have the indicator attached to.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.