Aroon Oscillator 2 Metatrader 5 Forex Indicator

The Aroon oscillator 2 Metatrader 5 Forex indicator is a modified version of the Aroon oscillator that deploys quantile bands for levels and can filter either prices, result or both in a bid to minimize the false number of alerts.

The MT5 code has been modified in a bid to mirror the most recent changes in the latest build of the Metatrader 5.

There are also some new code optimizations that were added to the Aroon oscillator 2 Metatrader 5 forex indicator.

The Aroon oscillator 2 Metatrader 5 Forex indicator is a multi-time frame variant with the basic alerts and typical set of parameters.

This indicator works for all trading styles including scalping and day trading.

Free Download

Download the “Aroon_oscillator_2.ex5” MT5 indicator

Example Chart

The EUR/USD H4 chart below displays the Aroon_oscillator_2 Metatrader 5 forex indicator in action

Basic Trading Signals

Buy Signal: Go long when the line of the Aroon_oscillator_2 Metatrader 5 indicator breaks above the zero level.

Sell Signal: Go short when the line of the Aroon_oscillator_2 Metatrader 5 Forex indicator dips below the zero level.

Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the Aroon_oscillator_2 MT5 forex indicator turns orange or dark gray and dips below the zero level.

Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the Aroon_oscillator_2 MT5 Forex indicator turns dark gray or lime green and surges above the zero level.

Tips: Long and short term traders can take advantage of the special Aroon_oscillator_2 MT5 features when formulating a profitable trading strategy.

Download

Download the “Aroon_oscillator_2.ex5” Metatrader 5 indicator

MT5 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 5

Type: chart window indicator

Customization options: Variable [Time frame, Aroon oscillator period, Price to use for high, Price to use for low, Levels period (0 to use the same as Arron period), Levels up, Levels down, Filter (<=0, for no filter), Filter period (<=0 for using Aroon period), Filter what?, Turn alert on?, Alert on current bar?, Display messages on alerts?, Play sound on alerts?, Send push notification on alerts? Interpolate mtf data?], Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: oscillator

Installation

Copy and paste the Aroon_oscillator_2.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)

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