Tushar Chand, a famous American engineer and a professional trader of Indian origin, became famous for his innovative ideas in the development of indicators and trading systems. His Aroon indicator is a very simple but useful tool that helps predicting the time the market changes from flat to trend and vice versa. Notably, Aroon is a Sanskrit word meaning “the early light of dawn”, i.e. early signal.
Aroon consists of the two lines – Aroon up (green), Aroon down (red line) – and a histogram at the side of the indicator. The number of time intervals since the appearance of maximum tops and bottoms on the chart is used in calculations. Therefore, the only important parameter that can be changed is the indicator calculation period. Initially, the indicator was used in long-term trading on daily timeframes and calculated its values based on two-week price fluctuations. Thus, the default number of periods is 14. When trading on lower timeframes, it is recommended to change the value to 25.
In the current version, a colored cloud is used to indicate strong trend signals.
As with any oscillator, key levels are to be placed on a chart. Upon crossing them, Aroon provides market entry signals. In this case, such key levels are 30, 50 and 70.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 09.09.2008.
MT5 Indicator – Download Instructions
AroonHorn Metatrader 5 Indicator is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
AroonHorn Metatrader 5 Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install AroonHorn Metatrader 5 Indicator.mq5?
- Download AroonHorn Metatrader 5 Indicator.mq5
- Copy AroonHorn Metatrader 5 Indicator.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on AroonHorn Metatrader 5 Indicator.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator AroonHorn Metatrader 5 Indicator.mq5 is available on your Chart
How to remove AroonHorn Metatrader 5 Indicator.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator:
AroonHorn Metatrader 5 Indicator