The Awesome Oscillator indicator displays the difference of two Moving Averages – fast and slow in the form of the histogram. One way of applying of the indicator is described in book by Bill M. Williams and Justin Gregory-Williams: “Trading Chaos 2”. The author recommends to use 5 and 34 parameters of Moving Averages, where the method of calculation of Moving Average is a simple Moving Average and the price used for calculation is the average price (high+low)/2.
The ytg_Awesome indicator has the same algorithm of drawing as the Awesome Oscillator indicator, and also four color coloring of its display and output setting of the Moving Averages periods, the Moving Averages method and used price setting.
Description of the ytg_Awesome indicator settings:
- Period_Fast – The period of averaging for calculation of fast Moving Average.
- Period_Slow – The period of averaging for calculation of slow Moving Average.
- ma_method – The method of averaging. It can have any values of the Moving Average method (Moving Average). 0 – (SMA) Simple Moving Average. 1 – (EMA) Exponential Moving Average. SMMA 2 – (SMMA) Smoothed Moving Average. LWMA 3 – (LWMA) Linear weighed Moving Average.
- applied_price – Used price. It can be any of the price constants.
0 – (CLOSE) Close price. 1 – (OPEN) Open price. 2 – (HIGH) The maximum price. 3 – (LOW) The minimum price. 4 – (MEDIAN) The average price, (high+low)/2. 5 – (TYPICAL) Typical price, (high+low+close)/3. 6 – (WEIGHTED) Weighed close price, (high+low+close+close)/4.
MT5 Indicator – Download Instructions
The 4-color АО indicator is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
The 4-color АО 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 The 4-color АО indicator.mq5?
- Download The 4-color АО indicator.mq5
- Copy The 4-color АО 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 The 4-color АО indicator.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator The 4-color АО indicator.mq5 is available on your Chart
How to remove The 4-color АО 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: