Awesome Oscillator Divergence Indicator
Info
The Awesome Oscillator Divergence Indicator is a Indicator for MetaTrader 5 that this indicator plots divergence lines on the awesome oscillator and provides buy and sell signals with arrows. Bullish regular divergence is shown in solid blue lines.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Awesome Oscillator Divergence Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator plots divergence lines on the Awesome Oscillator and provides buy and sell signals with arrows.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: long-term trend trix oscillator for metatrader 5 - another powerful indicator for MetaTrader 5 traders.
This indicator plots divergence lines on the Awesome Oscillator and provides buy and sell signals with arrows.Also recommended: stochastic oscillator indicator for metatrader 5 - similar indicator with strong performance on MetaTrader 5.
Bullish regular divergence is shown in solid blue lines.
Bullish hidden divergence is shown in dotted aqua lines.
Bearish regular divergence is shown in solid red lines.
Bearish hidden divergence is shown in dotted orange lines.
Divergence lines do not pass through the indicator histogram body.
Bullish Regular Divergence Example:
Divergence occurs when the first analyzed bottom of the indicator is shallower than the previous one, and the corresponding price valley is deeper than the previous one. The indicator must not rise above the zero level.
Parameters:
Inputs are shown in the picture below.
Two important parameters:
1. deviation_percent: Default value is 0.05. This is the maximum percent ratio of the AO value allowed to be out of range.
2. indicator_trend_line_allowed_across_through_the_histogram_body: Default value is 'no'.
Screenshots illustrate the performance difference between 'yes' and 'no' modes.
You may also like: channel and stochastic oscillator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 10
#property indicator_plots 5
#property indicator_label1 "ao"
#property indicator_type1 draw_color_histogram // draw_color_line draw_color_histogram
#property indicator_color1 clrdarkgreen,clrdarkred.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.