OB O S
Info
The OB O S is a Indicator for MetaTrader 5 that overbought/oversold oscillator displays the market movement direction color histogram in a separate window. The indicator has three input parameters:Period - calculation periodOverbought - overbought levelOversold - oversold levelCalculation:where:The upward movement is displayed by the green histogramThe downward movement is displayed by the red histogramUncertain movement is displayed by the gray histogram.
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 OB O S
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
Overbought/Oversold oscillator displays the market movement direction color histogram in a separate window.
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: Price Channel Indicator - another powerful indicator for MetaTrader 5 traders.
Overbought/Oversold oscillator displays the market movement direction color histogram in a separate window.
Also recommended: Multi-Timeframe Moving Average Indicator (v03) - similar indicator with strong performance on MetaTrader 5.
The indicator has three input parameters:Period
- calculation period
Overbought
- overbought level
Oversold
- oversold level
Calculation:
where:
The upward movement is displayed by the
green
histogramThe downward movement is displayed by the
red
histogramUncertain movement is displayed by the
gray
histogram
⚠ 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.