Introduction to the Absolute Strength Oscillator Indicator
The Absolute Strength Oscillator is a trend-following forex indicator.
It measures two main forces driving the markets: bulls and bears. In other words, it shows whenever the dominant side are buyers or sellers.
Buyers are represented by a green line, and similarly, sellers are represented by a red line. You should be looking for long trade opportunities when the green line is above the red one.
Alternatively, you should be looking for short trade opportunities when the red line is above the green one.
The indicator is displayed in a separate window placed just below the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Absolute Strength Oscillator indicator in MT4?
Copy and paste the Absolute Strength Oscillator.ex4 or Absolute Strength Oscillator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Absolute Strength Oscillator indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Absolute Strength Oscillator Indicator Free Download
To download the Absolute Strength Oscillator Indicator for Metatrader 4 (MT4) for free just click the button below: