Ahoora Oscillator Indicator
Platform: MT4 Type: Oscillator Last update: November 1, 2024The Ahoora Oscillator Indicator MT4 shows a signal line that changes color between red and green, indicating the direction of the trend-momentum. Let’s see if it’s worth giving a try.
Introducing the Ahoora Oscillator Indicator
Example charts
This is how it looks upon activation.
Formula
It uses two extreme values, 0 and 100, to determine oversold and overbought markets. When the oscillator approaches the 0 value, it indicates that the market is oversold. Similarly, when it approaches 100, it suggests that the market is overbought.
As you can see, this gauge generates a colored signal line, which can be either green or red. A green line suggests that the oscillator trend is upward, indicating a bullish market, while a red line suggests that the oscillator trend is downward, indicating a bearish market.
Possible combinations
To maximize the effectiveness, it’s best to use it in conjunction with a trend trading tools like the 100 period MA or 89 period EMA. Traders should take the Ahoora oscillator signals only in the direction of the overall trend to avoid false signals and maximize profitability.
Settings
When it comes to settings, I prefer to set the “lookback” period to 100 instead of the default value of 25, as it reduces the occurrence of false signals to a significant extent. To adjust this value, simply navigate to the indicator’s inputs tab.
Conclusion
The MT4 Ahoora Oscillator Indicator signals are easy to interpret, with a simple buy trade signal indicated by a color change from red to green, and a sell trade signal indicated by a color change from green to red. Trades can be closed when an opposite signal occurs, or traders can use their own exit strategy. Keep in mind that market conditions and money management skills also have a huge impact on trading success.
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