Trend Strength OMA Channel Indicator

Trend Strength OMA Channel Indicator for MT4

Introduction to the Trend Strength OMA Channel Indicator

The Trend Strength OMA Channel Indicator is a trend signal indicator as it detects whenever the market trend condition is overbought or oversold. That forex indicator consists of the main orange signal line displayed within its own window along with the green/red channel and the buy/sell arrows plotted directly on the main chart. When the orange line is below 0 level, it means the market is oversold and one should be looking for buy trades. Similarly, one should be looking for sell trades when the orange line rises above 0 level.

The Trend Strength OMA Channel Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. 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 does it work? How to apply in trading?

Trading Rules Explanation

Below you can read the trading rules for Trend Strength OMA Channel Indicator.

Buy Signal

Follow these steps for a long trade:

  • Trend Strength OMA Channel value is negative (below 0) indicating the oversold condition
  • The orange line bounces off the green channel band
  • An green or blue buy arrow appears
  • Open a buy trade
  • Set stop loss a few pips below recent market low
  • Take profit or exit trade whenever the Trend Strength OMA Channel Indicator provides opposite arrow

Trend Strength OMA Channel Indicator Buy Trade Example

Sell Signal

Follow these steps for a short trade:

  • Trend Strength OMA Channel value is positive (above 0) indicating the overbought condition
  • The orange line bounces off the red channel band
  • An red or pink sell arrow appears
  • Open a sell trade
  • Set stop loss a few pips above recent market high
  • Take profit or exit trade whenever the Trend Strength OMA Channel Indicator provides opposite arrow

Trend Strength OMA Channel Indicator Sell Trade Example

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the Trend Strength OMA Channel indicator in MetaTrader (MT4)?

Installation Guide

Download the Trend Strength OMA Channel.rar archive at the bottom of this post, unpack it, then copy and paste the Trend Strength OMA Channel.ex4 or Trend Strength OMA Channel.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.

Summary Of That Forex Indicator

The Trend Strength OMA Channel indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.

Download Free Forex MT4 Trend Strength OMA Channel Indicator

To download the Trend Strength OMA Channel Indicator for Metatrader 4 (MT4) for free just click the button below:

Trend Strength OMA Channel Indicator Free Download

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