The McClellan Forex Oscillator for Metatrader 5 is an easy to use technical indicator that delivers buy & sell signals for scalpers and day traders.
The indicator pops up in a separate chart as a floating oscillator along with buy and sell trading signals (red/green).
Typically, we aim for 5-15 pips profit per trade with the McClellan oscillator.
How to spot short-term bullish and bearish market trends with it?
- The green colored McClellan zone represents a bullish trend.
- The red colored McClellan zone represents a bearish trend.
The following indicator inputs and parameters can be modified: base currency, fast smoother period, slow smoother period, periods multiplier, levels period, floating levels up %, floating levels down %, and change color mode.
The McClellan oscillator is lightweight and does not slow down the Metatrader 5 platform.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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McClellan Oscillator (smoother)(fl).mq5 Indicator (MT5)
Chart Example
The following chart shows what the McClellan Forex Oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The McClellan Forex Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs as soon as the green colored line appears on the chart.
- Open a buy trade and place your stop loss 3 pips below immediate support.
- Close the buy trade for 5-15 pips profit, or wait for a sell signal.
Sell Signal
- A sell signal occurs as soon as the red colored line appears on the chart.
- Open a sell trade and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 5-15 pips profit, or wait for a buy signal.
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McClellan Oscillator (smoother)(fl).mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the McClellan Oscillator (smoother)(fl).mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration