The Derivative Oscillator Forex indicator for Metatrader 5 is composed of moving averages + RSI and it delivers solid buy and sell trading signals.
The indicator analyses price data and determines the direction of the overall market trend.
The Derivative Oscillator does not repaint the histogram bars and should work equally well for any time frame.
How to interpret the Derivative Oscillator?
- Histogram bars above zero indicate a bullish trend.
- Histogram bars below zero indicate a bearish trend.
The following indicator inputs and parameters can be modified: RSI period, first EMA period, second EMA period, SMA period, applied price.
The oscillator works for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded into the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
It supports all time frames and Forex pairs.
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Chart Example
The following chart shows what the Derivative Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Derivative Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- The first green colored oscillator bar above zero is a buy signal.
- Open a buy order and place your protective stop loss below trading support.
- Exit the buy trade for a risk/reward ratio of at least 1:1, or wait for the first red colored oscillator bar.
Sell Signal
- The first red colored oscillator bar below zero is a sell signal.
- Open a sell order and place your protective stop loss above trading resistance.
- Exit the sell trade for a risk/reward ratio of at least 1:1, or wait for the first green colored oscillator bar.
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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 DEROSC.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