The Chaikin Oscillator indicator for Metatrader 5 was originally developed by Marc Chaikin and it’s primarily used for identifying market trend reversals.
The indicator is displayed in a separate chart window as a sea-green colored line that oscillates above and below zero.
How to trade Forex with this technical tool?
- A bullish trend reversal is generated when the Chaikin oscillator line turns back above 0.
- A bearish trend reversal is generated when the Chaikin oscillator line turns back below 0.
The indicator works equally well for newbies and seasoned traders alike.
The indicator contains the following inputs and parameters: fast MA period, slow MA period, MA method, and volumes.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
It supports all time frames and Forex pairs.
Download Indicator 🆓
Chart Example
The picture below shows how the Chaikin Oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Chaikin Oscillator Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal is triggered when the Chaikin oscillator crosses back above the 0 level from below.
- Open a buy market order and place a protective stop loss below short-term support.
- Exit the buy trade for a fixed pip profit target of your preference, or wait for a sell signal to reverse the buy trade.
Sell Signal
- A sell signal is triggered when the Chaikin oscillator crosses back below the 0 level from above.
- Open a sell market order and place a protective stop loss above short-term resistance.
- Exit the sell trade for a fixed pip profit target of your preference, or wait for a buy signal to reverse the sell trade.
Download Now 🆓
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 cho.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