Forex traders can use the JRSX Oscillator Metatrader 4 forex indicator as a tool for confirming buy and sell trades.
It is quite simple, very similar to the classic oscillators and deploys precisely the same methods of technical analysis that can be applied to the RSI.
Seemingly, the indicator is known to use a more sophisticated smoothing algorithm, which allows it produce less delay and a smoother curve shape.
The indicator positions colored histograms above and below its reference level i.e. the zero level.
What the indicator does is to primarily gauge the strength of the trend.
Free Download
Download the “jrsx-oscillator.ex4” MT4 indicator
Example Chart
The GBP/USD H1 chart below displays the JRSX Oscillator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue and magenta histograms of the JRSX Oscillator Metatrader 4 forex indicator gets aligned above the zero signal level.
Sell Signal: Go short when the blue and magenta histograms of the JRSX Oscillator Metatrader 4 forex indicator hovers below the zero signal line.
Exit buy trade: Close all buy orders if while a bullish trend is running, the JRSX Oscillator pops up a blue histogram above the zero center line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the JRSX Oscillator puts on display a magenta histogram below the zero signal level.
Tips: The coolest way to use the JRSX Oscillator is to combine it with other technical indicators like Parabolic SAR, moving averages, Bollinger bands and others.
Feel free to experiment with it.
Download
Download the “jrsx-oscillator.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Length, CountBars), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | oscillator
Installation
Copy and paste the jrsx-oscillator.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)