The MACD With Awesome Oscillator (AO) indicator for Metatrader 5, also known as the MACD OA MT5, can be used for both trend direction and trend reversal signals.
The indicator is displayed as a colored oscillator in a separate chart window.
- A bullish trend occurs when the MACD OA oscillates above the zero level.
- A bearish trend occurs when the MACD OA oscillates below the zero level.
The MACD OA indicator can be easily combined with moving averages and other trend indicators.
The following indicator inputs can be modified: MACD fast period, MACD slow period, and type of price.
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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MACD AO Colors.mq5 Indicator (MT5)
Chart Example
The following chart shows what the MACD OA Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The MACD OA Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal occurs when the histogram bar crosses back above zero from below.
- Open a buy order and place a stop loss below technical support.
- Close the buy trade as soon as the histogram bar crosses back below zero.
Sell Signal
- A bearish signal occurs when the histogram bar crosses back below zero from above.
- Open a sell order and place a stop loss above technical resistance.
- Close the sell trade as soon as the histogram bar crosses back above zero.
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MACD AO Colors.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 MACD AO Colors.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