The SMA Extent Oscillator indicator for Metatrader 5 is a simple moving average that has been transformed into a super buy & sell Forex oscillator.
The indicator pops up in a bottom chart as a green/red colored histogram that oscillates above and below zero.
The SMA Extent Oscillator works well for any time frame of your preference.
How to interpret this technical tool?
- A bullish trend occurs when the histogram bars appear above zero.
- A bearish trend occurs when the histogram bars appear below zero.
The following indicator inputs and parameters can be modified: moving average period, MA type, applied price, price for comparison.
The SMA Extent Oscillator indicator works for Forex, Stocks, Indices, Metals, etc.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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Chart Example
The following chart shows how the SMA Extent Forex Signal Oscillator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The SMA Extent Forex Signal Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the histogram bars are colored green (above zero).
- Execute a buy order and place a stop loss order below the previous swing low price.
- Close the buy trade for a fixed take profit target or hold the trade until the histogram bars cross back below zero (red color).
Sell Signal
- A sell signal occurs when the histogram bars are colored red (below zero).
- Execute a sell order and place a stop loss order above the previous swing high price.
- Close the sell trade for a fixed take profit target or hold the trade until the histogram bars cross back above zero (green color).
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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 Extent.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