The Sonic Forex oscillator indicator for MT5 is built on RSI + Stochastic and delivers precise overbought and oversold market signals to traders.
It’s advised to combine this tool with a trend indicator to yield the best trading results.
How does it generate overbought and oversold market signals?
- Sonic oscillator values of 70 and above indicate an overbought market state.
- Sonic oscillator values of 30 and below indicate an oversold market state.
The following indicator inputs and variables can be modified: RSI period, Stochastic period, slowing, signal period, and tape visibility.
Familiarize yourself with the Sonic oscillator and conduct thorough testing on a demo account before trading live with it.
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dt_oscillator.mq5 Indicator (MT5)
Chart Example
The picture below shows how the Sonic oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Sonic Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- Buy market condition: the currency pair must show a clear uptrend.
- A buy signal occurs when the Sonic oscillator crosses above the 30 value from below.
- Open a buy trade and place a stop loss slightly below short-term support.
- Take profit when the indicator reaches the 70 value (overbought market state).
Sell Signal
- Sell market condition: the currency pair must show a clear downtrend.
- A sell signal occurs when the Sonic oscillator crosses below the 70 value from above.
- Open a sell trade and place a stop loss slightly above short-term resistance.
- Take profit when the indicator reaches the 30 value (oversold market state).
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dt_oscillator.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 dt_oscillator.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