Aroon Forex Signal Indicator
The Aroon Oscillator v1 indicator for MetaTrader4 is an indicator that was developed by Tushar Chande and has the ability to spot the formation of new trend as well as also define such trend’s momentum.
The Aroon_Oscilator_v1 is computed by working the difference between the Aroon-Up and Aroon-Down. The Aroon_Oscilator_v1 indicator fluctuates between -99 and +99 and has 0.00 as its middle line.
When the Aroon_Oscilator_v1 indicator is positive, it presents a trend bias to the upside. When the Aroon_Oscilator_v1 indicator is negative, it presents a trend bias to the downside.
When the Aroon-Up is greater than the Aroon-Down, the indicator gives a reading above zero, an indication that price is experiencing new highs more lately than fresh lows.
On the other hand, when the Aroon-Down is greater than Aroon-Up, the indicator reading is below zero, an indication that price is experiencing new lows more lately than fresh highs.
We can explain the strength of a trend by considering the indicator’s positive or negative threshold i.e. when the Aroon_Oscilator_v1 indicator breaks above the +50 level, it suggest a strong bullish move, while a break below the -50 mark indicates a strong bearish move.
The Aroon_Oscilator_v1 indicator is essentially used in defining the overall trend bias. The indicator will stay in the positive zone when the market is experiencing a strong bullish move and will also remain in the negative zone when the market is in a strong bearish push. Subject on the parameter values on the Aroon_Oscilator_v1 indicator, range bound or short trends can result in the indicator frequently move above or below the zero signal line.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (AroonPeriod, Filter, CountBars), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: momentum oscillator