The Alf Of Oscillator (alfos) Forex indicator for Metatrader 5 is an oscillator that shows similarities to the classic MACD indicator.
The indicator appears in a bottom chart window as gray colored histogram bars that oscillate above and below the zero level.
A bullish trend occurs when the histogram bars are positioned above the zero level.
A bearish trend occurs when the histogram bars are positioned below the zero level.
For scalping and day trading purposes, deploy the indicator during the London and American trading sessions.
- Technical oscillator
- 100% No-repaint indicator
- Works for any currency pair
- Works for any time frame
- Delivers buy/sell signals
- Programmed for Metatrader 5
The chart below shows the Alf Of Oscillator Forex indicator attached to the EUR/USD 15-minute chart.
The Alf Of Oscillator indicator for MT5 can be used in multiple ways, find a basic trading example below:
- A buy signal is given when the histogram bars turn back above the 0.00 level.
- Place your stop loss 2-3 pips below short-term support.
- Exit the buy trade for a fixed profit target or wait until the histogram bars turn back below the 0.00 level.
- A sell signal is given when the histogram bars turn back below the 0.00 level.
- Place your stop loss 2-3 pips above short-term resistance.
- Exit the sell trade for a fixed profit target or wait until the histogram bars turn back above the 0.00 level.
How to install the Alf Of Oscillator indicator in Metatrader 5?
- Copy the alfos indicator in the MT5 indicator folder
- Restart the trading platform
- Select and attach the indicator to any chart of your preference
How to remove the indicator from the chart?
- Click with your right mouse button in the chart
- Select the indicator list from the drop down menu
- Remove the indicator from the list
- Press close