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.
Key Points
- Technical oscillator
- 100% No-repaint indicator
- Works for any currency pair
- Works for any time frame
- Delivers buy/sell signals
- Programmed for Metatrader 5
Free Download
Download the “alfos.mq5” indicator for MT5
Example Chart
The chart below shows the Alf Of Oscillator Forex indicator attached to the EUR/USD 15-minute chart.
Trading Signals
The Alf Of Oscillator indicator for MT5 can be used in multiple ways, find a basic trading example below:
Buy Signal:
- 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.
Sell Signal:
- 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.
Download
Download the “alfos.mq5” indicator (MT5)
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