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Aroon Forex Signal Oscillator Indicator

The Aroon Oscillator v1 indicator for MetaTrader 4 is an indicator that was developed by Tushar Chande.

It 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.

Free Download

Download the “Aroon_Oscilator_v1.ex4” MT4 indicator

Example Chart

advanced-aroon-forex-indicator

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.

Download

Download the “Aroon_Oscilator_v1.ex4” MT4 indicator

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

How to install the Aroon Forex Signal custom indicator in Metatrader 4?

  • Download the Aroon_Oscilator_v1.ex4 indicator to your computer.
  • Open your Metatrader 4 platform.
  • Open the data folder from the top menu.
  • Open the MQL4 folder.
  • Open the indicators folder.
  • Paste the indicator file in this folder.
  • Restart the trading platform.
  • Open any trading chart.
  • Attach the indicator to the chart.