Nova Oscillator v1.0: Complete Feature Guide

Nova Oscillator

View Product on MQL5 Market

Nova Oscillator v1.0: Complete Feature Guide

A comprehensive walkthrough of every mode and feature in Nova Oscillator for MetaTrader 5.

Introduction

Most oscillators show you one piece of the puzzle. You might see momentum, or volume, or overbought conditions, but rarely all of them together in a way that makes sense. Traders are forced to stack multiple indicators on their charts, each telling a slightly different story, making it difficult to identify high-conviction setups.

Nova Oscillator is an advanced oscillator matrix that combines five powerful analytical layers into a single sub-window indicator. It features Hyper Wave momentum analysis, Smart Money Flow tracking, Confluence detection, Reversal signals, and automatic Divergence identification. Whether you are a scalper looking for quick momentum shifts or a swing trader seeking high-probability reversals backed by volume, Nova Oscillator gives you a unified view of market conditions.

This guide covers every feature and parameter in detail, helping you configure the indicator for your specific trading approach and market conditions.

Part 1: Getting Started

Installation:

• Copy Nova_Oscillator.ex5 to your MQL5/Indicators folder
• Restart MetaTrader 5 or click "Refresh" in the Navigator panel
• Drag the indicator onto your chart
• The indicator will appear in a separate sub-window below your main chart

Interface Overview

When you load Nova Oscillator, you will see a separate indicator window with multiple visual layers. The oscillator range is fixed between -80 and +80, with dashed reference lines at +20 and -20 to help identify overbought and oversold zones. Each component uses distinct colors and styles so you can quickly distinguish between momentum, volume flow, confluence zones, and reversal signals.

Component	Visual Style	Purpose
Hyper Wave	Colored line with fill area	Core momentum oscillator with signal line
Smart Money Flow	Histogram bars with average lines	Volume-based money flow tracking
Confluence Areas	Background histograms at +55/-55	Visual zones where momentum and flow agree
Reversal Signals	Triangle arrows (major) and circle dots (minor)	Potential reversal points based on multiple factors
Divergences	Trend lines drawn on the oscillator	Automatic detection of bullish and bearish divergences

A real-time Confluence label also appears in the upper-right corner of the indicator window, showing the current market state: Strong Bull, Bull, Neutral, Bear, or Strong Bear.

Part 2: Hyper Wave

The Hyper Wave is the primary momentum engine of Nova Oscillator. It produces a colored line that oscillates around zero, accompanied by a signal line and a shaded fill area between them. When the main line is above the signal line, the wave is bullish (colored green by default). When below, it turns bearish (gray by default).

Crossover Dots

Each time the main line crosses the signal line, a colored dot appears at the crossover point. Green dots indicate bullish crossovers (main crossing above signal), and gray dots indicate bearish crossovers (main crossing below signal). These dots provide clear visual entry and exit markers.

Parameters:

Main Length

This controls the lookback period for the core momentum calculation. Lower values (5-7) make the oscillator more responsive and suitable for scalping or short-term trading. Higher values (14-21) create a smoother oscillator ideal for swing trading and filtering out noise.

Example: On a 15-minute EURUSD chart, a Main Length of 7 will react quickly to price changes, generating more crossover signals. Setting it to 14 will reduce the number of signals but each one will carry more weight.

Signal Type: SMA vs EMA

The signal line can be calculated using either SMA (Simple Moving Average) or EMA (Exponential Moving Average). SMA provides a steadier, less reactive signal line, which can help filter out false crossovers. EMA reacts faster to recent changes, which may be preferred by aggressive scalpers.

Signal Smoothing

This sets the period for the signal line calculation. A value of 2-3 keeps the signal line close to the main line, generating more crossovers. A value of 5-10 creates more separation, resulting in fewer but potentially more significant signals.

Fill Transparency

Controls the opacity of the shaded area between the main line and signal line. A value of 0 means fully opaque (solid fill), while 100 means fully transparent (no fill visible). The default of 80 provides a subtle background fill that does not obscure other elements.

Part 3: Smart Money Flow

The Smart Money Flow component tracks institutional money movement by analyzing volume-weighted price flow. It displays as a histogram centered on zero, with teal bars indicating positive (bullish) flow and crimson bars indicating negative (bearish) flow.

Strong Flow Areas

When the money flow exceeds its running average, a wider histogram bar highlights the strong flow zone. Teal strong bars appear when bullish flow surpasses the bull average, while crimson strong bars appear when bearish flow drops below the bear average. These strong flow areas indicate periods of heightened institutional participation.

Average Lines

Dotted average lines appear on both the bull and bear sides. The bull average (teal dotted line) shows the running average of positive flow readings, while the bear average (crimson dotted line) shows the running average of negative flow readings. When the histogram exceeds its respective average, the flow is considered strong.

Parameters:

Money Flow Length

This sets the lookback period for the money flow calculation. Lower values (10-20) make the flow histogram more volatile and responsive, which suits shorter timeframes and scalping. Higher values (35-55) produce a smoother flow reading, better for identifying sustained trends on higher timeframes.

Example: On a 1-hour XAUUSD chart, a Money Flow Length of 35 will show the overall institutional trend clearly. Reducing it to 15 on a 5-minute chart will capture shorter bursts of volume activity.

Money Flow Smooth

Applies additional smoothing to the raw money flow reading. Higher smoothing (6-10) filters noise and shows the true underlying flow direction. Lower smoothing (2-3) preserves more detail but may be choppy on lower timeframes.

Part 4: Confluence Detection

The Confluence system is one of the most powerful features of Nova Oscillator. It combines the readings from both the Hyper Wave and Smart Money Flow to identify periods when momentum and volume agree on the market direction.

How Confluence Works

When both the Hyper Wave oscillator and the Smart Money Flow histogram are positive (above zero), a bullish confluence area appears as a teal histogram bar at the +55 level. When both are negative (below zero), a bearish confluence area appears as a crimson histogram bar at the -55 level. These visual areas make it immediately obvious when momentum and money flow are aligned.

Confluence Label

A text label in the upper-right corner of the indicator window provides real-time confluence status:

Label	Condition	Meaning
Strong Bull	Oscillator > 0, Flow > 0, Flow > Bull Average	High-conviction bullish alignment with strong flow
Bull	Oscillator > 0, Flow > 0	Both components agree on bullish bias
Neutral	Components disagree	No clear directional alignment
Bear	Oscillator < 0, Flow < 0	Both components agree on bearish bias
Strong Bear	Oscillator < 0, Flow < 0, Flow < Bear Average	High-conviction bearish alignment with strong flow

Parameters:

Tip: Confluence zones are particularly useful as trade filters. Consider only taking long trades when the label reads "Bull" or "Strong Bull," and short trades when it reads "Bear" or "Strong Bear."

Part 5: Reversal Signals

The Reversal detection system identifies potential turning points by analyzing the relationship between volume, momentum extremes, and the money flow state. It generates two types of signals: Major and Minor.

Major Reversals

Major reversal signals appear as triangle arrows on the oscillator. An upward teal triangle at the -65 level indicates a potential major bullish reversal. A downward crimson triangle at the +65 level indicates a potential major bearish reversal. These signals occur when volume activity spikes significantly above average while the oscillator is at an extreme reading and money flow confirms the reversal direction.

Minor Reversals

Minor reversal signals appear as small circle dots on the main chart window. They indicate smaller potential turning points that meet fewer criteria than major reversals. While less reliable individually, minor reversals can serve as early warnings or confirmation signals when combined with other analysis.

Parameters:

Reversal Factor

This controls the sensitivity of reversal detection. Lower values (1-3) generate more reversal signals with lower thresholds, suitable for active scalping. Higher values (5-10) require stronger conditions to be met, producing fewer but higher-quality signals suitable for swing trading.

Example: With Reversal Factor set to 4 (default), major bullish reversals require the oscillator to be below -4 while volume is significantly elevated. Setting it to 8 requires the oscillator to be below -8, meaning deeper oversold conditions must be present before a reversal is flagged.

Part 6: Divergence Detection

Nova Oscillator includes automatic divergence detection that draws trend lines directly on the oscillator window when price and the Hyper Wave diverge. Divergences are a classic signal of weakening momentum and potential trend reversals.

Bullish Divergence

A bullish divergence is detected when price makes a lower low but the oscillator makes a higher low. This suggests selling pressure is weakening despite continued price decline, often preceding a bullish reversal. Bullish divergence lines are drawn in DodgerBlue by default.

Bearish Divergence

A bearish divergence is detected when price makes a higher high but the oscillator makes a lower high. This indicates buying momentum is fading despite price continuing to rise, often preceding a bearish reversal. Bearish divergence lines are drawn in Crimson by default.

Parameters:

Divergence Sensibility

This sets the minimum oscillator threshold required before divergence scanning activates. At the default value of 20, the oscillator must be above +20 for bearish divergence scanning or below -20 for bullish divergence scanning. Higher values (30-40) only detect divergences at more extreme readings, which typically produces more reliable signals but fewer of them.

Example: With Divergence Sensibility set to 20, the indicator starts looking for bearish divergences anytime the oscillator is above +20. Setting it to 35 means it will only scan when the oscillator is above +35, filtering out divergences that occur in moderate zones.

Part 7: Color Customization

Every visual component of Nova Oscillator can be independently color-customized to match your chart theme or personal preference. The indicator groups its color settings logically within each feature section.

Component	Bull Color Default	Bear Color Default
Hyper Wave	LimeGreen	Gray
Smart Money Flow	Teal	Crimson
Confluence	Teal	Crimson
Reversal	Teal	Crimson
Divergence	DodgerBlue	Crimson

Tip: If you use a dark chart background, the default colors work well. For light backgrounds, consider using darker shades like DarkGreen and DarkRed for better visibility.

Part 8: Configuration Recommendations

Scalping Setup (M1-M5)

This setup maximizes responsiveness. The short Main Length and EMA signal type produce quick crossover signals. Low Money Flow Length captures short-term volume bursts, and a low Reversal Factor generates more reversal alerts for fast-paced trading.

Intraday Setup (M15-H1)

The default configuration is optimized for intraday trading. It balances signal frequency with reliability, providing clean momentum readings and meaningful reversal signals on the most popular timeframes.

Swing Trading Setup (H4-D1)

For swing trading, longer periods smooth out daily noise and focus on significant momentum shifts. The higher Reversal Factor ensures only strong reversal conditions trigger signals, and the elevated Divergence Sensibility filters for divergences at truly extreme readings.

Gold (XAUUSD) Specific Setup

Gold tends to have strong momentum moves followed by sharp reversals. A slightly shorter Money Flow Length captures gold's characteristic volume patterns, while a moderate Reversal Factor catches the dramatic reversal points that gold is known for.

Crypto Setup (BTCUSD, ETHUSD)

Cryptocurrency markets are highly volatile with frequent momentum shifts. The EMA signal type reacts quickly to rapid changes, while a moderate Main Length prevents excessive whipsaws. Lower Money Flow Length suits crypto's irregular volume patterns.

Part 9: Practical Trading Examples

Example 1: Confluence-Filtered Long Entry

Look for all of the following conditions to align:

• Hyper Wave crosses above its signal line (green crossover dot appears)
• Smart Money Flow histogram is positive (teal bars)
• Confluence label reads "Bull" or "Strong Bull"
• The confluence area bar is visible at the +55 level

This combination means momentum is rising and institutional money is flowing in the same direction. Enter long with a stop below the recent swing low.

Example 2: Divergence Reversal Trade

When a bullish divergence line appears (price making lower lows while the oscillator makes higher lows), wait for confirmation:

• A bullish crossover dot on the Hyper Wave
• Smart Money Flow flipping from negative to positive
• Optionally, a minor or major reversal signal nearby

The divergence identifies the setup, while the crossover and flow flip provide the trigger.

Example 3: Strong Reversal Signal

When a major reversal triangle appears:

• Check that the oscillator was at an extreme reading (near -60 or +60)
• Verify Smart Money Flow is confirming the reversal direction
• Use the confluence label to confirm alignment

Major reversal signals that occur during "Strong Bear" confluence readings that flip to "Bull" can indicate powerful reversal opportunities.

Part 10: Tips and Best Practices

• Start with Defaults: The default parameters are well-optimized for most markets on M15-H1 timeframes. Trade with defaults before customizing.
• Use Confluence as a Filter: The confluence label is your best friend for filtering trades. Avoid trading against the confluence direction.
• Combine Timeframes: Use Nova Oscillator on a higher timeframe (H4) for direction, then switch to a lower timeframe (M15) for entries.
• Respect Divergences: When a divergence appears at an extreme oscillator reading with volume confirmation, it often precedes significant moves.
• Demo First: Always test new parameter settings on a demo account before using them with real capital.
• Toggle Components: You can enable or disable individual components using the Show parameters. If you prefer a clean chart, disable components you do not use.
• Watch the Averages: The dotted average lines on the Smart Money Flow provide dynamic support and resistance levels for the flow itself. Breaks above the bull average or below the bear average indicate strengthening flow.

Conclusion

Nova Oscillator provides professional-grade multi-dimensional market analysis in a single indicator window:

• Hyper Wave Momentum — Fast, responsive oscillator with signal line crossovers and visual fill
• Smart Money Flow — Volume-based institutional flow tracking with dynamic averages
• Confluence Detection — Automatic alignment detection between momentum and volume
• Reversal Signals — Major and minor reversal identification based on multiple factors
• Divergence Detection — Automatic bullish and bearish divergence line drawing

The key to success is matching the configuration to your trading style. Start with the default settings, master the interface on a demo account, then gradually customize as you develop your edge. Use the confluence label as your primary filter and let the individual components confirm your trading decisions.

Need Help?

Join our MQL5 community group for support, updates, and discussions with other users.

More Products

Click here to explore my other products for MetaTrader 5.