Aroon Oscillator - indicator for MetaTrader 5
- Published by:
- Nikolay Kositsin
- votes: 31
- 2011.08.02 12:59
- 2016.11.22 07:32
In the Sanskrit language "aroon" means "dawn's early light". This indicator predicts price changes from trend to flat market conditions.
It can be calculated using the following equation:
Aroon Oscillator = Bearish indicator - Bullish indicator
Bullish indicator = [(N periods - N periods from the greatest maximum / N periods] * 100
Bearish indicator = [(N periods - N periods from the lowest minimum) / N periods] * 100
AroonOscillator analysis includes three main signals.
- Reaching critical values -100 and +100 indicates a strong downward or upward trend.
- Aroon Up = +50 and Aroon Down = -50 levels breakout increasingly or decreasingly respectively indicates beginning of a trend.
- Oscillator position between Aroon Up = +50 and Aroon Down = -50 levels indicates a weak trend or its complete absence.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/389
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