OBOS Indicator for MT5
OBOS Indicator is an exclusive indicator to spot entries based on price action.
The OBOS Indicator is both effective and user friendly.
Indicator uses simple color codes and levels to indicate Overbought and Oversold conditions. No more headache.
The OBOS Indicator will only gives you indication when there are possible entries. Means you only get useful information.
To use the indicator, please follow the rules:
- wait for the indicator to give you an overbought or oversold signal (usually blue and magenta bars)
- once signal comes out, wait for price to calm down (small bar or no bar in the indicator)
- enter in the market with a SELL or BUY order
Please look at the screenshot attached for examples of entries applying the rules given above.
Inputs of the indicator are the followings:
- MaxBars: number of bars to display in your chart
- Smoothing period: number of bars to be used for indicator calculations
The indicator can be used with any class of assets: Forex, Equities, Commodities, Futures.
The indicator can also be used to trade Binary Options.
The indicator works fine with any time frame.