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Ob Os

OB/OS is a leading price overbought/oversold indicator. It works on any financial instrument (including crypto currencies) and timeframe. The indicator accurately defines the start of unfavorable market areas. The indicator signals can be used to close present positions and disabling market entries. The indicator automatically adapts to any market situation and does not require any settings which is an additional advantage.

This is achieved thanks to the new methods described in my article "How to reduce trader's risks".


Features

  • The colored ring is used as a singal. A signal appears when the current bar of an appropriate timeframe is complete (Close price level). This prevents the ring from "blinking" and guarantees the signal's coherence.
  • A single trend may feature one or several consecutive (close) signals. The first colored ring (in a local trend) is an early warning (the signal corresponds to the minimum trader's risk). The second and following colored rings (having the same color as on the local trend) are additional warnings (the signal correpsonds to the trader's nominal risk).
  • The beginning of unfavorable areas is predicted based on the multiple-option analysis involving a set of internal modules. Each module tracks the certain overbought/oversold signs (on a certain timeframe).
  • The indicator works on any financial instrument and on any timeframe (available in the MetaTrader 4 terminal). The indicator analyzes the chart of the timeframe it is launched at.


How to use

  • Place the indicator on the chart (or several charts of different timeframes) of an appropriate financial instrument (on each chart separately).
  • The indicator signals: red ring – overbought (unfavorable area for Buy), blue ring – oversold (unfavorable area for Sell).
  • Appearance of a red ring stands for recommendation to close a present Buy position and forbids buying (the first signal inside a trend is for early warning, while the second and further signals inside a trend are for additional warning).
  • Appearance of a blue ring stands for recommendation to close a present Sell position and forbids selling (the first signal inside a trend is for early warning, while the second and further signals inside a trend are for additional warning).

You can use any (consecutive) signals inside a trend depending on a selected risk.

For a complex analysis of a selected currency pair or other financial instrument, place the indicator on multiple charts of different timeframes. The indicator signals on each chart are independent from signals on other timeframes.


Parameters

  • The indicator does not require any settings, since it applies the universal algorithm, which does not depend on a financial instrument and price movement scale. This is an advantage, since errors associated with subjective adjustments are excluded.


Limitations

  • The signals of the indicator are especially effective on clear trends. Consider this when using them.

The screenshots below show the indicator signals on various financial instruments and timeframes, so that you can evaluate its versatility and efficiency.

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