True Oversold Overbought
The True Oversold Overbought indicator provides you with ability to swiftly check whether the asset is oversold or overbought.
- Other than complementing your trading with True Oversold Overbought, you can use the indicator as your only trading system.
- It works with all forex instruments and will save you the headache of estimating when the market is due for a reversal or retracement.
- When the "Super Charge" feature is enabled, the areas where the price is in oversold/overbought status are amplified to give you a clear state of the market,therefore, you will not miss the moment to prepare for a reversal/retracement.
- Alternatively, when the "Super Charge" feature is disabled, the indicator still shows the oversold and overbought levels but this time you get a broader view of the market.
- Get alerts when price bleach the oversold/overbought levels.
- See reversal areas which are indicated by a triangle and trendline.
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- It is not overly sensitive or keep touching oversold/overbought levels.
- Open trades early when the price is exiting exiting overbought / oversold levels and close trades at the right time.
- Trade when there is noise and when the market is silent.
No complex settings since the default settings work perfectly. However, the following is all you can add if you want to change a few things.
- Select between old and new version of the indicator
- Add the Coefficient value.
- Add Price Smoothing
- Add your RSI period
- Add your Money Flow Index (MFI) period
- Enable/Disable the Super Charge feature.
- Add the Super Charge and Ordinary Sell and Buy levels that suits your trading. All is drawn automatically.
- Enable drawing of rectangles - shows boxes where price is in the extremes.
- Reversal settings
The indicator displays on the separate window and also show rectangles on the main chart.
When the overbought and oversold rectangles draw, it is time to buy if price opens above the rectangles and sell if the candle opens below.
Note: If the overbought rectangle is formed but a candle open above it, its an indication the trend will continue surging for a while before breaking below.
Similarly, the continued drop in price below the oversold rectangle indicates the price might continue in the same direction before bulls takes control.
Trading tips (New Upgrade tips):https://www.mql5.com/en/blogs/post/750019
Other indicators: https://www.mql5.com/en/users/pipmontra/seller