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Awesome Oscillator
Awesome Oscillator indicator
Awesome Oscillator shows the difference in between the 5 SMA and 34 SMA.
If to be precise, 5 SMA of midpoints is subtracted from 34 SMA of midpoints which allows to see the market momentum.
Practical use of Awesome Oscillator
General rules:
When AO is above zero - only Buy orders should be taken.
When AO is below zero - only Sell orders should be taken.
Buy signal:
The signal to Buy comes when AO histogram forms a series of 3 bars, where:
bar 1 - is red.
bar 2 - is red. (Defaults: bar 2 will always be lower than bar 1. No need to worry about the height comparison).
bar 3 is green. (Defaults: bar 3 will always be higher than bar 2. No need to monitor the height again).
Place a pending Buy order above the candlestick which corresponds to the first green bar on the AO histogram.
Sell signal:
Sell when AO is below zero and there is a series of 3 candles where:
candle 1 is green.
candle 2 is green.
candle 3 is red.
Place a pending Sell order below the candlestick which corresponds to the first red bar on the AO histogram.
There are 2 other rules for trading with Awesome Oscillator.
1. AO histogram divergence.
2. 4 consecutive bars (green or red) + zero line crossover.
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double ExtBuffer1[]; double ExtBuffer2[]; //+------------------------------------------------------------------+ //| Custom indicator initialization function | //+------------------------------------------------------------------+ int init() { //---- drawing settings SetIndexStyle(0,DRAW_NONE); SetIndexStyle(1,DRAW_HISTOGRAM); SetIndexStyle(2,DRAW_HISTOGRAM); IndicatorDigits(Digits+1); SetIndexDrawBegin(0,34); SetIndexDrawBegin(1,34); SetIndexDrawBegin(2,34); //---- 3 indicator buffers mapping SetIndexBuffer(0,ExtBuffer0); SetIndexBuffer(1,ExtBuffer1); SetIndexBuffer(2,ExtBuffer2); //---- name for DataWindow and indicator subwindow label IndicatorShortName("AO"); SetIndexLabel(1,NULL); SetIndexLabel(2,NULL); //---- initialization done return(0); } //+------------------------------------------------------------------+ //| Awesome Oscillator | //+------------------------------------------------------------------+ int start() { int limit; int counted_bars=IndicatorCounted(); double prev,current; //---- last counted bar will be recounted if(counted_bars>0) counted_bars--; limit=Bars-counted_bars; //---- macd for(int i=0; i<limit; i++) ExtBuffer0[i]=iMA(NULL,0,5,0,MODE_SMA,PRICE_MEDIAN,i)-iMA(NULL,0,34,0,MODE_SMA,PRICE_MEDIAN,i); //---- dispatch values between 2 buffers bool up=true; for(i=limit-1; i>=0; i--) { current=ExtBuffer0[i]; prev=ExtBuffer0[i+1]; if(current>prev) up=true; if(current<prev) up=false; if(!up) { ExtBuffer2[i]=current; ExtBuffer1[i]=0.0; } else { ExtBuffer1[i]=current; ExtBuffer2[i]=0.0; } } //---- done return(0); } //+------------------------------------------------------------------+
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