Awesome oscillator is a trading indicator which indicates market momentum. This trading strategy is made based on this indicator which gives signal in the direction of market momentum. If you can trade with the market momentum, then you can get huge profit. So this is a high profitable strategy.
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How to set Awesome Oscillator indicator
First open your mt4 chart. Click on ”Insert”. Then click on ”Indicators”. Next click on ”Bill Williams”. You will see your desired indicator and click on ”Awesome Oscillator”.
You will get new window. In ”Colors” tab, you can change the color of the indicator bar. You can set green color for up indicator bar and red color for down indicator bar.
In ”Levels” tab, you can add level. To add levels, click on ”Add”. Then you have to put 0 value on level. At last click on ”OK”. Thus you will get awesome oscillator indicator on your chart.
How to get Buy signal
1st condition: You will get buy signal when awesome oscillator cross 0.0 level from below to above.
2nd conditionWhen market momentum changes from downtrend to uptrend, then indicator’s color changes from red to green. So when the indicator stays below 0.0 level and makes lower low bar, then if indicator’s color changes from red to green, you will get buy signal.
How to get Sell signal
1st condition: You will get sell signal when awesome oscillator cross 0.0 level from above to below.
2nd condition: When market momentum changes from uptrend to downtrend, then indicator’s color changes from green to red. So when the indicator stays above 0.0 level and makes higher high bar, then if indicator’s color changes from green to red, you will get sell signal.
Currency pairs: Any pairs
Time frame: H1, H4, Daily
Take profit and stop loss: You can close your order when momentum changes. If you take buy entry, then if you oscillator color’s changes from green to red, then close your buy trade. Similarly, when you get color change of the indicator, then you have to close your sell order. Normally you can set take profit more than 100 pips.
You can set stop loss below/above swing low/high. Normally, you can set stop loss about 40-50 pips.
Risk warning: To follow this trading strategy you must follow money management. Before using this strategy, you need to make practice in demo account and then apply this trading system on your real account.