Chifbaw Oscillator Forex Indicator is an oscillatory cum trend following indicator. It can be used on any timeframe. This indicator is best suited for trading the EUR/USD, GBP/USD, AUD/USD, USD/JPY, EUR/JPY, USD/CAD, NZD/USD, USDCHF currency pairs. But the trader can use it to trade other currency pairs, commodities and even stock but its returns may not be very good as compared to the above mentioned. As the case with many other indicators, this indicators doesn’t redraw or repaint. It also give email and sound alerts. This indicator is among the few that provides signals for short or long trades very early in the trend, allowing the traders to catch the majority of the move.
Fig.1. The Chifbaw Oscillator Indicator.
As seen in the above chart, the indicator is responsible for the formation of red and green bars that oscillate on a zero line. The green bars form on the top side of the zero line while the red bars form below the zero line (in the negative region). The red bars in the indicator’s chart shows that the market prices trend is downwards while the green bars show that the market prices trend is upwards.
From the above chart, you can see that the indicator gives its signals very early at the beginning of the market trend. It actually gives its signals at the very beginning of the trend.
The trading signals of this indicator is when a bar of a different color is formed. This is to mean that if the bars that were being formed previously were red in color, and then a green bar is formed, this means there is a signal. If the color of the formed bars changes from red to green then there is a buy signal. If the color of the formed bars changes from green to red then there is a sell signal.
Using the Chifbaw Oscillator Indicator to place trades.
While using this indicator there are important things to note.
1. Every trade should be opened after the formation of the second bar on the indicator’s chart. Failure to this will result to losses since this indicator is very sensitive and at time it senses even very short live trends.
2. The opened trades should be closed immediately there is the formation of an opposite colored bar. No waiting for the second candle in this candle.
Opening sell positions: this should be done after the bars being formed changes from green to red and it should be done after the formation of the second red bar. You can use stop losses and take profit or you may opt to use the opposite color change to close the order. When you decide to use stop loss, you should place the stop loss at the previous high and the take profit at the previous low.
Opening buy positions: this should be done after the bars being formed changes from red to green and it should be done after the formation of the second green bar. You can use stop losses and take profit or you may opt to use the opposite color change to close the order. When you decide to use stop loss, you should place the stop loss at the previous low and the take profit at the previous high.
Fig.2. Placing order using the Chifbaw Oscillator Indicator and using stops to close them.
Fig.3. Placing order using the Chifbaw Oscillator Indicator and using opposite signal to close them.
Forex Indicators Download – Instructions
Chifbaw Oscillator Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Chifbaw Oscillator Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Chifbaw Oscillator Forex Indicator.mq4?
- Download Chifbaw Oscillator Forex Indicator.mq4
- Copy Chifbaw Oscillator Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Chifbaw Oscillator Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Chifbaw Oscillator Forex Indicator.mq4 is available on your Chart
How to remove Chifbaw Oscillator Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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