Aroon IVT Signal Indicator
The Aroon Oscillator v1 indicator for MetaTrader4 is an indicator that was developed by Tushar Chande. It can spot the formation of a new trend as well as also define such a trend’s momentum.
The Aroon_Oscilator_v1 is computed by working the difference between the Aroon-Up and Aroon-Down.
The Aroon_Oscilator_v1 indicator fluctuates between -99 and +99 and has 0.00 as its middle line.
When the Aroon_Oscilator_v1 indicator is positive, it presents a trend bias to the upside. When the Aroon_Oscilator_v1 indicator is negative, it presents a trend bias to the downside.
When the Aroon-Up is greater than the Aroon-Down, the indicator gives a reading above zero, an indication that price is experiencing new highs more lately than fresh lows in the live Market.
On the other hand, when the Aroon-Down is greater than Aroon-Up, the indicator reading is below zero, an indication that price is experiencing new lows more lately than fresh highs.
We can explain the strength of a trend by considering the indicator’s positive or negative threshold. i.e. when the Aroon_Oscilator_v1 indicator breaks above the +50 level, it suggests a strong bullish move, while a break below the -50 mark indicates a strong bearish move.
The Aroon_Oscilator_v1 indicator is essentially used in defining the overall trend bias.
The indicator will stay in a positive zone, when the market is experiencing a strong bullish move and will also remain in the negative zone when the market is in a strong bearish push.
The subject on the parameter values on the Aroon_Oscilator_v1 indicator, range-bound or short trends can result in the indicator frequently move above or below the zero signal line.
MetaTrader4 Indicator Characteristics
Currency pairs: Any.
Platform: MetaTrader 4.
Type: chart window indicator.
Customization options: Variable (AroonPeriod, Filter, CountBars), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month.
Type: momentum oscillator.