Volume OCLH MTF Indicator has been developed as a forex trend identifying tool. It mostly works on all sorts of timeframe charts but performs better when used for scalping purposes. This indicator includes a triple trend-filter system for plotting the trade signals with greater confirmations.
Volume OCLH MTF Indicator can be applied to trade all kinds of forex currency pairs in the market. As a simple MTF indicator, it offers great advantages for newbie traders who struggle to catch the right momentum of the market.
Volume OCLH MTF Indicator Overview:
Download and install an indicator on your MT4 terminal. Once you’re done, find your trading chart like the image below
Volume OCLH MTF Indicator Explanation
Volume OCLH MTF Indicator applies a 12-period SigMA including VL Period 3 and HL Period 6. The average calculation process is done using the Linear Weighted method.
The indicator bars, its slope value, and the arrow signal directions all should be signaled for the same entry at the same time as a trade confirmation.
The indicator value determines the current condition of the market trend. A positive value represents the bullish trend and negative value signals for the bearish trend of the market.
The arrow signals just work as a trend-filter therefore, its direction must be matched with other parameters of the indicator before you confirm a market entry.
Volume OCLH: Buy Conditions
- The indicator bars are plotted on the positive phase of the oscillator
- The Volume OCLH value turns positive
- A green bullish arrow appears below the price candle
- Buy triggers after the above conditions are done
- Set stop loss near the current bullish arrow
- Exit long/take profit whenever the indicator value turns negative
Volume OCLH: Sell Conditions
- The indicator bars are plotted on the negative phase of the oscillator
- The Volume OCLH value turns negative
- A red bearish arrow appears above the price candle
- Sell triggers after the above conditions are done
- Set stop loss near the current bearish arrow
- Exit short/take profit whenever the indicator value turns negative