-Aroon Period (normal value = 14): It is the period in the candles/bars in which the indicator must look the highs and lows in the market trends. The larger the period, there will be fewer trading signals and the smaller the period, the number of signals will increase.
-Mail Alert: With this option the Metatrader 4 platform send signals directly to the trader email whenever there is a crossover in the red and blue lines.
-Sound Alert: Every time it happens a cross between blue and red line a visual and auditory other will be activated to alert the operator.
This indicator is used to detect high and low on any price chart that apply it and is based on Aroon technical indicator which is not as well known as others indicators (RSI, moving averages, stochastic oscillator, etc). In this way it provides buy and sell signals in any currency pair (or other financial instruments) when the price starts to rise from the low or starts to fall from the top. Also, the intersections of the lines of this indicator provides a good signal to take profits or exit with minimal loss.
The use of this indicator is quite simple if you follow the trading signals with discipline.
- Buy when the blue line rises from the bottom and the red line is near the middle of the range.
- Sell when the blue line drops from the top and the red line is near the middle of the range.
You can download this indicator for Metatrader 4 and 5 using the following link:
-Aroon Indicator for Metatrader