Indicator Parameters of Aroon Indicator
-Aroon Period (normal value = 14): It is the period in the candles/bars in which the indicator must look at 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 sends signals directly to the trader email whenever there is a crossover in the red and blue lines.
This indicator is used to detect high and low on any price chart that applies it and is based on Aroon technical indicator which is not as well known as other 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 provide 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.
The trader can close the position with a profit or with minimal loss once the red line reaches the opposite side of the range.
You can download this indicator for Metatrader 4 and 5 using the following link: