Aroon Oscillator - Dynamic Areas (Levels) - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources
Arron oscillators generally don't have much flexibility. This is its essence.
This version breaks that. Instead of using fixed levels to find trend/overbought/oversold conditions, this version introduces dynamic levels to change this rigidity. Levels are calculated using quantile bands (more information on quantile calculations can be found here: https://en.wikipedia.org/wiki/Quantile ), which significantly changes the way the Aron oscillator behaves.
Entries (and presences) are signaled much faster, and with some parameter experimentation it can be fine-tuned to work in ways that an Aron oscillator could never do.
The indicator can be calculated using any price combination (the original Aroon Oscillator could only use highs and lows), is multi-timeframe, and has all the usual alerts already built in
Attachment download
📎 aroon_oscillator_1.7.mq5 (35.65 KB)
Source: MQL5 #17029
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