AroonHorn - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Tushar Chand, a famous American engineer and Indian-born professional trader, is famous for his innovative ideas in indicator and trading system development. His Aron indicator is a very simple but useful tool that helps predict when the market will change from flat to trending and vice versa. It is worth noting that Aroon is a Sanskrit word meaning "dawn light", that is, an early signal.

Aroon consists of two lines - Aroon up (green line), Aroon down (red line) - and a histogram on the side of the indicator. The number of time intervals since the largest tops and bottoms on the chart is used in the calculation. Therefore, the only important parameter that can be changed is the indicator calculation period. Initially, this indicator was used for long-term trading on the daily timeframe and calculated its value based on two-week price fluctuations. Therefore, the default number of periods is 14. When trading on lower time frames, it is recommended to change this value to 25.

In the current version, colored clouds are used to indicate strong trend signals.

As with any oscillator, key levels should be placed on the chart. Once it crosses them, Aron provides a signal to enter the market. In this example, the critical levels are 30, 50, and 70.

The indicator was first implemented in MQL4 and published in the code base of mql4.com on September 9, 2008.

Figure 1. Aron Horn

Attachment download

📎 aroonhorn.mq5 (7.81 KB)

Source: MQL5 #15298