Volume Weighted Awesome Oscillator - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
Bill Williams' Excellent Oscillator Technical Indicator (AO) is a 34-period simple moving average constructed across the midpoint of the bar (H+L)/2, subtracted from the 5-period simple moving average constructed across the midpoint of the bar (H+L)/2. It shows us a moment in time where changes in market drivers are very evident.
It uses a volume weighted moving average instead of using a SMA (simple moving average). This way, it becomes more sensitive to changes in trading volume (volatility) throughout the day.
You can use color changes (primarily zero crossings) as signals for trend changes.
Attachment download
📎 volume_weighted_awesome_oscillator.mq5 (8.01 KB)
Source: MQL5 #23078
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