Forecast Oscillator Indicator
Forex BUY and SELL signals from the best predictive oscillator for MT5. Free download. Uses a regression line and a signal line. Accurate trend detector.
Description
The Forecast Oscillator for MT5 uses a time series forecast based on linear regression. The linear regression indicator looks at the upper and lower levels of an existing trend. Unlike the traditional regression channel indicator, the indicator has two lines, a signal line and an SMA.
The indicator compares the current price with the value obtained from the time series analysis.
The value is calculated as a percentage of the difference between the closing price and the time series from the previous bar to the closing price.
Forecast Oscillator Indicator BUY/SELL signals
The EUR/USD H1 chart above shows the BUY and SELL signals of the indicator. The indicator plots two lines along blue and purple dots to identify buy and sell signals.
If the forecast oscillator stays above the zero line and there is a blue dot, it signals that the price may rise. On the other hand, if the indicator stays below the zero line and a purple dot appears, it signals a downtrend.
Conclusion
The Forecast Oscillator uses regression lines to suggest BUY and SELL signals. In addition, the indicator shows the exact entry and exit points, as well as overbought and oversold levels. Traders can also download the indicator for free.