The Trend Strength oma signals indicator is a very easy-to-use indicator. Although it is a channel forex indicator, the indicator gives precise signals that don’t require a lot of evaluation to place an order. The indicator is displayed on a different mt4 chart once loaded and inserted into the MT4. Therefore, it leaves the trading chart clean so the trader can watch the market quickly.
The algorithm of this forex indicator is based on the average of nine moving averages. However, it is not necessary to understand the calculations behind the operations of this forex indicator since they are of not much importance in your forex trading. The only thing to know is how to interpret the entry signals given by the indicator and the various objects that are shown by the indicator.
It gives its entry signals according to the prevailing trend at that particular time. However, it doesn’t mean that the indicator provides the entry signals after a defined period has elapsed. The indicator gives the entry signal when there is a distinct market price trend worth trading. It is one of the few forex indicators that detect the market trend at the beginning of the trend; most trend forex indicators wait for the trend to form and then give the entry signal. Therefore, if this forex indicator is correctly used, it can lead to a profit of around 300 pips per day.
Fig.1. The Trend Strength oma signals indicator is loaded on the MT4 chart.
In the mt4 chart above, it is evident that the indicator is displayed below the main trading chart. The indicator has three channel lines. The top line is red, the second from the top is usually yellow by default, and the bottom line is usually green. A silver dotted line is also positioned at the center of the forex oma channel. This silver color dotted line is the center of gravity of the channel indicator.
Once the time is good for a trade, the given indicator will display an arrow on the main mt4 trading chart. The arrow may be blue color or purple. The blue color arrow is displayed facing upwards, and it shows that there is a dominant upward trend. The purple color arrow is displayed facing down and delivers a prevailing downtrend in the market prices.
Placing trades using the Trend Strength oma signals indicator
Using this forex indicator to trade is very simple. It only requires patience for an entry arrow to appear, and then you put a trade according to the given arrow signal. If a blue arrow is displayed, the trader should place a BUY order at the beginning of the next candle. If the arrow shown is purple, then the trader should place a sell order at the beginning of the next candle.
For every trade the trader opens, it is good to use a take profit(TP). The take profit should be set at 10 pips away from the entry-level. With this indicator, it is unnecessary to use a stop loss as long as you have placed your take profit at an easily achievable level.
Example of how to place the trades.
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Trend Strength Oma Signals Forex Indicator Free Download