An Extended Awesome Oscillator with Configurable Averages and Periods
Summary
The document describes an expanded version of the Awesome Oscillator, a momentum indicator available in MetaTrader 5. It retains the simple moving average as the default calculation while allowing exponential, smoothed, or linear weighted averages. Users can select from an extended set of price inputs, including Heikin-Ashi prices, and change the calculation periods rather than using only the conventional fixed pair.
The indicator also supports multiple timeframes and alerts tied to bar openings or closes, with message, sound, email, and push options. The author compares its use to MACD, suggesting momentum and divergence analysis because the indicators are structurally similar, while noting MACD’s use of exponential averages by definition. The document explains configurable features but provides no parameter guidance, performance evidence, or risk controls; these capabilities do not establish that signals are profitable.
Key ideas
- The extended oscillator allows four average types, with a simple moving average as the default.
- It supports multiple price inputs, including Heikin-Ashi prices.
- Calculation periods can be customized instead of remaining fixed at the traditional pair.
- Multi-timeframe display and configurable alerts are included.
- Momentum and divergence are suggested uses, but no performance evidence or validated settings are supplied.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.