Building a Multi-Currency EA with ZigZag and Awesome Oscillator Signals

Summary

This article describes a MetaTrader 5 expert advisor that can trade multiple forex and metal pairs from one chart, with an option to run on a single pair. Its signal design combines ZigZag swing structure with the Awesome Oscillator (AO), allowing several selectable signal algorithms and approaches in which either indicator filters the other. It also outlines trading-session settings and trade management, including stop-loss choices and a virtual loss-closing safeguard tied to equity and balance.

The article explains ZigZag’s depth, deviation, and backstep parameters, and AO’s calculation from short- and long-period moving averages of median price. It presents the EA as an educational framework for experimenting with indicator signals, timeframes, and pair selection. The author reports that Strategy Tester results were poor below H1 and better on H1 and higher, with fewer trades; no detailed performance statistics are supplied. ZigZag’s latest leg can repaint, so its signals rely on past price action and may arrive after much of a move. The author also cautions that the sample strategy needs further research and does not establish dependable profitability.

Key ideas

• The EA can select either one chart pair or a configured set of forex and metal pairs.
• ZigZag identifies swing structure while filtering minor price movements, but its latest segment can change as prices develop.
• The Awesome Oscillator measures momentum as the difference between short- and long-period simple moving averages of median price.
• The EA offers multiple signal algorithms and lets ZigZag and AO filter one another’s signals.
• The author reports better tester behavior on H1 and higher timeframes, while emphasizing that the sample requires further experimentation.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.