Theory:
The Aroon indicator, created by Tushar Chande back in 1995, has been a staple for traders looking to gauge trends. The Aroon oscillator, while it may not seem like it at first glance, is a direct descendant of this original indicator. This enhanced version addresses a common issue found in MetaTrader variations of the Aroon oscillator: the level of -100 is never actually reached. Plus, it introduces a handy multi-time frame feature!
With this multi-time frame functionality, you can analyze not just the standard time frames available in MetaTrader 5, but also three additional higher time frames:
- First higher time frame (the first time frame above your current chart)
- Second higher time frame (the second time frame above your current chart)
- Third higher time frame (the third time frame above your current chart)
Usage:
Keep an eye on color changes as these can serve as signals for your trading decisions!
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