This indicator is based on OSMA.
You can use the following MT4 indicator (attached bellow) named OSMA Monitor to check instantly if the market is oversold/overbought/neutral according to the OSMA indicator and for up to ten currencies with a click of a button.
Using the indicator
– It shows what the market extreme conditions are using the OSMA indicator for the last 10 periods
↓ Oversold Level 1
Oversold Level 2
↑ Overbought Level 1
Overbought Level 2
When you attach the indicator to the chart you get the following options. Default values are selected.
Fast_EMA : Averaging period for calculation of the Faster Moving Average
Slow_EMA : Averaging period for calculation of the Slower Moving Average
Signal_SMA : Averaging period for calculation of the MACD signal
exlevel1 : boundary for defining extremes level 1
exlevel2: boundary for defining extremes level 2
extremeperiod : number of last OSMA values under which current is compared to determine if extreme
Currency #: Which currency pair to be analysed at position #
This indicator is also available in Multi Time Frames Version. Check it out here OSMA Monitor Multi Time Frame Version