Forecast Oscillator Indicator for MT5

The Forecast Oscillator for MT5 uses a time series forecast based on linear regression. The linear regression indicator looks at the upper and lower levels of an existing trend. Unlike the traditional regression channel indicator, the indicator has two lines, a signal line and an SMA. The indicator compares the current price with the value obtained from the time series analysis. The value is calculated percentage of the difference between the closing price and the time series from the previous bar to the closing price. Forecast Oscillator Indicator BUY/SELL signals The EUR/USD H1 chart above shows the BUY and SELL signals of the indicator. The indicator plots two lines along blue and purple dots to identify buy and sell signals. If the forecast oscillator stays above the zero line and there is a blue dot, it signals that the price may rise. On the other hand, if the indicator stays below the zero line and a purple dot appears, it signals a downtrend. Conclusion The Forecast Oscillator uses regression lines to suggest BUY and SELL signals. In addition, the indicator shows the exact entry and exit points, and oversold levels. Traders can also download the indicator for free.