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True Oversold Overbought

The True Oversold Overbought indicator provides you with ability to swiftly check whether the asset is oversold or overbought. 

  • Other than complementing your trading with True Oversold Overbought, you can use the indicator as your only trading system.
  • It works with all forex instruments and will save you the headache of estimating when the market is due for a reversal or retracement. 

  • When the "Super Charge" feature is enabled, the areas where the price is in oversold/overbought status are amplified to give you a clear state of the market,therefore, you will not miss the moment to prepare for a reversal/retracement.
  • Alternatively, when the "Super Charge" feature is disabled, the indicator still shows the oversold and overbought levels but this time you get a broader view of the market. 
  • Get alerts when price bleach the oversold/overbought levels.
  • See reversal areas which are indicated by a triangle and trendline.

True Oversold Overbought (MT5) >> Download MT5 Version


BUY True Oversold Overbought  and get a FREE GOLD GRID TRADER EA (Mt4 Version).

    Advantages

    • It is not overly sensitive or keep touching oversold/overbought levels.
    • Open trades early when the price is exiting exiting overbought / oversold levels and close trades at the right time.
    • Trade when there is noise and when the market is silent.

    Settings

    No complex settings since the default settings work perfectly. However, the following is all you can add if you want to change a few things.

    • Select between old and new version of the indicator 
    • Add the Coefficient value.
    • Add Price Smoothing
    • Add your RSI period
    • Add your Money Flow Index (MFI) period
    • Enable/Disable the Super Charge feature. 
    • Add the Super Charge and Ordinary Sell and Buy levels that suits your trading. All is drawn automatically.
    • Enable drawing of rectangles - shows boxes where price is in the extremes.
    • Alerts
    • Reversal settings

    Basic Usage

    The indicator displays on the separate window and also show rectangles on the main chart.

    When the overbought and oversold rectangles draw, it is time to buy if price opens above the rectangles and sell if the candle opens below.

    Note: If the overbought rectangle is formed but a candle open above it, its an indication the trend will continue surging for a while before breaking below.

    Similarly, the continued drop in price below the oversold rectangle indicates the price might continue in the same direction before bulls takes control.

    Trading tips (New Upgrade tips):https://www.mql5.com/en/blogs/post/750019

    Other indicators: https://www.mql5.com/en/users/pipmontra/seller

    Manual Part 1 |  Manual-Multi-timeframe  Part 2 |  Manual-New update Part 3

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    Version 1.12 2022.08.11
    typo correction
    Version 1.11 2022.07.29
    Added Alerts
    Added Triangle Reversal Zones
    Version 1.10 2022.03.25
    Added a tip in the #description.
    Version 1.9 2022.03.23
    Interface improvements
    Version 1.8 2022.02.18
    Bug removal
    Version 1.7 2022.02.08
    Here is the full list of updates:True Oversold Overbought

    1. This feature allows users who have the older version to keep using it or opt to use the updated version. This feature was added due to requests


    2. The update improves the functionality and operations of the new version.


    3. Thirdly, you can now add user defined levels for oversold and overbought levels. If you enable supercharge the system uses supercharge levels and not ordinary levels.


    4. Lastly, there is a feature to draw the Rectangles when indicator reaches overbought/oversold levels as per user input levels.



    Profitable trading to all.
    Version 1.6 2021.08.09
    1. Based on requests from users, we have removed the Convergence/Divergence lines sine they were obstructing operations of the indicator.
    2. Secondly, we have added MFI filters.

    RULE:
    🔺 When the "Super Charge" feature is enabled, the areas where the price is in oversold/overbought status are amplified to give you a clear state of the market,therefore, you will not miss the moment to prepare for a reversal/retracement (over 5000 is overbought and below -5000 is oversold ; buy when indicator closes above -5000 and sell when it closes below 5000).

    🔺 Alternatively, when the "Super Charge" feature is disabled, the indicator still shows the oversold and overbought levels but this time you get a broader view of the market (over 80 is overbought and below -80 is oversold; buy when indicator closes above -80 and sell when it closes below 80).
    Version 1.5 2021.06.30
    Removed a bug that was hiding some bearish divergence.
    Version 1.4 2021.06.28
    > Added Convergence/Divergence trendlines and arrows.
    > Added Screen Alerts
    Version 1.3 2021.06.18
    * IT'S BETTER. WE HAVE PROVIDED MORE ROOM FOR THE MARKET TO BREATH
    * REDUCED FALSE SIGNALS BY OVER 80%.
    * WE HAVE ALSO REMOVED SOME AREAS THAT SEEMED TO CONFUSE THE USER.