5 34 5 Oscillator Indicator for MT4 and MT5

Written by Dominic Walsh · Published 22 Jul 2026 · Last updated 21 Sep 2026

Three numbers name it and the middle one does most of the work. The 5 34 5 oscillator indicator subtracts a 34-bar median-price average from a 5-bar one, smooths that spread over five bars, and draws the distance between the two as a histogram coloured by direction.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window (levels 0)
Plots	3: 5/34/5 histogram rising, 5/34/5 histogram falling, 5/34/5 signal line
Alerts	popup, push notification, email, sound
Inputs	14

Everything visible

Three plots, in a pane below price.

`5/34/5 histogram rising` fills turquoise at width 2.

`5/34/5 histogram falling` fills tomato beside it.

`5/34/5 signal line` traces gold across the pane.

A reference sits at zero.

Nothing appears on the candles themselves.

• 5/34/5 histogram rising: histogram, width 2
• 5/34/5 histogram falling: histogram, width 2
• 5/34/5 signal line: line, width 2

What the code actually computes

Median price, not close

`FastPeriod` `5` and `SlowPeriod` `34` both average the midpoint between each bar’s high and low. That choice makes the spread respond to a bar’s whole range rather than where it happened to finish.

Smoothing the spread

`SignalPeriod` `5` averages the spread itself, not price. The gold line is that average, and the histogram is how far the raw spread sits from it on each bar.

Colour and scale

Each column meets the one before it. Growing fills turquoise, shrinking fills tomato, and `DisplayScale` `1.0` leaves the values unmultiplied.

How to judge the output

Column height is the gap between spread and signal.

Colour reports direction, not which side of zero.

Above zero the fast average leads the slow one.

The gold line crossing zero is a separate event.

`MaxBars` `1500` limits how far back it draws.

Warm-up needs about forty bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

The histogram changing direction is what reports. `EnableAlerts` is the master switch over it and `EnablePopup` already carries it in a terminal box. Mobile, mail and the desktop clip named by `SoundFile` all start off, one message per closed bar.

Every 5 34 5 Oscillator Indicator input

Core settings

Setting	What it does	Default
FastPeriod	Fast median-price SMA. Quicker median-price average, `5`.	5
SlowPeriod	Slow median-price SMA. Slower one, `34`.	34
SignalPeriod	Signal SMA taken on the fast spread. Average laid over the spread, `5`.	5

Display settings

Setting	What it does	Default
DisplayScale	Sub-window display scale (visual only). Multiplier applied for readability, `1.0`.	1.0
RisingColor	Histogram colour when momentum rises.	turquoise
FallingColor	Histogram colour when momentum falls.	tomato
SignalColor	Signal line colour.	gold

Alert settings

Setting	What it does	Default
MaxBars	History bars to scan (0 = all). History drawn, `1500`.	1500
EnableAlerts	Master alert switch. Master switch over the histogram message, `true`.	on
EnablePopup	Popup alert. A terminal box carries it, `true`.	on
EnablePushNotify	Push notification to mobile. A mobile device gets it too, `false`.	off
EnableEmail	Email alert. Mail carries it out, `false`.	off
EnableSound	Sound alert.	off
SoundFile	Sound file. Which clip, `”alert.wav”`.	alert.wav

Which timeframe to use

Thirty-four bars of median price wants a chart with real swings in it. EURUSD H1 is the reference chart and gives a colour change most days. On M5 the columns alternate constantly. On D1 one colour run can cover a whole month of trade.

The trade-offs

A histogram of a spread lags twice over.

Colour flips on the smallest change in height.

Leaving the scale at one keeps the pane values tiny.

Zero crossings and colour changes rarely agree.

Copy the compiled 5 34 5 Oscillator Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the 5 34 5 Oscillator Indicator: Awesome Oscillator at BabyPips, Momentum (technical analysis) on Wikipedia.

Download the 5 34 5 Oscillator Indicator for MT4 and MT5

The zip holds the compiled 5 34 5 Oscillator Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why do FastPeriod and SlowPeriod use median price?

Because the midpoint between high and low describes the bar as a whole. A close-based average ignores a long wick entirely, and this family grew up around where trade actually happened rather than where it stopped.

What is the 5/34/5 signal line averaging?

The spread between the two median-price averages, not price itself. That is why the histogram measures a gap between two derived series rather than between price and an average of it.

Why does DisplayScale default to 1.0 here?

It leaves the values untouched. The spread on a currency pair is small, so you may want to raise this purely to make the pane readable; it changes nothing in the calculation or the colouring.

When does the histogram switch to tomato?

On any bar where the column is shorter than the one before it. The comparison is against height alone, so a tomato column can still sit well above zero while the spread remains positive.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the 5 34 5 Oscillator Indicator as one input. Always backtest before trading live.