The absolute strength oscillator indicator splits a move in two. Up closes get summed on one side. Down closes get summed on the other. Comparing the totals gives a reading between zero and one hundred.
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 30 / 50 / 70) |
| Plots | 2: Strength oscillator, Signal |
| Alerts | popup, push notification, email, sound |
| Inputs | 17 |
What the Absolute Strength Oscillator Indicator draws on the chart
One line, one signal, three references.
A gold `Strength oscillator` line fills the pane.
A medium purple `Signal` line averages it at `SignalPeriod` `5`.
`ShowNote` prints a small settings note.
- Strength oscillator: line, width 2
- Signal: line, width 1
How the Absolute Strength Oscillator Indicator calculates its values
Two totals
Both stay apart. Across `StrengthPeriod` `14` bars the code sums how much price rose. It sums how much price fell too. Neither total goes negative.
Smooth, then divide
Order matters here. `Smooth` `5` runs a pass on each total first. Dividing second gives a much steadier line than raw sums would.
A fixed scale
Zero to one hundred. The two smoothed totals combine into that range. So `UpperLevel` `70.0` and `LowerLevel` `30.0` mean one thing on any chart.
How to read the signals
Fifty means the two totals matched.
Above seventy, up moves dominated the window.
The signal line lags, which is what allows a crossing.
`MaxBars` `2000` caps the build.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Four routes exist. `EnableAlerts` heads them and ships true with `EnablePopup`. `EnablePushNotify` reaches a phone, `EnableEmail` posts mail and `EnableSound` plays `SoundFile`. Levels report once a bar.
Every Absolute Strength Oscillator Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
StrengthPeriod |
Rolling window for the up/down sums. Bars in each total, `14`. | 14 |
Smooth |
EMA smoothing period (SMA seeded). Pass run on both totals, `5`. | 5 |
SignalPeriod |
SMA signal line period. Bars in the second line, `5`. | 5 |
UpperLevel |
Upper reference level. Upper mark in the pane, `70.0`. | 70.0 |
LowerLevel |
Lower reference level. Lower mark in the pane, `30.0`. | 30.0 |
Display settings
| Setting | What it does | Default |
|---|---|---|
OscColor |
Oscillator line colour. Line colour, `clrGold`. | gold |
SignalColor |
Signal line colour. | medium purple |
Alert settings
| Setting | What it does | Default |
|---|---|---|
MaxBars |
History bars to scan (0 = all). How much history is built, `2000`. | 2000 |
ShowNote |
Show the settings note. Print the chart note, `true`. | on |
NoteX |
Note X (px). | 12 |
NoteY |
Note Y (px). | 16 |
EnableAlerts |
Master alert switch. Master switch, `true`. | on |
EnablePopup |
Popup alert. Message in the terminal, `true`. | on |
EnablePushNotify |
Push notification to phone. | off |
EnableEmail |
Email alert. | off |
EnableSound |
Sound alert. | off |
SoundFile |
Sound file. | alert.wav |
Settings that fit your chart
A fixed scale behaves alike across instruments. EURUSD H1 is the reference chart. Fourteen bars covers over half a day there. On M5 the line reaches both references often. Daily bars make each visit rare.
When the Absolute Strength Oscillator Indicator fails
Two smoothing stages put the reading behind price.
A bounded scale pins at an extreme in a one-way move.
One large bar can dominate the window.
Copy the compiled Absolute Strength 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.
Download the Absolute Strength Oscillator Indicator for MT4 and MT5
The zip holds the compiled Absolute Strength 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.
Download this indicator free
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FAQ
What does StrengthPeriod 14 sum?
How much price rose across those bars, and how much it fell. The two stay apart on purpose. One merged figure would hide which side did the work.
Why smooth before taking the ratio?
Raw sums give a jumpy line, because one big bar swings the ratio hard. `Smooth` `5` runs a pass on each total first. That steadies the result before the two get compared.
What does UpperLevel 70.0 represent?
The point where up moves clearly won the window. The scale runs from zero to one hundred and never shifts, so seventy means the same on gold as on a pair.
How does the Signal line differ from the oscillator?
It averages the oscillator over five bars rather than reading price. So a crossing between the two says the reading turned against its own recent behaviour.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Absolute Strength Oscillator Indicator as one input. Always backtest before trading live.
Authoritative references
- Learn more about technical indicators.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.