The aroon oscillator indicator folds two readings into one column. One tracks how recently the highest high printed. The other tracks the lowest low. Subtracting the second from the first leaves a single number.
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 -50 / 0 / 50) |
| Plots | 1: Aroon Oscillator |
| Alerts | popup, push notification, email, sound |
| Inputs | 7 |
What the Aroon Oscillator Indicator draws on the chart
One medium purple `Aroon Oscillator` column fills the pane.
References sit at -50, 0 and 50.
The column swings between -100 and 100 by construction.
Nothing else appears, so the histogram is the whole output.
- Aroon Oscillator: histogram, medium purple, width 2
How the Aroon Oscillator Indicator calculates its values
Two recency counts
iHighest and iLowest find where each extreme sits inside `AroonPeriod` `14`. Each spot becomes a share of the window. A fresh extreme scores a hundred and an old one scores near zero.
One subtraction
The low reading gets taken away from the high reading. A positive result says the high printed more recently. A negative result says the low did.
Why one column beats two lines
Two lines force you to compare heights by eye. One column answers the question directly. You do lose sight of how fresh each extreme was.
How to read the signals
A column near 100 means a very recent high and a stale low.
A column near zero means both extremes are roughly as old as each other.
Crossing zero says the two counts swapped order.
The 50 reference marks a clear lean, short of an extreme.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
`EnableAlerts` heads four routes and arrives true. `EnablePopup` carries the terminal dialog. `EnablePushNotify` reaches the phone. Mail goes out through `EnableEmail`. The clip in `SoundFile` plays when you set `EnableSound`. Messages wait for a bar to close.
Every Aroon Oscillator Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
AroonPeriod |
How many bars both counts share, default `14`. | 14 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
One switch for all four routes, default `true`. | on |
EnablePopup |
On-screen alert box, default `true`. | on |
EnablePushNotify |
Phone alert through MetaTrader, default `false`. | off |
EnableEmail |
Email from the terminal, default `false`. | off |
EnableSound |
Sound clip on an alert, default `false`. | off |
SoundFile |
Clip filename, default `”alert.wav”`. | alert.wav |
Settings that fit your chart
Recency counts want charts with clear extremes. EURUSD H1 is the reference chart. There `AroonPeriod` `14` covers over half a day. On M15 the column jumps about. Daily bars stretch it across two weeks.
When the Aroon Oscillator Indicator fails
One new extreme moves the column, however small it was.
Both counts share one window. The reading says nothing about longer structure.
A column parked near an end can stay there through a long grind.
Copy the compiled Aroon 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 Aroon Oscillator Indicator for MT4 and MT5
The zip holds the compiled Aroon 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
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
What does AroonPeriod 14 cover?
The window both counts share. Fourteen bars is the usual choice. A longer window makes each count change less often. That flattens the column and cuts how often it crosses zero.
When does Aroon Oscillator reach 100?
Because one count hit its top while the other sat at its floor. That happens when the highest high prints on the current bar. The lowest low then sits at the far edge of the window.
What does the Aroon Oscillator zero line report?
That the two counts swapped order. Before it, one extreme was fresher. After it, the other one is. Nothing here reports distance, only which extreme came more recently.
Does AroonPeriod produce any signal plot?
No. This build carries a single histogram and three reference levels. No buy or sell buffers exist. So a rule about crossing zero or 50 has to come from you.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Aroon Oscillator Indicator as one input. Always backtest before trading live.
Category: this is part of our Oscillators collection. Also, still, hence, plainly, truly, browse more Oscillators for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- Learn more about the underlying method in Aroon at StockCharts ChartSchool.
- For wider market background, see Oscillator (technical analysis) on Wikipedia.
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.