Theory:
The Aroon indicator, crafted by Tushar Chande back in 1995, is a powerful tool for traders looking to gauge market trends. This updated version addresses a common issue found in many MetaTrader versions of the Aroon indicator—specifically, the level 0 that is often never reached. Plus, it introduces a fantastic multi-time frame option!
With this multi-time frame capability, you can access not just the standard time frames available in MetaTrader 5, but also three additional higher time frames:
- First higher time frame (the first time frame above your current chart's timeframe)
- Second higher time frame (the second time frame above your current chart's timeframe)
- Third higher time frame (the third time frame above your current chart's timeframe)
Usage:
One of the simplest ways to utilize the Aroon indicator is by observing color changes as signals. Keep an eye on these shifts to help guide your trading decisions!
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