Summary of "🔥 BMI Long Oscillator for MT4/5 – Free – [TradingFinder]"

BMI Long Oscillator Overview

The video explains the BMI Long Oscillator, a free trading indicator available for MetaTrader 4 and MetaTrader 5 platforms via the TradingFinder website. This oscillator helps traders identify bullish and bearish trends as well as entry and exit points by combining multiple technical indicators.

Key Instruments & Indicators

BMI Long Oscillator (custom indicator)
SMA (Simple Moving Average)
MACD (Moving Average Convergence Divergence)
OSMA (Oscillator of MACD)
Bollinger Bands
Stochastic Oscillator

How the Indicator Works

The oscillator window appears below the price chart and integrates several components:

Histogram bars: Represent OSMA values.
White and pink lines: Represent the MACD signal line and MACD line, respectively.
Orange and green lines: Represent the upper and lower Bollinger Bands.
Yellow baseline: Separates positive and negative values.

Trend Confirmation

When histogram values rise above zero, and SMA, MACD, and Bollinger Bands also move above zero, this signals a strong upward trend and a potential buy entry.
When values decline below zero, it signals a bearish trend and a potential sell entry.
Bollinger Bands narrowing indicates price compression and a ranging market.
The transition of bands and MACD lines below zero signals a downward trend.

Settings & Customization

MACD Settings

Fast MA period
Slow MA period
Signal line period
MA calculation method (Simple, Exponential, Smoothed, Linear Weighted)
Price basis (Close, Open, High, Low, Median, Typical, Weighted)
Decimal precision (default: 5)

Color Customization

OSMA
MACD line
MACD signal line
Upper and lower Bollinger Bands

Bollinger Bands Settings

Calculation basis (MACD signal line, MACD line, or average of both)
Period length
Deviation
Shift value
Decimal precision (default: 3)
Two adjustable coefficients based on the trading symbol

Additional Parameters

MACD Coefficient: Default set to 2
Stochastic Filter:
- Can be enabled or disabled
- Parameters: %K period, %D period, slowing factor
- When enabled, histogram colors change based on bullish (white) or bearish (red) stochastic signals on the MACD line
- When disabled, calculations are based on the MACD signal line

Zero Line Display

Can be enabled or disabled
Customizable color, line style (solid, dash, dot, dash-dot, dash-dot-dot), and thickness

Use Cases

Entry signals for long (buy) trades when multiple indicators confirm upward momentum.
Exit or short (sell) trades when indicators signal trend reversal or downward momentum.
Identification of ranging markets through Bollinger Bands compression.

Disclaimers

No explicit financial advice or disclaimers were stated in the video.
The indicator is a tool to aid analysis and should be used alongside personal judgment.