Free MT4 and MT5 Oscillator Indicators
Oscillator indicators for MT4 and MT5 condense recent price behaviour into one value that swings inside a band or around a centre line, in a window below the candles, so momentum and exhaustion can be read as numbers. They belong to the oldest toolset in technical analysis, and both MetaTrader terminals ship several of them, from RSI and Stochastic to MACD, CCI and the Awesome Oscillator.
Bounded types such as RSI, Stochastic, Williams %R and DeMarker run from 0 to 100, or from 0 to -100, with overbought and oversold lines usually at 70 and 30 or at 80 and 20. Centred types such as MACD, CCI, TRIX and Momentum cross a zero or 100 line, and their histograms show a move speeding up or slowing down. Composite tools blend several lookbacks, as the Ultimate Oscillator does with three, or add a signal line, arrows and alerts to a classic reading. Volatility oscillators rank candle ranges, so a squeeze near the bottom of the scale and an expansion near the top stand out.
Readings come in four forms: level crosses, signal-line or centreline crosses, regular and hidden divergence between price and the line, and failure swings near an extreme. A short lookback reacts quickly and turns falsely more often, a long one smooths the line and reacts late. Both terminals can run one indicator on another's output through the Previous Indicator's Data setting, for example a moving average of RSI. Every free tool listed here exists as an MQL4 .ex4 file for MetaTrader 4 and an MQL5 .ex5 file for MetaTrader 5, each plotted in its own subwindow, and its page includes the full install guide.
