Watch the testing video here:
Chande Momentum Oscillator Metatrader 5 Forex Indicator
CMO is short for Chande Momentum Oscillator, and just as the name implies, it is a Metatrader 5 forex indicator that uses smoothed price for its calculations.
This invariably enhances the indicator’s ability to filter trend direction.
Tushar Chande developed the Chande Momentum Oscillator, in order to further explain momentum.
In his book “The New Technical Trader: Boost Your Profit by Plugging into the Latest Indicators”, Chande discussed the CMO and a couple other technical tools.
The CMO Metatrader 5 custom forex indicator range from -100 to +100.
Overbought and oversold market conditions are represented by values above +50 and below -50 respectively.
The USD/JPY H4 chart below displays the CMO Metatrader 5 forex indicator in action.
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