The Forecast Oscillator for MT4 uses the time series forecast based on linear regression. The Linear Regression Indicator can be used to see where a trend is going. It looks at the upper and lower levels of an existing trend. Unlike traditional Regression Channel indicators, this one has two lines–a signal line, and SMA.
The indicator compares the current price to a value based on the time series. The value is computed as a percentage of the difference between the close price and a time series from the previous bar to the close price.
The forecast oscillator is a popular technique used by traders. When the oscillator is above the 0 line and there’s a blue dot, it means that a price may rise. If the indicator stays below the zero line and there is a violet dot, then it signals a downtrend.
Forecast oscillator is a signal system that uses regression lines to suggest BUY and SELL signals. The indicator also provides precise entry and exit points to optimize your trading strategy. It’s also very helpful in determining whether or not the market is overbought or oversold. In addition, it can also be downloaded for free by traders.