Volume‑Weighted Awesome Oscillator (VWAO) (MT5)

VWAO augments the classic Awesome Oscillator by weighting momentum with volume. Peaks and color flips better reflect true participation, reducing false cues in thin liquidity. Optional MTF filter and alerts included for MetaTrader 5.

What it shows

• Awesome Oscillator core (MA of median price spread) scaled by volume.
• Histogram coloring by slope/zero‑line/volume thrust for at‑a‑glance bias.
• Zero‑line context — regime (bull above / bear below) and inflection timing.
• (Optional) MTF overlay to align entries with a higher‑TF bias.
• Alerts — zero cross, color flip, saucer / twin‑peaks style events (if available).

Trade ideas

1. Zero‑line regime: only buy when VWAO above zero and rising with volume thrust; mirror for shorts below zero.
2. Pullback re‑entry: in trend, enter on first green bar after a red pullback cluster (volume‑supported).
3. Breakout confirmation: use volume‑weighted expansion to confirm price breaks from range.
4. (Optional) Divergence check: de‑prioritize setups not confirmed by VWAO vs price.

Inputs that matter

• Fast/Slow periods for AO core.
• Volume weighting method (tick/real; smoothing).
• Levels — zero and optional bands.
• MTF timeframe (optional).
• Alerts — cross, flip, patterns.

Suggested usage

• M5–M15: pullbacks + zero‑line filter.
• M30–H4: trend continuation and re‑entries.
• Daily+: participation‑aware momentum map.

Installation (MT5)

1. Open MetaTrader 5 → File → Open Data Folder.
2. Copy volume-weighted-awesome-oscillator.ex5 to MQL5/Indicators.
3. Restart MT5 (or refresh Navigator) and attach VWAO.
4. Tweak inputs → OK.

FAQ

Does it repaint? No on closed bars.
Use in EAs? Yes, via iCustom.
Markets? FX, indices, metals, crypto — anything on MT5.

Disclaimer: Test on a demo account first; risk management is essential.