Theory:
Bill Williams's Awesome Oscillator Technical Indicator (AO) is a 34-period simple moving average, plotted through the bars midpoints (H+L)/2, which is subtracted from the 5-period simple moving average, built across the bars midpoints (H+L)/2. It shows us quite clearly what’s happening to the market driving force at the present moment.

This version:
It is using volume weighted moving average instead of using SMA (Simple Moving Average). That way it becomes more responsive to volume (volatility) changes during the day.

Usage:
You can use color changes (mainly on zero cross) for trend change signals.

Higher Resolution Image:
https://drive.google.com/file/d/1MKbWPCQiOYQz0GzrjDC_w7pIYq7cBBDY/view?usp=sharing

Among the many ways that forex participants approach the market is through the application of technical analysis. By definition, technical analysis is the study of past and present price action for the accurate prediction of future market behavior. The premier tools for the practice of technical analysis are known as indicators.

When you look for one of the key indicators for your trading system, you probably will turn to the experience of several generations of successful traders.

The indicators which they use really work with and which really bring profit, it is easy to check based on their growing capital.

Indicators come in all shapes and sizes, and each helps the user place evolving price action into a manageable context. While there are many indicators to choose from, all are used to either identify market state or recognise potential trading opportunities.

One of the key benefits to utilising technical indicators is the freedom and flexibility afforded to the trader. Indicators are versatile in that they may be implemented in isolation or within the structure of a broader strategic framework. In each instance, their proper use promotes disciplined and consistent trading in live forex conditions.

*If you need any help with the installation procedure, I will gladly help you via TeamViewer.