The Awesome Oscillator Technical Indicator is a simple 34 period moving average, plotted through the middle points of the close of each bars on the chart ((H+L)/2). Then these are subtracted from the 5-period simple moving average, built across the central points of the bars (H+L)/2.
The EA can be downloaded from FXCM Here
The EA does not use stops or limit orders. Its objective is to always be in the market either long or short depending on the Awesome Oscillator signal. If the signal is increasing then it trades long, if it is decreasing then it trades short.
Initial thoughts: The EA is meant to be used in conjunction with other trading strategies. The fact that it is always in a trade means the system is well over trading. Further since it is only long or short as soon as the indicator increases or decreases means it is likely that it will not hold up long term. It would be better to have it trade long or short based on specific values of the indicator or a divergence with price.
The EA was tested on 3 different timeframes from 2001-2008. It was found to be unsuccessful on all three. However, the account held up much better than I expected it would over this significant time frame.
The Awesome EA is not ready to be traded live, but it is interesting that simply following the indicator held up pretty well. If this indicator is used with other trading rules it is possible it could lead to some profits. The strategy tester reports are as follows below: 15m, 1hr, Daily