Stochastic Signals Metatrader 4 Forex Indicator
The Stochastic Signals Metatrader 4 forex indicator is a momentum indicator that compares the closing price of a forex pair to its price ranges over a specified period of time.
The sensitivity of the Stochastic Signals indicator is reduced by adjusting the “K,” “D,” and “S” variable within the inputs parameter.
The marked areas within the indicator window are 10, 30, 70 and 90, where each level represents extremely oversold, oversold, overbought and extremely overbought respectively.
The general idea of the Stochastic Signals indicator is that in an upward trending market, prices will close near the high, and in a downward trending market, prices will close around the low.
The GBP/USD M30 chart below displays the Stochastic Signals Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Stochastic Signals Metatrader 4 forex indicator pops up a blue upward pointing arrow when below the 10.00 signal level.
Sell Signal: Go short when the Stochastic Signals Metatrader 4 forex indicator pops up a red downward pointing arrow when above the 90.00 signal level.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Stochastic Signals indicator indicates a red downward pointing arrow.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Stochastic Signals indicator displays a blue upward pointing arrow.
Tips: The Stochastic Signals indicator tends to help all traders carry out good entry and exit decisions on their positions.
Works for scalping, day trading and swing trading.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (K, D, S, Method, Price, MainHP, SignalHP, DrawConfirmArrow), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | momentum
Copy and paste the stochastic-signals.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)