Swami Stochastic Metatrader 5 Forex Indicator
John Ehlers described the Swami Stochastic in the March 2012 issue of the Technical Analysis of Stocks and Commodities (TASC) magazine.
The indicator draws colored zones, in addition to a generic stochastic i.e. an average type of the entire stochastics calculated to show the ‘swami’ zones.
In deploying the Swami Stochastic indicator, Ehlers recommends the use of colors, but you can as well tryout the values of the ‘generic’ stochastic for trend assessment.
The color scheme appears in the form of a heat map; a green yellow zone indicates bullish sentiments, while an orange red zone signals bearish sentiments.
Use the indicator for scalping, day trading and swing trading.
Feel free to experiment with the indicator’s Stochastic input settings.
The EUR/CAD H4 chart below displays the Swami stochastic Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the white line of the Swami Stochastic Metatrader 5 forex indicator breaks above the 50.00 alert level.
Sell Signal: Go short when the white line of the Swami Stochastic Metatrader 5 forex indicator dips below the 50.00 alert level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the white line of the Swami Stochastic indicator dips below the 50.00 center level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the white line of the Swami Stochastic indicator surges above the 50.00 signal level.
Tips: Swami Stochastic indicator charts are not CPU friendly, making it imperative for users to watch the settings. Asides this, this indicator is befitting for generating short and long-term trading signals. Great for scalping, day trading and any other trade style.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Price, Start stochastic period, End stochastic period, Bars to draw on chart, “Dots” width, Unique ID for objects), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Swami stochastic.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)