Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
The Double Stochastic RSI Forex indicator is a modification of the Stochastic oscillator for the MetaTrader 5 platform.
INFORMATION ABOUT THE INDICATOR
The Double Stochastic forex indicator implements a double Stochastic applied to the RSI, using floating levels instead of fixed ones to assess oversold and overbought.
In cases where the RSI period is <=1, you get just a double Stochastic. You can use additional smoothing of the results (the built-in EMA is used for this). The usual set of 22 price types is available.
Please note that the Double Stochastic Forex indicator should not be confused with a double smoothed Stochastic – these are different indicators.
HOW TO USE THE INDICATOR
Double Stochastic is as easy to use as possible and does not require first-class trading skills and knowledge from you. It's enough that you just watch him and distinguish the colors that appear in the indicator.
And to be precise, there are two colors in the indicator: blue, orange.
Accordingly:
ORANGE - WE SELL
BLUE - WE BUY
RECOMMENDED TIMEFRAMES M30 - 1H
So there is a corridor of three colors in the indicator. Two of them are familiar to us, and the third is gray. As a rule, there is a lull in this zone and the indicator is waiting for the price to move in one direction or another to give that long-awaited signal.
And actually, we come to the conclusion. As I mentioned, there is a corridor, but why is it? And then, when the central line of the indicator goes beyond the dotted lines, the same buy or sell signal will appear.
I hope that I have expressed as simply as possible what, how and why.
Now let's move on to the settings of the indicator itself.
INDICATOR SETTINGS
RSIPeriod = 14; // RSI period
Price = pr_close; // RSI applied to price
StoPeriod1 = 55; // Stochastic period 1 (less than 2 - no stochastic)
StoPeriod2 = 55; // Stochastic period 2 (less than 2 - no stochastic)
EMAPeriod = 15; // Smoothing period (less than 2 - no smoothing)
flLookBack = 25; // Floating levels look back period
flLevelUp = 90; // Floating levels up level %
flLevelDown = 10; // Floating levels down level %
These are all the settings of this indicator. If something is unclear, then play around with the settings. Maybe you will find settings more suitable for you or your strategy.
SCREENSHOTS ARE ATTACHED:
