The Double Smoothed Stochastic Ratio indicator for Metatrader 5 provides buy/sell signals based on Stochastic and a digital smoothing filter.
The indicator works well for scalpers and intraday traders when used in the London and New York trading session.
Swing traders should trade this indicator in agreement with the overall market trend.
How to identify buy and sell market trends with it?
- The blue signal line indicates a rising market.
- The orange signal line indicates a declining market.
The indicator contains the following inputs and parameters: Stochastic period, smoothing period, signal/trigger period, fast ratio period, slow ratio period, price.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Double Smoothed Stochastic Ratio indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Double Smoothed Stochastic Ratio Forex Indicator?
Find a simple trading example below:
- A buy signal occurs when the blue colored signal line gets displayed on the chart.
- Open a buy trade and place your stop loss order slightly below support.
- Close the buy trade for a risk/reward ratio of at least 1:1, or wait for a sell signal.
- A sell signal occurs when the orange colored signal line gets displayed on the chart.
- Open a sell trade and place your stop loss order slightly above resistance.
- Close the sell trade for a risk/reward ratio of at least 1:1, or wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Double Smoothed Stochastic Ratio.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration