The Fast Stochastic Forex indicator for Metatrader 5 is a momentum oscillator that works in a similar fashion to the Slow Stochastic indicator.
Basically, the fast Stochastic indicator responds faster to price changes and does not use the slowing filter.
Scalpers and day traders can benefit the most when using this indicator.
How it can be used for rapid trade entry signals?
- In an uptrend, look for quick buy entries near 20.
- In a downtrend, look for quick sell entries near 80.
The following indicator inputs and parameters can be modified: period K (5), period D (5), overbought (80.0), oversold (20.0).
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on a real trading account.
It supports all time frames and Forex pairs.
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The following chart shows how the Fast Stochastic indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fast Stochastic Indicator?
Find a simple trading example below:
- The overall trend should be upward.
- A buy signal occurs when the Fast Stochastic indicator crosses back above 20 from below.
- Open a buy trade and place your stop loss below short-term support.
- Exit the buy trade for 5-15 pips profit target.
- The overall trend should be downward.
- A sell signal occurs when the Fast Stochastic indicator crosses back below 80 from above.
- Open a sell trade and place your stop loss slightly above short-term resistance.
- Exit the sell trade for 5-15 pips profit target.
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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 Stochastic_Fast.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