The On Chart Stochastic indicator for Metatrader 5 follows the trend and delivers trading signals for any currency pair and time frame.
The indicator shows up on the price chart as a Stochastic channel combined with a colored signal line.
Understanding the buy and sell trends:
- A buy trend occurs when the Stochastic channel is trending upward.
- A sell trend occurs when the Stochastic channel is trending downward.
The following indicator inputs and parameters can be modified: % K period, % D period, slowing, smoothing period, price filed, overbought, oversold, ATR period.
This channel indicator can be used as a standalone buy & sell technical tool.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It works for any currency pair (majors, minors, exotics) and time frame.
Download Indicator 🆓
The following chart shows how the On Chart Stochastic indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The On Chart Stochastic Forex Indicator?
Find a simple trading example below:
- A buy signal arises when the candle has closed above the Stochastic channel.
- Initiate a buy order and set the stop loss below the lower Stochastic channel line.
- Take profit near prior resistance levels, or go for a fixed profit target.
- A sell signal arises when the candle has closed below the Stochastic channel.
- Initiate a sell order and set the stop loss above the upper Stochastic channel line.
- Take profit near prior support levels, or go for a fixed profit target.
Download Now 🆓
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 OnChart_Stochastic.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