The Premium Stochastic Forex indicator for Metatrader 5 transforms the classic version into the easy to trade, yet powerful premium Stochastic indicator.
The indicator appears in a separate chart window as green and orange colored buy and sell Stochastic zones.
How to trade the trend with it?
- The green colored Premium Stochastic zone indicates a buy trend.
- The orange colored Premium Stochastic zone indicates a sell trend.
The indicator contains the following inputs and parameters: stochastic period, smoothing period, level 1 (0.9), level 2 (0.2).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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 Premium Stochastic Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Premium Stochastic Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored filled Premium Stochastic zone appears in the chart.
- Open a long trade and place your stop loss slightly below the most recent support area.
- Exit the buy trade for a risk/reward ratio of at least 1, or deploy you own favorite take profit strategy for buy trades.
- A sell signal is given when the orange colored filled Premium Stochastic zone appears in the chart.
- Open a short trade and place your stop loss slightly above the most recent resistance area.
- Exit the sell trade for a risk/reward ratio of at least 1, or deploy you own favorite take profit strategy for sell trades.
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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 Premium 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