The Recursive Smoothed Stochastic indicator for Metatrader 5 is a short-term signal-generating tool mainly based on the Stochastic technical indicator.
The indicator works best for scalpers and intraday traders when being used as a standalone buy and sell signals tool.
Swing traders seeking optimal entry points in trending markets can also benefit from this trading tool.
Key takeaways:
- A bullish market trend occurs when the green colored filled line is displayed in the chart.
- A bearish market trend occurs when the orange colored filled line gets displayed in the chart.
The indicator contains the following inputs and parameters: time frame, Stochastic period, price, smoothing period, price to use for high, price to use for low, up level, down level, alerts, etc.
Worth noting: take the time to become familiar with it and conduct thorough testing on a demo account.
This will enable you to gain a complete understanding of its functionality.
The indicator’s performance can vary greatly depending on the specific market conditions, including trending markets, sideways markets, and others.
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Recursive_smoothed_stochastic.mq5 Indicator (MT5)
Chart Example
The chart below illustrates how the Recursive Smoothed Stochastic indicator looks like when applied to the MT5 chart.
How To Buy And Sell With The Recursive Smoothed Stochastic Indicator?
Find a simple trading strategy below:
Buy Signal
- The green colored filled Recursive Smoothed Stochastic line is a buy signal.
- Open a buy market order and place a stop loss below support for risk management.
- Exit the buy trade for a predetermined pips target, or wait for a sell signal.
Sell Signal
- The orange colored filled Recursive Smoothed Stochastic line is a sell signal.
- Open a sell market order and place a stop loss above resistance to manage the associated risk.
- Exit the sell trade for a predetermined pips target, or wait for a buy signal.
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Recursive_smoothed_stochastic.mq5 Indicator (MT5)
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 Recursive_smoothed_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