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 the 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.
- A bullish market trend occurs when the green colored filled line gets 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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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:
- 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.
- 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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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