The Slow Stochastic Forex indicator for Metatrader 5 is a momentum oscillator that identifies overbought and oversold regions on the chart.
It can be used to identify trade opportunities in any market (uptrend, downtrend, sideways).
The Slow Stochastic oscillator ranges from 0 to 100.
Generally speaking, above 80 indicates an overbought region while below 20 oversold.
How it can be used?
- In an uptrend, look for buy signals near the 20 oversold region.
- In a downtrend, look for sell signals near the 80 overbought region.
- In a sideways market, look for both oversold and overbought signals.
The following indicator inputs and parameters can be modified: period K, period D, slowing, 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 Slow Stochastic indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Slow Stochastic Indicator?
Find a simple trading example below:
- The overall trend should be upward.
- A buy signal occurs when the Slow Stochastic indicator crosses back above 20 from below.
- Open a buy trade and place your stop loss slightly below the previous swing low.
- Exit the buy trade for a fixed profit target, or wait for a sell signal.
- The overall trend should be downward.
- A buy signal occurs when the Slow Stochastic indicator crosses back below 80 from above.
- Open a sell trade and place your stop loss slightly above the previous swing high.
- Exit the sell trade for a fixed profit 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 Stochastic_Slow.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