The Stochastic Levels On Chart indicator for Metatrader 5 is a great buy/sell technical tool that’s composed of two colored Stochastic clouds.
It’s an easy to use indicator that should be combined with a trending indicator for best trading results.
- In an uptrend, trade the oversold Stochastic signals (yellow cloud).
- In a downtrend, trade the overbought Stochastic signals (green cloud).
- In a sideways market, trade both sides (yellow + green cloud).
The following indicator inputs can be modified: period, slowing, price, upper level, lower level.
Feel free to experiment with the indicator’s various parameters.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Stochastic Levels On Chart indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Stochastic Levels On Chart Indicator?
Find a simple trading example below:
- In an up trending market, a buy signal occurs as soon as price reaches the lower yellow cloud.
- Open a buy order and place a stop loss below the yellow stochastic cloud.
- Close the buy trade when price touches the green overbought cloud.
- In a down trending market, a sell signal occurs as soon as price reaches the upper green cloud.
- Open a sell order and place a stop loss above the green stochastic cloud.
- Close the sell trade when price touches the yellow oversold cloud.
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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 On chart stochastic (like).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