The Swami Stochastic Forex indicator for Metatrader 5 transforms Stochastic into a green and red colored buy/sell signal background.
The indicator appears in a separate chart window as a green and red colored background + white colored signal line.
Swami Stochastic can be combined with any trading indicator for additional trend confirmation, or as a standalone buy/sell signal tool.
How to identify the trend with this indicator?
- A green colored Swami Stochastic indicator background represents a bullish market trend.
- A red colored Swami Stochastic indicator background represents a bearish market trend.
The indicator contains the following inputs and parameters: start stochastic period, end stochastic period, bars to draw on charts, dots.
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 Swami Stochastic Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Swami Stochastic Forex Indicator?
Find a simple trading example below:
- A buy signal is given when the white colored signal line enters the green colored background area.
- Enter a long trade and place your stop loss slightly below the most recent support zone.
- Exit the buy trade for a risk/reward ratio of 1:2, or reverse the trade when a sell signal occurs in the chart.
- A sell signal is given when the white colored signal line enters the red colored background area.
- Enter a short trade and place your stop loss slightly above the most recent resistance zone.
- Exit the sell trade for a risk/reward ratio of 1:2, or reverse the trade when a buy signal occurs in the chart.
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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 Swami 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