Advanced Stochastic Forex Indicator
The i_daystochastic_v1_1indicator for MetaTrader 4 is a Stochastic indicator that computes the indicator period by automatically calculating the current day’s number of bars. The i_daystochastic_v1_1 indicator is set for use on the M1 – D1 timeframe, while the indicator requires some time for calculation on first-run.
The core of the i_daystochastic_v1_1 indicator is the Stochastic indicator which implies that it is a member of the “Oscillator” family of the technical indicators.
The Stochastic indicator was originally designed by George Lane when he noticed that following price peaks in the market, the closing prices have a tendency to test the daily highs, and the same applies when price troughs, as the closing prices tend to test daily lows.
The i_daystochastic_v1_1indicator is a leading indicator owing to the fact that signals are generated before they appear on the chart. The i_daystochastic_v1_1indicator is deployed in determining oversold and overbought conditions along with the first phase and completion of cycles in the currency market.
As a “Oscillator” the i_daystochastic_v1_1indicator dances between zero and 100. On the indicator window, you’ll find that it has lines drawn at the “20” and “80” levels as warning signals.
When the values of the i_daystochastic_v1_1indicator dips below the “20” level, a strong oversold condition is in place or a buy signal is generated and if the lines of the i_daystochastic_v1_1indicator moves above the “80” level, a strong overbought condition is the order of the day i.e. a sell signal.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (D Period, Slowing, Method, Price_field, DaysForCalculation), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week