Doda Stochastic Free Forex Indicator for MetaTrader4
The Doda Stochastic for MetaTrader4 is a modified stochastic indicator. The usual stochastic indicator delivers buy, sell alerts several times even when price is trending in one direction.
The Doda-Stochastic gives fewer signals which implies that traders stand to benefit from few false signals as such it filters out false alerts and deliver clear buy or sell alert on the screen.
It is a momentum indicator that compares the closing price of a forex pair or symbol to the range of its prices over s specified time period. The problem associated with over-sensitivity in the normal stochastic has been greatly reduced her by tinkering with the time period.
Just like in the normal stochastic indicator, the Doda-Stochastic has its range from 0 to 100 as constant, no minding how fast or slow a forex pair surges upwards or moves downwards. Bearing in mind the traditional settings for the stochastic has the level below “20” as oversold region and the level above “80” is tagged the overbought condition.
This also holds true for the Doda-Stochastic indicator. As such it is advisable to buy when the Doda-Stochastic is below the “20” level and sell when above the “80” level.
The buy signal is confirmed when the lime colored line of the Doda-Stochastic crosses the red line upward in the oversold region, while the sell is confirmed when the lime colored line of the Doda-Stochastic indicator intercepts the red colored line downward in the overbought region.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Slw, Pds, Slwsignal, Barcount), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: momentum oscillator