Download indicator: Color_Stochastic.mq4
How to use Color Stochastic indicator
Color Stochastic indicator shows overbought and oversold levels.
Stochastic readings above 80 suggest market being overbought, Stoch line turns green;
while readings below 20 - market being oversold, Stoch line turns red.
Ability to see these areas at a glance helps to judge about trends and reversals.
While Stochastic stays above 80 (green line) - an uptrend is in progress.
At the same time a reversal momentum should be anticipated soon. In particular, traders should watch for developing reversal patterns such as:
- failure swing high,
- double top,
- head-and-shoulders pattern.
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I like this indicator. Can you add sound alerts if they get out of 80 and 20 overbought/oversold lines?
Always liked your indicator reviews. Thanks.
Sure, Stochastic indicator with the Overbought/Oversold sound alert: Stoch_Alert.mq4
And another version of the same idea:
this time it is a separate call for each line (%K and D%). Each one will sound when reaching certain levels or when crossing each other.
Stoch_Alert_K_Sound.mq4
Stoch_Alert_D_Sound.mq4
What is the difference between this indicator and the xForecaster
Looking at google images, there is absolutely nothing in between those two indicators.
in which time frame we should use this? normaly
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