The "Three Stochastics" indicator for Metatrader 4
This indicator gives signals when the main and the signal lines of stochastic (lower stochastic) cross in the trend direction which is determined by two stochastics of higher time frames (higher stochastics).
It is not a secret that stochastic generates accurate signals in a flat market and a lot of false signals in a protracted trend. A combination of two stochastics of higher time frames performs a good filtration of false signals and shows the main tendency.
The indicator is recommended for use on volatile instruments.
- The lower stochastic is shown by two usual lines (main and signal), directions of higher stochastics are visualized as two colored squares.
- You can variously combine two higher stochastics and disable any of them.
- Label in the upper right corner will show you the trend direction: arrow up or down indicates that higher stochastics' directions coincide, 0 indicates that stochastics have different directions (in this case the signal will not appear).
- The signal is given not only when the bar is closed (formed signal), but also on the current bar which is not closed yet (probable signal). It gives you time to analyze the market situation and allows you to take a time when making a decision and calculating trade parameters.
- A possibility to signal when lines of the lower Stochastic are reversely crossed (against the trend) for an early exit from a deal. You can enable and disable this option using a button in the lower right corner of the chart (an adjustable parameter). Enable this button only if you are in the market and wish to close a deal according to reverse crossing of the Stochastic. You can remove this button from the chart if you do not need this option (“ON/OFF - Reverse signal button”=false).
- It can send emails and push-notifications to mobile devices.