The Doda Stochastic Metatrader 4 Forex Indicator is a popular trading oscillator that’s based on Stochastic and Doda.
The indicator provides easy to read trading signals that work well in both trending and ranging market environments.
In ranging markets, trade both sides of the indicator.
In trending markets, combine the Doda Stochastic MT4 indicator with the 200 period simple moving average and trade in the direction of the dominant trend.
When the dominant currency trend is up, only trade the oversold Doda Stochastic signals. Vice versa for down trending markets.
Just load the Doda Stochastic indicator onto the MT4 chart and start trading with it in minutes.
- A buy signal occurs when the green Doda Stochastic signal line crosses above the red signal line from below.
- A sell signal occurs when the red Doda Stochastic signal line crosses below the green signal line from above.
- Works for any trade style and pair.
Feel free to explore the Doda Stochastic indicator’s different parameters and settings to create your own personalized indicator setup.
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Indicator Example Chart (EUR/CHF M30 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Doda Stochastic MT4 Forex Indicator
Buy Signal: Execute a buy trade when the green signal line crosses the red signal line upward.
Set your stop loss 3 pips below short-term support, or use your own favorite stop loss method.
Take your profit when the red signal line crosses the green signal line downward (sell signal), or use your own favorite take profit method.
Alternatively, close the Doda Stochastic buy trade for a reward/risk ratio of 1.5 or better.
Sell Signal: Execute a sell trade when the red signal line crosses the green signal line downward.
Set your stop loss 3 pips above short-term resistance, or use your own favorite stop loss method.
Take your profit when the green signal line crosses the red signal line upward (buy signal), or use your own favorite take profit method.
Alternatively, close the Doda Stochastic sell trade for a reward/risk ratio of 1.5 or better.
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Slw, Pds, slow signal, bar count, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend oscillator
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.