The Stochastic Arrow Forex Signals indicator for Metatrader 4 is solely based on the classic stochastic indicator and draws buy & sell signal arrows on the chart.
The indicator can be used in various ways, in both trending and sideways moving markets.
For Forex scalping, this technical indicator performs the best during the London and New York trading sessions.
Buy & sell signal:
- Open a buy trade when the blue signal arrow gets printed on the chart.
- Open a sell trade when the red signal arrow gets printed on the chart.
- Reverse the trade when an opposite trading signal appears on the chart.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading strategies.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the U.S. Dollar / Japanese Yen chart.
How to install the Stochastic Arrow Forex Signals indicator to your Metatrader 4 platform?
- Download the istochtxt-indicator.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration