The Stochastic oscillator V6 MTF Forex indicator for MT4 provides accurate overbought and oversold market levels based on 3 different time frames.
You can choose the time frames yourself from the indicator’s input parameters. Experiment with this option!
Overbought and oversold trade conditions from the Stochastic oscillator V6 MTF goes as follows:
- Price is considered overbought when it reaches the +30 value. We’re looking for short signals in this case, on the condition that the overall trend is downward.
- Price is considered oversold when it reaches the -30 value. We’re looking for buy signals in this case, on the condition that the overall trend is upward.
It’s important to know the overall trend. You can use for example the 100 exponential moving average to achieve this.
Price above the 100 EMA? Trend upward.
Price below the 100 EMA? Trend downward.
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Stochastic oscillator V6 MTF Indicator Chart
Here’s an example of how the Stochastic oscillator V6 MTF indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Stochastic oscillator V6 MTF Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open buy order when the Stochastic oscillator V6 MTF Forex indicator turns back above -30 and the overall trend is upward.
Place stop loss below immediate support.
Close the buy trade at a fixed profit target of 1:1 reward:risk or better.
Sell Trigger: Open sell order when the Stochastic oscillator V6 MTF Forex indicator turns back below +30 and the overall trend is downward.
Place stop loss above immediate resistance.
Close the sell trade at a fixed profit target of 1:1 reward:risk or better.
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Alert ON, K period, D period, slowing, period 1, period 2, period 3, colors, width, style.
Combine the Stochastic oscillator V6 MTF Forex indictor with:
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: oscillator
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.