The DSL Stochastic Forex indicator for Metatrader 5 is designed to provide trading signals suitable for beginners.
It utilizes a combination of Stochastic and DSL (Discontinued Signal Line) indicators.
The indicator shows up in a sub-chart window as green and orange colored buy and sell lines.
How to spot buy and sell signals using DSL Stochastic?
- A buy signal is generated when the chart displays a green line.
- A sell signal is generated when the chart displays an orange line.
- A gray colored line is neutral.
While the DSL Stochastic indicator can be effectively combined with other technical tools, it is also capable of performing well as a standalone trading tool.
Customization options are available through the following indicator inputs and parameters: stochastic period, stochastic slowing period, signal period, price for high, price for low, price for close.
Please make yourself familiar with this technical indicator and test it first on a demo account before applying it to live trading.
It supports all time frames and Forex pairs.
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dsl_-_stochastic.mq5 Indicator (MT5)
Chart Example
The following chart shows what the DSL Stochastic Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The DSL Stochastic Indicator?
Find a simple trading example below:
Buy Signal
- The appearance of the green colored line is a buy signal.
- Open a buy trade @ market price and place your original stop loss 3 pips below the previous swing low.
- Close the buy trade for a fixed profit target, or wait for the orange colored line.
Sell Signal
- The appearance of the orange colored line is a sell signal.
- Open a sell trade @ market price and place your original stop loss 3 pips above the previous swing high.
- Close the sell trade for a fixed profit target, or wait for the green colored line.
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dsl_-_stochastic.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the dsl_-_stochastic.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration