The Double Smoothed Stochastic indicator for Metatrader 5 is a great buy/sell technical oscillator that’s based on Stochastic + double smoothing.
The indicator appears in a separate chart as a dual-colored signal line that follows the trend.
How to interpret this technical tool?
- The blue signal line represents an uptrending market.
- The orange signal line represents a downtrending market.
The indicator contains the following inputs and parameters: Stochastic period, smoothing period, signal/trigger period, and price.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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Double Smoothed Stochastic.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Double Smoothed Stochastic indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Double Smoothed Stochastic Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the blue colored Double Smoothed Stochastic signal line gets displayed on the chart.
- Execute a buy trade and place your stop loss order 3 pips below technical support.
- Exit the buy trade for a fixed take profit target, or wait for the orange colored signal line.
Sell Signal
- A sell signal occurs when the orange colored Double Smoothed Stochastic signal line gets displayed on the chart.
- Execute a sell trade and place your stop loss order 3 pips above technical resistance.
- Exit the sell trade for a fixed take profit target, or wait for the blue colored signal line.
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Double Smoothed 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 Double Smoothed 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