The Stochastic Indicator with Support & Resistance for Metatrader 5 finds overbought and oversold levels with accompanying support & resistance levels.
The indicator appears in the main chart screen and the bottom chart.
The main chart shows the support and resistance levels (blue/orange horizontal lines) based on the Stochastic indicator overbought/oversold levels.
How to identify overbought & oversold market levels with the Stochastic indicator?
- A blue colored Stochastic line is considered overbought.
- An orange colored Stochastic line is considered oversold.
The Stochastic indicator delivers the best results when combined with a trend-following indicator.
The indicator contains the following inputs and parameters: stochastic period (14), slowing period, signal period, price, level up (80.0), level down (20.0), and colors.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Stochastic (sr).mq5 Indicator (MT5)
Chart Example
The following chart shows how the Stochastic indicator with Support & Resistance looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Stochastic Indicator with Support & Resistance Levels?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the orange colored Stochastic signal line gets displayed in the bottom chart and the overall market trend is upward.
- Open a buy transaction and place your stop loss 3 pips below most recent support.
- Close the buy trade as soon as the blue colored Stochastic line gets printed on the chart.
Sell Signal
- A sell signal occurs when the blue colored Stochastic signal line gets displayed in the bottom chart and the overall market trend is downward.
- Open a sell transaction and place your stop loss 3 pips above most recent resistance.
- Close the sell trade as soon as the orange colored Stochastic line gets printed on the chart.
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Stochastic (sr).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 Stochastic (sr).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