Real author:

Alksnis Gatis

The indicator for determining the time when the pending orders should be placed, using the ColorMETRO_Stochastic oscillator. The thick pink and light green lines define the border of the channel. The time, when the dove-colored fast line of the ColorMETRO_Stochastic goes beyond the borders of this channel and goes back inside of it, is the most suitable time for placing pending orders.

The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".

This indicator requires the compiled indicator file ColorMETRO_Stochastic.ex5. Place it in <terminal_data_folder>\MQL5\Indicators.

Figure 1. The VKW_Bands_Modify_Stochastic indicator