Metatrader 5 Indicators | Silent stochastic | Source Code Included

The real author:

Svinozavr

Replacement of a standard Stochastic. It has the same parameters as the standard plus "sensitivity" parameter Sens in parameters window. It allows cutting off fluctuations below a certain level set in points. Thereby, the number of false signals is considerably reduced.

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The fact is that the standard Stochastic (by Layne) locates the current price between price highs and lows for the number of bars set by %K (Kperiod) parameter. And it does not matter, if extreme points differ from each other by 1 or 100 points. It will still indicate oversold/overbought values. Implementation of some limit allows cutting off oscillations that are inconsiderable for a trading system.

This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 19.10.2009.

Fig.1 The ColorStochNR indicator