SpudsStochastic – indicator MetaTrader 5

Real author:

Vladimir Hlystov

The indicator contains 8 Stochastic oscillators.
The default value of «Slow» and «period %D» parameters is left – 3. %K will change from 6 to 24.
Thus, we have 8 Stochastics with the following parameters (6, 3, 3), (9, 3, 3), (12, 3, 3), (14, 3, 3), (16, 3, 3), (19, 3, 3), (21, 3, 3), (24, 3, 3).
Only the main line is used for all indicators.
When all Stochastics are gathered together forming a single thin line (a bundle of lines), we should prepare for a deal. The bundle should form the peak and turn in the opposite direction. This is the moment for market entry. The peak should be located within overbought / oversold areas or near their borders.
Color bars are set when all Stochastics leave overbought / oversold areas.

Indicator input parameters:

//+-----------------------------------+
//| Input parameters of the indicator |
//+-----------------------------------+
input int LevelUp = 85; // level of overbought zone
input int LevelDn = 15; // level of oversold zone
input ENUM_MA_METHOD ma_method=MODE_SMA; // smoothing type
input ENUM_STO_PRICE price_field=STO_LOWHIGH; // stochastic calculation method 

SpudsStochastic

This indicator was first implemented in MQL4 and published in Code Base at mql4.com 7.03.2012 (in Russian).