Recursive (double) smoothed stochastic
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Recursive (double) smoothed stochastic
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Variation on the "double smoothed stochastic" theme.
The name might be a bit misleading: it is not exactly the same in its calculation as the "double smoothed stochastic" (dss actually has 3 smoothing steps, this one really has 2 smoothing steps — so we might say that this is really double smoothed stochastic), and it adds what the original does not have. It can use prices for start and then each and every next step is using previous step result. The "depth" is limited to 15 simply for practical reasons.
The indicator can use 4 types of averages for smoothing :
simple moving average
exponential moving average
smoothed moving average
linear weighted moving average
It can calculate 3 type of levels :
floating
quantile
fixed
Colors change (and alerts) can be chosen based on:
on slope
on outer levels cross
on middle level cross
And the usual: it is already multi time frame with the usual choice of prices (heiken ashi prices included)
PS: double smoothed stochastic is for long time showing that, with the default parameters that were used by Walter Bressert, it works best on longer time frames. It specially tends to clearly show cycles on 1 hour chart, so, if you are new to it, start by using it on that time frame and then build your way to other time frames and ways of using it.
