Stochastic of filtered price
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 Stochastic of filtered price
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
Theory:
In technical analysis, the
stochastic oscillator
is a momentum indicator that uses support and resistance levels. developed this indicator in the late 1950s. The term stochastic refers to the point of a current price in relation to its price range over a period of time. This method attempts to predict price turning points by comparing the closing price of a security to its price range.
It is adding an option to use filtered price (originally published and described here : ). The result is a bit surprising taking into account the nature of the stochastic oscillator calculation. One would expect to have serious issues since the filtered price produces prolonged periods of same prices to which the stochastic calculation usually does not respond well. But after seeing the results, it seems to be usable and here it is.
Usage:
All the usual : you can use it in any mode as the regular stochastic (setting the filter to 0 produces stochastic (main) line of close/close price, all the others can not be reproduced with the regular stochastic oscillator). Also you can use the color changes as signals.
