Introduction to the Colored Stochastic Indicator
The Colored Stochastic indicator is, as the name suggests, a custom stochastic gauge that colorizes the oscillator when it reaches overbought/oversold levels.
You can set alerts when that situation occurs or you can even set arrows to display on the chart.
It fits all kinds of timeframes and currency pairs.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Colored Stochastic indicator in MT4?
Download the Colored Stochastic.rar archive at the bottom of this post, unpack it, then copy and paste the Colored Stochastic.ex4 or Colored Stochastic.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Colored Stochastic indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free Forex MT4 Colored Stochastic Indicator
To download the Colored Stochastic Indicator for Metatrader 4 (MT4) for free just click the button below: