Double Smoothed Stochastic Indicator
Platform: MT5 Type: Oscillator Last update: September 24, 2024The Double Smoothed Stochastic Indicator for MT5 aims to generate (as the name suggests) more reliable and less volatile signals. In fact, it’s based on formula that involves exponential moving average (EMA). What’s more, the smoothing methods additionally available are SMA, SMMA, LWMA. All these combinations results is is less nervous stochastic line and it can be easily observed.
Usage explanation
While the traditional approach involves using 30 and 70 levels for oversold and overbought states, this version uses 20 and 80. When it reaches overbought area, the area gets colorized in green. Similarly, in case of oversold zone it’s defined with orange color.
Feel free to experiment with options the metatrader 5 settings. What’s amazing is that you can display all four methods at the very same time. It’s great to see differences and adjust it to trading strategy and currency pair.
