SSD with Histogram Indicator » Free Forex MT5 Indicators

Introduction to the SSD with Histogram Indicator

The SSD With Histogram is a custom forex indicator for Metatrader 5 (MT5) that shows a slow stochastic line, a signal line, and a histogram that reflects the difference between the slow line and the signal line. The indicator and its elements are displayed in a separate window just below your main trading chart.

The slow stochastic line is shown as the light sea green line within the indicator window, while the brown colored line represents the signal line. The histogram is made of red and blue bars that take negative or positive values (above or below 0 level).

These are the calculations that determine the core of SSD_With_Histogram MT5 forex indicator:

K = Stochastic D – 50.0

D = SMA(K, %D Period)

Histogram = K – D

The indicator performs the computation as needed and it’s therefore needless to bother ourselves about the different formula.

How does SSD with Histogram indicator work?

When the histogram take values above the zero level, the market is considered to be bullish.

Green histogram above zero level is a sign of a strong bullish trend, when red histogram above the zero occurs it means there is a pullback within the bullish trend.

When the histograms take values below the zero level, the market is considered to be bearish.

Red histogram below the zero level is a sign of a strong bearish trend, when green histograms below the zero occurs it means there is a pullback within the bearish trend.

The stochastics and signal line crossover provides us great potential for trading opportunities.

How to set up the SSD with Histogram indicator in MetaTrader (MT5)?

Installation Guide

Download the SSD with Histogram.rar archive at the bottom of this post, unpack it, then copy and paste the SSD with Histogram.ex5 or SSD with Histogram.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL5 > Indicators (paste here).

Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The SSD with Histogram 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. Don’t forget that we still have more great free forex MT4 indicators to download and try.