This indicator is based on Stochastic.
You can use the following MT4 indicator (attached bellow) named Stochastic Trader to check instantly if the market is oversold/overbought/neutral and what the Wave is according to the Stochastic indicator and receive alerts whenever any of the above changes for up to ten currencies with a click of a button.
Using the indicator above you can tell
-What the Stochastic has been in relationship to the extreme boundaries for the last 4 periods Overbought (Stoch >80 ↑), Oversold (Stoch <20 ↓), Neutral (20>Stoch>80 ↔) to check in what extreme condition the markets are.
-What the Stochastic has been in relationship to its MA Signal for the last 4 periods Up (Stoch >MA Signal ↑), Down (Stoch <MA Signal ↓) to check in what the Wave is
-Notified by a detailed alert (optional) whenever the Extreme conditions or Wave direction changes and a trading opportunity arises.
↗ for buying
↘ for selling
You can attach the above to several charts each time changing the Stochastic Parameters in order to get more signals. The shorter the periods the more frequent but less reliable the signals would be
When you attach the indicator to the chart you get the following options. Default values are selected.
Kperiod : This is the number of time periods used in Stochastic (%K) calculation.
Dperiod : This value controls the internal smoothing of %K. A value of 1 is considered a fast stochastic; a value of 3 is considered a slow stochastic.
slowing : Periods used for calculating the Stochastic Moving Average
overbought_ bound : Value for which if Stochastic is above market is considered to be Overbought
oversold_ bound : Value for which if Stochastic is below market is considered to be Oversold
Alerts : Whether Alerts to be displayed when Extreme conditions or Wave change
Currency #: Which currency pair to be analysed at position #
Currency #_Alerts: Whether Alerts to be displayed for the particular currency pair
This indicator is also available in Multi Time Frames Version. Check it out here Stochastic Trader Multi Time Frame Version