Arrow trading indicator Stochastic Intersection Arrow for MT5
Stochastic Intersection Arrow is a modified version of the standard Stochastic Oscillator indicator. Unlike the previous version, the indicator is represented on the chart in the form of arrows formed when the signal line and the main line of the oscillator cross, the arrows indicate the possibility of opening a trade in a certain direction. Trading using the indicator can be made on any timeframe, using any currency pairs.
The Stochastic Intersection Arrow indicator has quite advanced input parameters that affect the systematic operation of the indicator.
- -Stochastic:K-period-period of the main line of the Stochastic indicator, which will reproduce the calculations. The default value is 5.
- -Stochastic:D-period-period of the Stochastic signal line, the calculations of which will affect the operation of the indicator. The default value is 3.
- -Stochastic:final smoothing - the value of the final smoothing of the indicator value. The default value is 3.
- -Stochastic:type of smoothing - type of smoothing of indicator values. The default value is Simple.
- -Stochastic:calculation method - price type to which the indicator calculations will be applied. The default value is Low/High.
- -Upwards:code from the Windings - the code of the arrow responsible for making buy trades, that is, with an increase value. When this parameter is changed, the appearance of the arrow will change. The default value is 217.
- -Topdown:code from the Windings - code of the arrow with a fall value. Changing this setting will affect the rendering of the arrow. The default value is 218.
- -Upwards and Topdown: vertical shift - vertical deviation of the arrows from the price chart. The default value is 10.
Also in the indicator settings, there can be changes in the color and width of the arrows.
Since the Stochastic Intersection Arrow indicator is an arrow, its signals, respectively, will appear after the formation of a certain arrow. On the chart, after the intersection of two lines of the Stochastic indicator, arrows of two colors and directions will appear. One of the colors or directions will characterize growth, and the second the fall.
Signal for Buy trades:
- - An arrow pointing upwards has formed on a certain bar.
If both lines of the Stochastic indicator are directed upwards, while the main line crosses the signal line from the bottom up, then an arrow is formed, upon the appearance of which a long position can be opened. The trade should be closed when an arrow with a fall value is formed.
Signal for Sell trades:
- - An arrow has formed above a certain candle, pointing down.
Before the formation of an arrow with a fall value, both lines of the Stochastic indicator should move downwards, while the signal line should be above the main one. A short position should be closed when an arrow with a growth value is formed.
Stochastic Intersection Arrow is a very simple and logical indicator. Since the arrows of the indicator have two colors, it will be extremely easy to determine the direction of the trade. But it should be borne in mind that the indicator is prone to the formation of false signals, so it is recommended to use the indicator with additional tools or filters, preliminary practice is also recommended on a demo account.