The Doda Slow Stochastic Metatrader 4 indicator blends Doda and Slow Stochastic into one fantastic crossover buy/sell signal forex indicator.
The technical indicator oscillates between two extreme values, 0 (oversold) and 100 (overbought).
- A buy signal occurs when the green signal line crosses above the red signal line from below
- A sell signal occurs when the red signal line crosses above the green signal line from below
For best trading performance, use the Doda Slow Stochastic Metatrader 4 together with a trend indicator and trade its crossover signals in the direction of the trend.
The Doda Slow Stochastic indicator performs well in ranging markets but fails in trending markets.
Therefore, open buy and sell trades in the direction of the overall trend. This will reduce the number of bad trades significantly.
Don’t trade each and every crossover signal issued by the indicator. Wait for the indicator to reach the extremes to go long (0 value) or short (100 value).
The EUR/USD 5-Minute chart below displays the Doda Slow Stochastic Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Doda Slow Stochastic MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Execute buy trade when the green line crosses back above the red line from below and the overall trend is upward.
Sell Signal: Execute sell trade when the red line crosses back above the green line from below and the overall trend is downward.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (slow, signals, bar count) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the doda-stochastic.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)