William Blau and Walter Bressert are the brains behind the DSS Bressert Metatrader 5 forex indicator, and it was designed as a Double Smoothed Stochastics indicator.
Asides the difference in use of the double exponentially smoothing in the DSS Bressert indicator, the calculation of the DSS values is similar to those of the Stochastic indicator.
The readings of the DSS Bressert values are comparable to those of the Stochastic:
When the readings exceed 80, an overbought market condition is said to be in place, while readings that are below 20 are indicative of an oversold market condition.
Use the DSS Bressert MT5 indicator together with a trend following forex indicator.
Trade in the direction of the overall trend as indicated by the trend following indicator.
Avoid trading against the overall trend.
Use this indicator for scalping, day trading and swing trading purposes.
Feel free to experiment with its default settings.
The EUR/JPY H1 chart below displays the DSS Bressert Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue shaded area of the DSS Bressert Metatrader 5 forex indicator pops up within the indicator window originating from the 20.00 region.
Sell Signal: Go short when the deep pink shaded area of the DSS Bressert Metatrader 5 forex indicator pops up within the indicator window stemming from the 80.00 region.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the DSS Bressert indicator forms a deep pink shade within the indicator window.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the DSS Bressert indicator forms a blue shade within the indicator window.
Tips: When the blue shaded area moves into the 80.00 region and the deep pink shaded area dips into the 20.00 area, the indicator is said to be signaling an overbought and oversold market conditions respectively, and those pose a threat of a likely bearish and bullish reversals in that order.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable [EMA period, Stochastic period, Horizontal shift (in bars)], 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 dssbressert.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)