The Fan Stochastic indicator for Metatrader 4 is composed of Fan + Stochastics and looks for overbought and oversold market conditions.
The indicator appears in a bottom chart window in as an overbought/oversold technical oscillator.
Fan + Stochastic uses the 20 and 80 oversold and overbought extreme levels.
- Combines Fan + Stochastic.
- Identifies overbought and oversold levels.
- Can be highly customized (indicator inputs).
- Well worth adding to your indicator collection.
Indicator Example Chart
The EUR/USD H1 chart below shows the Fan + Stochastic Forex indicator in action.
Basic Trading Signals
Signals from the Fan Stochastic indicator for Metatrader 4 are easy to interpret and goes as follows:
- A buy signal is given when the indicator turns back above the 20 oversold value from below.
- Set a stop loss 1- 3 pips below short-term support.
- Exit the trade at prior significant resistance, or use your own favorite take profit method.
- A sell signal is given when the indicator turns back below the 80 overbought value from above.
- Set a stop loss 1- 3 pips above short-term resistance.
- Exit the trade at prior significant support, or use your own favorite take profit method.
Download This Forex Indicator
Adjustable Parameters & Settings
Stoch period, stoch slowing, stoch D, stochastic OS, stochastic OB, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Fan+ stochastic
How to install the Fan Stochastic indicator in Metatrader 4?
- Copy and paste the fan-stochastic-indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button