The SSS is short for Special Slow Stochastic, and denotes a modified Slow Stochastic, and by its design it has an extra smoothed (slow) line based on the Stochastic signal line.
There are six adjustable input parameters that are found on the SSS Metatrader 5:
- %K period – defines the %K period of the standard Stochastic;
- %D period – defines the %D period of the standard Stochastic;
- Slowing – defines the slowing parameter of the standard Stochastic;
- Period Special Slow – defines the additional smoothing line period;
- Overbought – defines the overbought level;
- Oversold – defines the oversold level.
The zone above the 80 level is tagged the overbought region, while the zone below the 20 level on the SSS MT5 indicator window is the oversold region.
The additional smoothed line that was added to the Slow Stochastic is the blue line (by default) or the SSS line, the light sea green line and the red lines are bother the main and signal lines respectively.
The EUR/USD H4 chart below displays the SSS Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the blue line intersect the light sea green and red lines of the SSS Metatrader 5 forex indicator below the 20 level (oversold region).
Sell Signal: Go short when the blue line intersect the light sea green and red lines of the SSS Metatrader 5 forex indicator above the 80 level (overbought region).
Exit buy trade: Close all buy orders if while a bullish signal is ongoing, the SSS line (blue line) break above the 80 level.
Exit sell trade: Close all sell orders if while a bearish signal is ongoing, the SSS line (blue line) break below the 20 level.
Tip: The SSS Metatrader 5 forex indicator does come handy when day trading the majors.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (%K period, %D period, Slowing, Period Special Slow, Overbought, Oversold), 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 SSS.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)