The Stochastic Filter Signal indicator for Metatrader 4 is an oscillator that fluctuates between 0 and 100.
Oversold market conditions are found around the 0 level, overbought market conditions around the 100 level.
Use this indicator together with a trend following indicator for more reliable forex signals.
For example, combine it with the 100 period exponential moving average.
The EUR/USD H1 chart below shows the Stochastic Filter Signals forex indicator in action.
Basic Trading Signals
Note: Use the CCwSF indicator together with a trend indicator and only trade in the overall direction of the trend.
Buy: The indicator draws a green bullet near the 20 oversold trading level.
Sell: The indicator draws a red bullet near the 80 overbought trading level.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (KPeriod, Slowing, DPeriod, MAMethod, popup notifications, email notifications, push notifications) 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 CCwSF.mq4 indicator 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)