MT4 indicator (Color_Stochastic.mq4)

How to use Color Stochastic indicator

Color Stochastic indicator shows overbought and oversold levels.

Stochastic readings above 80 suggest market being overbought, Stoch line turns green;

while readings below 20 - market being oversold, Stoch line turns red.

Ability to see these areas at a glance helps to judge about trends and reversals.

While Stochastic stays above 80 (green line) - an uptrend is in progress.

At the same time a reversal momentum should be anticipated soon. In particular, traders should watch for developing reversal patterns such as:

- failure swing high,

- double top,

- head-and-shoulders pattern.

Download indicator: Color_Stochastic.mq4