4 Time Frame Stochastic Indicator
MT44 Time Frame Stochastic Indicator For MT4 provides bullish and bearish forex trading signals based on values of 4 chart time frames.
Description
The 4 time frames Stochastic indicator for MT4 calculates the Stochastic values for the current chart time frame and next 3 higher time frames. The indicator plots the values as a line and provides bullish and bearish forex trading signals. Moreover, the indicator alerts the forex trader when multiple time frames provide a forex trading signal.
The indicator is simple to understand and is effective for new and advanced forex traders. Furthermore, it works well in all time frames and is useful for scalpers to long term forex traders. Since stochastic indicator is used by many forex traders for technical analysis a combination of different time frames is very useful.
4 Time Frame Stochastic Indicator For MT4 Trading Signals
The indicator plots 4 lines corresponding to the time frames. The bullish dots are in green and the bearish dots are in red. The trading strategy is to enter a position when 3 or more indicators provide the same direction.
Traders can enter a buy trade when more than 3 time frames provide a green dot and exit the trade if more than 3 lines provide and opposite trading signal. Similarly, traders can book profits at an opposite trading signal or with a good risk reward ratio.
Stochastic indicator does not repaint after the candle closing and is a part of many auto trading strategies.
Conclusion
In summary, the 4 time frame Stochastic indicator for MT4 is an effective and profitable multi time frame (mtf) indicator using the classic Stochastic indicator.
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