What is Stochastic?
Stochastic is usefull indicator that is able to scan OverSold and OverBought price on the market or we can call it trend reversals Indicator.
Stochastic oscillators tend to vary around some mean price level, since they rely on an asset’s price history. The stochastic oscillator measures the momentum of price movements. Momentum is the rate of acceleration in price movement. The idea behind the stochastic indicator is that the momentum of an instrument’s price will often change before the price movement of the instrument actually changes direction. As a result, the indicator can be used to predict trend reversals.
We built “StocScanner” custom indicator that will scan stochastic on the various symbols and various timeframe at the same time. Only need to attach it on the single char and trader will see its signals from other symbols and timeframes. It shows arrows on the chart and clickable. Click arrow and appropriate chart will be opened following its symbol and timeframe on the list.
In case, trader want to save time , it will be helpful. No need to ‘waste’ time opening chart one by one and load it to get informations from this indicator. So trader can do something else to analyze market to get the best entry momentum.
StocScanner -3 scanning modes:
1. Mode Signal
It means the previous price of the period of time was on OverBought or OverSold and current price is out of Overbought or OverSold area.
2. Mode OverBought/OverSold
Indicator scans Overbought and OverSold . OverBought : current price is above level 80 and OverSold : current price price below level 20
Indicator scans current stochastic direction based on its lines, Main and signal.
You can see screenshots /videos for more details.
1. Clickable arrows to open the appropriate chart,
2. User friendly graphical interface
3. No limit symbols, Forex,Future,Metals,Indices,and more. All available symbols on the market watch
1. Scans Symbols = Input for symbols separated by comma
2. Symbol Prefix = The prefix of symbol if any. This is at the beggining of symbol name. E.g: p.EURUSD, prefix= p.
3. Symbol Suffix = The prefix of symbol if any. This is at the end of symbol name. E.g: EURUSD.m, suffix=.m
4. Scans TimeFrames = Define timeframe here, separated by comma. Text format can be letter or number
example: 5,60,1440 or you can also type: M5,H1,D1, etc
5. ScanMode = Select scanning mode here as described above
6. KPeriod = The value of stochastic Kperiod
7. DPeriod = The value of stochastic Dperiod
8. Slowing = The value of stochastic Slowing
9. PopUp Alert = If true, Indicator will provide alerts on on the current dekstop when the signal occurs
10. Mobile Alert = If true, Indicator will provide alerts on mobile appilcation when the signal occurs
11. Email Alert = If true, Indicator will send alerts to email when the signal occurs
Do let me know if you have any questions.
Why you need StochScanner?
- You don’t need to open all charts, with only on a single chart you will get signals from all defined symbols and timeframes
- Trader can be easily to make decision which symbol and timeframe is on the best opportunity.
- Trader can install another favorite indicator whitout making the chart “overcrowded” that in some cases can make it confuse
- Increase the level of your trading professionalism
Please note that it may not work properly on MT4 strategy tester as it is a Multi Symbol and Multi Timeframe indicator. In this case you can try this way:
# Scan only 1 pair and 1 timeframe then the pair is same with pair on strategy tester and timeframe is same with timeframe on strategy tester
Watch this video: