If you're diving into the world of trading, you might have come across the on-chart stochastic indicator for MetaTrader 5. This nifty tool functions similarly to the built-in stochastic indicator, calculating values based on high and low prices. However, what sets it apart is the flexibility it offers—you can choose from a range of extended (non-standard) prices.
Let's take a look at how it stacks up against the traditional stochastic:
- You can use this indicator just like any other stochastic.
- Watch for color changes, which can signal overbought (OB) or oversold (OS) conditions, just like with the regular stochastic.
So, why not give it a spin? Experiment with the different price options and see how it can enhance your trading strategy!
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