If you're looking to sharpen your trading strategy, the Stochastic Convergence Divergence indicator for MetaTrader 5 is a powerful tool worth considering. This handy indicator displays two stochastics, complete with adjustable smoothing options and a convergence/divergence line for the %K lines of both stochastics.
Let’s break down its adjustable settings:
- Calculation Mode - Choose how the indicator calculates and displays data.
- Two Stochastics - This mode uses two stochastics with predefined parameters.
- Stoch1/Stoch2 Divergence - Shows %K lines for both stochastics with predefined parameters, along with the convergence/divergence line.
- First Stochastic %K Period - Sets the calculation period for the first stochastic %K line.
- First Stochastic %D Period - Defines the calculation period for the first stochastic %D line.
- First Stochastic Slowing - Adjusts the smoothing calculation period for the first stochastic.
- First Stochastic %K-Smoothing Type - Choose how you want to smooth the first stochastic %K line:
- Simple - Basic smoothing method.
- Exponential - Uses exponential smoothing.
- Fast - A quicker smoothing option.
- First Stochastic %D-Smoothing Type - Select the smoothing type for the first stochastic %D line:
- Simple - Basic smoothing method.
- Exponential - Exponential smoothing method.
- Second Stochastic %K Period - Sets the calculation period for the second stochastic %K line.
- Second Stochastic %D Period - Defines the calculation period for the second stochastic %D line.
- Second Stochastic Slowing - Adjusts the smoothing calculation for the second stochastic.
- Second Stochastic %K-Smoothing Type - Choose the smoothing option for the second stochastic %K line:
- Simple - Basic smoothing.
- Exponential - Exponential smoothing.
- Fast - Faster smoothing method.
- Second Stochastic %D-Smoothing Type - Select the smoothing type for the second stochastic %D line:
- Simple - Basic smoothing method.
- Exponential - Exponential smoothing.
- Overbought - Set the overbought level.
- Oversold - Set the oversold level.
Fig. 1. Two Stochastics with MA Smoothing and Convergence Divergence line,
Calculation mode = Stoch1/Stoch2 divergence
Fig. 2. Two Stochastics with MA Smoothing and Convergence Divergence line,
Calculation mode = Two stochastics
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