Recursive (double) smoothed stochastic – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • Variation on the “double smoothed stochastic” theme.

    The name might be a bit misleading: it is not exactly the same in its calculation as the “double smoothed stochastic” (dss actually has 3 smoothing steps, this one really has 2 smoothing steps — so we might say that this is really double smoothed stochastic), and it adds what the original does not have. It can use prices for start and then each and every next step is using previous step result. The “depth” is limited to 15 simply for practical reasons.

    The indicator can use 4 types of averages for smoothing :

    • simple moving average
    • exponential moving average
    • smoothed moving average
    • linear weighted moving average

    It can calculate 3 type of levels :

    • floating
    • quantile
    • fixed

    Colors change (and alerts) can be chosen  based on:

    • on slope
    • on outer levels cross
    • on middle level cross
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    And the usual: it is already multi time frame with the usual choice of prices (heiken ashi prices included)

    PS: double smoothed stochastic is for long time showing that, with the default parameters that were used by Walter Bressert,
    it works best on longer time frames. It specially tends to clearly show
    cycles on 1 hour chart, so, if you are new to it, start by using it on
    that time frame and then build your way to other time frames and ways of
    using it.

  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window
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