Recursive (Double) Smoothed Stochastic - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Variation on the "double-smoothed random" theme.

The name may be a bit misleading: its calculations are not exactly the same as "double-smoothed random" (dss actually has 3 smoothing steps, this one actually has 2 smoothing steps - so we can say this is actually double-smoothed random), and it adds something that the original version doesn't. It could use the price as a starting point, and then each next step uses the result of the previous step. For practical reasons, "depth" is limited to 15.

The indicator can be smoothed using 4 types of averages:

It can calculate 3 levels:

Color changes (and alerts) can be selected based on:

As usual: it's already multiple timeframes, and prices are usually chosen (including heiken ashi prices)

PS: Double Smoothed Stochastic has long shown that, with the default parameters used by Walter Bressett , it works best on longer time frames. It especially tends to clearly show the cycles on the 1 hour chart, so if you are new to trading, start on that time frame and then build your way to other time frames and ways to use it.

Attachment download

📎 recursive_smoothed_stochastic.mq5 (47.47 KB)

Source: MQL5 #17181