StochV Melpheos indicator in MetaTrader 4 – Free download [TradingFinder]

The StochV Melpheos indicator is designed for the MetaTrader 4 platform and is one of the advanced versions based on stochastic structures.

The purpose of this indicator is to focus on identifying overbought and oversold conditions and provide accurate visual signals for trade entry and exit.

The combination of oscillatory structures and digital display systems allows traders to easily identify trend reversal points on charts.

StochV Melpheos indicator table

The general specifications of the StochV Melpheos indicator are shown in the table below.

StochV Melpheos indicators at a glance

The performance of the StochV Melpheos indicator is defined based on the comparison of the closing price with the price range during the trading period. These calculations lead to the drawing of an oscillating line within significant levels of overbought and oversold zones.

This trading tool , in addition to displaying market conditions in real-time, can also quickly detect price reversal points. Its main feature is to display colored numbers on the chart:

• Green Numbers : Buy signal
• Purple Numbers : Sell signal

Note : These numbers only serve as markers and play an important role in identifying when the indicator lines cross overbought and oversold zones.

bullish trend indicator

The price chart below shows the USD/CAD currency pair on a 5-minute time frame.

When the indicator line exits the oversold zone, green numbers appear on the chart. This situation indicates that sellers have lost pressure and market flow is shifting towards demand.

Sustained upward movement consistent with the green numbers confirms the beginning of a bullish trend or upward price correction.

Bearish trend indicator

The chart below shows the Gold Spot Index (XAU/USD) on the 1 hour time frame.

When the indicator line moves downward from the overbought zone, purple numbers appear on the chart. This sign indicates declining buyer strength and entry of sellers. The stabilization of the indicator's bearish trend enhances the possibility of a downtrend or a bearish correction forming.

StochV Melpheos indicator settings

The image below shows the settings of the StochV Melpheos indicator in MetaTrader 4:

Fast_Stoch_Settings

• K1: fast random K cycle number
• D1 : fast random D cycle number
• S1 : fast random signal smoothing value
• M1 : fast random average range
• Price_Field1: Price data type used

Medium_Stoch_Settings

• K2 : Medium random number of K cycles
• D2 : Moderately random D period number
• S2 : signal smoothing value under moderate random conditions
• M2 : Medium random average range
• Price_Field2 : Used for moderately random price data types

Slow_Stoch_Settings

• K3 : Slow random number of K cycles
• D3: Slow random D cycle number
• S3: Slow random signal smoothing value
• M3 : average range of slow random
• Price_Field3 : Price data type for slow randomization

Case 1_Filter_Settings

• Show_Case1 : Show or activate case 1 filtering
• OSOB_Fast_Stoch1 : Overbought/oversold levels of fast stochastic indicator
• OSOB_Med_Stoch1 : Overbought/oversold levels of the medium stochastic indicator
• OSOB_Slow_Stoch1 : Overbought/oversold levels of the slow stochastic indicator
• Medium_Stoch_Speed_Filter1 : Medium stochastic signal speed filter
• Slow_Stoch_Speed_Filter1: Slow random signal speed filter
• MA_Filter_Period1 : Moving average filter period of the signal

Case2_Settings

• Show_Case2 : Show or activate case 2
• OSOB_Fast_Stoch2 : Overbought/oversold levels of fast stochastic indicator in case 2
• OSOB_Med_Stoch2 : Overbought/oversold levels of stochastics in case 2
• OSOB_Slow_Stoch2 : Overbought/oversold levels of medium slow stochastic indicator for case 2
• Medium_Stoch_Speed_Filter2 : Medium stochastic speed filter in case 2
• MA_Filter_Period2 : Moving average filter period in case 2
• MA_Speed_Filter2 : Moving average speed filter just in case

Case3_Settings

• Show_Case3 : Show or activate case 3
• OSOB_Fast_Stoch3 : Overbought/oversold levels of fast stochastic indicator in case 3
• OSOB_Med_Stoch3 : Overbought/oversold levels of stochastics in case 3
• OSOB_Slow_Stoch3 : Overbought/oversold levels of medium slow stochastic indicator for case 3
• Medium_Stoch_Speed_Filter3 : Medium stochastic speed filter in case 3
• Slow_Stoch_Speed_Filter3 : Slow stochastic speed filter in case 3
• MA_Filter_Period3 : Moving average filter period in case 3
• MA_Speed_Filter3 : Moving average speed filter in case 3

Case4_Settings

• Show_Case4 : Show or activate case 4
• OSOB_Fast_Stoch4 : Overbought/oversold levels of fast stochastic indicator in case 4
• Super_OSOB_Filter : Special overbought/oversold filter
• MA_Filter_Period4 : Moving average filter period in case 4
• MA_Speed_Filter4 : Moving average speed filter in case 4
• Use Alert : Activate system alert
• Use Mail Alert : Email alerts are disabled

Conclusion

The StochV Melpheos indicator is a visual tool in MT4 for analyzing short-term and long-term trends.

The digital and color display of signals enables traders to more clearly examine price reversal points and identify appropriate areas to enter buy and sell trades during overbought and oversold conditions.