Swallowing Stochastic Indicator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

We have all seen currency pairs enter overbought or oversold territory and stay there for long periods of time. What this indicator does is give you emphasis. So if you are looking for a reversal, then you may want to pay attention to when bullish engulfing candles enter oversold territory, or if you like trends, check for bearish engulfing candles when they enter oversold territory.

When the indicator detects a bearish engulfing candle while crossing the overbought or oversold line, it displays a downward arrow. If a bullish candle is detected when it crosses the overbought or oversold line, it will show an upward arrow. When the signal line of the stochastic indicator crosses the overbought or oversold line, a crossover of the overbought or oversold line is formed. If, in the case of an overbought crossover, the stochastic line is below overbought and then crosses above overbought, it is a valid crossover, and crossovers in other directions are ignored. Similar but opposite, for oversold, the signal line must cross from above the oversold level to below the oversold level.

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Attachment download

📎engulfingstochastic.mq5 (14.39 KB)

Source: MQL5 #24645