Swami Stochastic - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
In the March 2012 issue of TASC, John Ehlers once again describes the Swami Chart (Indicator).
This version:
In addition to drawing colored areas, this indicator has a feature that the original indicator does not have: a "universal" stochastic indicator (i.e. calculation of the average of all stochastics showing "swami" areas). Without a universal stochastic indicator it is virtually impossible to use any value as a criterion for some trend assessment (unless we consider colors, but that can sometimes be very difficult with Swami charts).
Ehlers recommends using colors, but I strongly recommend that you use the values of the "universal" stochastic indicator for trend estimation.
P.S. Swami charts are not "CPU friendly". So please pay attention to the settings.
Attachment download
📎 swami_stochastic.mq5 (13.29 KB)
Source: MQL5 #22979
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