Average Stochastic Step Chart - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The Stochastic indicator (originally developed by George Lane in 1950) is a well-known and widely used indicator due to its longevity. Sometimes it is used in combination with some kind of filtering method (mainly with signal lines, which we can think of as this filtering method) in order to avoid some false signal conditions that the stochastic indicator can generate in certain markets. This is another version that will try to solve the problem of using two filters on this version of Random

This version uses step graphs as filters to reduce randomly generated signals (if possible), making it easier and safer to use. The step size is entered as a random percentage that you wish to use as a filter for the smallest random change that should be considered a significant change. It can also perform price filtering using average values ​​for stochastic calculations. This way the stochastics can be "double filtered" (filtering the price before being used in the stochastic calculation and then filtering using a step graph on the calculated stochastic results). The average is available in this version:

You can use the color change of the step bar as a signal

Attachment download

📎 step_chart_-_stochastic_of_average.mq5 (19.65 KB)

Source: MQL5 #22332