free download Color Stochastic forex indicator for mt4
How to use Color Stochastic indicator
Color Stochastic indicator shows overbought and oversold levels.
Stochastic readings above 80 suggest market being overbought, Stoch line turns green;
while readings below 20 – market being oversold, Stoch line turns red.
Ability to see these areas at a glance helps to judge about trends and reversals.
While Stochastic stays above 80 (green line) – an uptrend is in progress.
At the same time a reversal momentum should be anticipated soon. In particular, traders should watch for developing reversal patterns such as:
– failure swing high,
– double top,
– head-and-shoulders pattern.
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