free download Color Stochastic forex indicator for mt4
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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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