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Double Stoch v2

  • #1
  • First Post: Edited 12:45am Feb 26, 2008 12:26am | Edited 12:45am
Here is an indicator that will mark stochastic areas on your chart. Based off of NewstraderFX's double stochastics idea.

Here is his idea in a nutshell... You are looking for the stochastics going above 80 (overbought) or below 20 (oversold) twice in a row.

You are also looking for areas where the second overbought area has a lower high (or oversold area has a higher low).

The idea is that after that you will see a significant correction. Works better in the higher timeframes.

So this indicator will mark the overbought / oversold areas and link the higher highs / lower lows with a line so you can clearly identify an area where you can expect significant reversal.

Try GBP/JPY daily / H1...

for lower timeframes (M5) it will not work as good but is still a good confirmation.

Enjoy!
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Daily_DoubleStoch.png Size: 37 KB
Attached File(s)
File Type: ex4 BH_DoubleStoch_v2.ex4   5 KB | 1,976 downloads
  • #2
  • Feb 26, 2008 1:55am Feb 26, 2008 1:55am
Awesome man, thanks for sharing with us. I'll definitely have to give it a go, but it seems to serve those in the "intermediate" time frames of 30m-4hr more than those of us that like to look at 1 day and higher time frames.
Never underestimate the powers of the Force.
  • #3
  • Feb 26, 2008 2:18am Feb 26, 2008 2:18am
Excellent indicator. Much appreciated my friend.
  • #4
  • Sep 3, 2008 6:35am Sep 3, 2008 6:35am
Fixed so it won't wipe all the other objects from the chart...
Attached File(s)
File Type: ex4 BH_DoubleStoch_v2.ex4   5 KB | 1,505 downloads
  • #5
  • Oct 8, 2008 8:47am Oct 8, 2008 8:47am
would you mind share your BH_DoubleStoch_v2 code ?
or can you make it to overbrought and oversold level as user parameter and giving alert?
  • #6
  • Oct 8, 2008 4:02pm Oct 8, 2008 4:02pm
soul, just use the code for the Double-Smoothed Stohastic that is available, and add your own alerts.

Sometimes its not easy to find, so here it is.
Attached File(s)
File Type: mq4 DoubleSmoothStochastic.mq4   5 KB | 2,125 downloads
  • #7
  • Oct 9, 2008 3:01am Oct 9, 2008 3:01am
Quoting codobro
soul, just use the code for the Double-Smoothed Stohastic that is available, and add your own alerts.

Sometimes its not easy to find, so here it is.
thanks , let me amend and use
  • #8
  • Oct 10, 2008 6:08am Oct 10, 2008 6:08am
codobro,

there are 3 parameters in your indicator, yet it is different with the DH_Stoch V2 parameters.

could you give me a hints which parameters works the same with DH_Stoch V2 ?
  • #9
  • Oct 10, 2008 1:53pm Oct 10, 2008 1:53pm
soul,

The indicator posted by charlinks creates a graphic object around the High and Low of the area he mentioned. These will not show as buffers, and so they are different than the actual Bressert stochastic.
I have given you code for one so you may put an alert in overbought/oversold as you wanted.

I do not know for sure, but I would assume from his description of NewsTraderFX's method that he flags where the DSS goes over 80. Then when it re-enters he creates a graphic object around the high/low of the bars until it returns from 80.

I would be interested in viewing the code, if charlinks wouldn't mind sharing it
  • #10
  • Oct 19, 2008 1:21am Oct 19, 2008 1:21am
Quoting charlinks
Here is an indicator that will mark stochastic areas on your chart. Based off of NewstraderFX's double stochastics idea.

Here is his idea in a nutshell... You are looking for the stochastics going above 80 (overbought) or below 20 (oversold) twice in a row.

You are also looking for areas where the second overbought area has a lower high (or oversold area has a higher low).

The idea is that after that you will see a significant correction. Works better in the higher timeframes.

So this indicator will mark the overbought / oversold areas and link the higher highs / lower lows with a line so you can clearly identify an area where you can expect significant reversal.

Try GBP/JPY daily / H1...

for lower timeframes (M5) it will not work as good but is still a good confirmation.

Enjoy!
Hi
Im using this indicator with DeMark trend lines. And its a ctually a very good visual indicator. If you draw your trend lines/channels and S/R lines + confirm with demark and get this indicator I think it works OK. Below is an example of the AUDUSD trade I took on Friday. I entered on the bounce from the trend line on the 1 hour chart. I moved the stop forward to lock profits in and if I dont get stopped out I want to follow it through as much as I can. Target 0.7420 - 0.7490 based on the 4 hour chart.

In addition I also use Stochastic 14-3-3 or 8-3-3 which works well for me. I also use a MACD and the momentum indicator, yes I know they are lagging, yes I know they crowd up the screen so I got myself a 32" screen BUT also it does give me more confidence what can I say!

hope it helps
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.JPG Size: 35 KB
  • #11
  • Oct 20, 2008 2:02am Oct 20, 2008 2:02am
very interesting visual indicator
  • #12
  • Oct 20, 2008 11:48am Oct 20, 2008 11:48am
Quoting codobro
soul, just use the code for the Double-Smoothed Stohastic that is available, and add your own alerts.

Sometimes its not easy to find, so here it is.
can you add sound alert (Buy or sell)
  • #13
  • Oct 24, 2008 1:40pm Oct 24, 2008 1:40pm
Quoting drbastem
can you add sound alert (Buy or sell)
we do hope charlinks can come back and share the code of it
  • #14
  • Oct 24, 2008 3:19pm Oct 24, 2008 3:19pm
here you guys go... it's free for you to have/modify/whatever you want

It will only cost you casting your vote for this cool video I think everyone should see:

http://www.forexfactory.com/news.php?do=news&id=119377
Attached File(s)
File Type: mq4 BH_DoubleStoch_v2.mq4   3 KB | 1,834 downloads
  • #15
  • Oct 24, 2008 4:07pm Oct 24, 2008 4:07pm
Quoting charlinks
here you guys go... it's free for you to have/modify/whatever you want

It will only cost you casting your vote for this cool video I think everyone should see:

http://www.forexfactory.com/news.php?do=news&id=119377
I have it on my charts since a week or so (the EX4 code), I didn’t know where it’s coming from, but now at the end I have a chance to say thank you for that great work, I found it very reliable on the 1H chart and made some good trades based on it, but I use it at the 5M as well.

There are some false signals, or better let’s say the signals are good but the price doesn’t do what it supposed to but you can filter some of them on higher TF signals and some knowledge of fibs, R&S, pivots etc.

It would be even better if there would be an alarm (Pop up and email) and the possibility to change the color according to the main chart color, no more changes than that for my opinion because it works well.
Thank you again
  • #16
  • Oct 26, 2008 1:20pm Oct 26, 2008 1:20pm
Thank you charlinks for the code and the video. I will take a look at it

thank you for sharing dfxclub, when I have time I will see about some form of alert if no one else does.
  • #17
  • Oct 27, 2008 8:50am Oct 27, 2008 8:50am
Quoting codobro
Thank you charlinks for the code and the video. I will take a look at it

thank you for sharing dfxclub, when I have time I will see about some form of alert if no one else does.
thx codobro.... It's not simply add Alert(".....")
i add in the code between CreateObj ....Yet it prompt alert all the times!
  • #18
  • Feb 16, 2009 9:48am Feb 16, 2009 9:48am
thanks for this stoch it's a very good indicator. pls can you code rsi to look like this on the chart? i will appreciate.
  • #19
  • Feb 16, 2009 5:35pm Feb 16, 2009 5:35pm
Quoting cobraforex
I have it on my charts since a week or so (the EX4 code), I didn’t know where it’s coming from, but now at the end I have a chance to say thank you for that great work, I found it very reliable on the 1H chart and made some good trades based on it, but I use it at the 5M as well.

There are some false signals, or better let’s say the signals are good but the price doesn’t do what it supposed to but you can filter some of them on higher TF signals and some knowledge of fibs, R&S, pivots etc.

It would be even better if there would be an...
hi, Corba, could you show this cases of false signals, false breakouts, etc. - what signals you meant, please?
  • #20
  • Dec 4, 2009 10:54am Dec 4, 2009 10:54am
Thank You charlinks

Could someone compile this indicator to .mq5?

Thanks.
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