Step Stochastic Indicator

Step Stochastic Indicator

Step Stochastic Indicator for MT5 provides bullish and bearish forex trading signals using ATR and MA, shows price volatility and trend direction.

The Step Stochastic indicator for MT5 uses a moving average and average true range to determine market volatility and trend direction. Moreover, it provides potential stop loss points based on ATR values. Forex traders can use it as a standalone indicator that shows volatility, trend direction, entry and exit trading signals.

The indicator is easy to use and useful for both new and experienced Forex traders. In addition, this indicator does not redraw after the candle closes.

It works on all timeframes of intraday charts and above. However, the indicator provides limited trading signals and is best suited for intraday trading.

Step Stochastic Indicator For MT5 Trading Signals

The indicator displays a gray line of ATR and moving average in the indicator subwindow on the price chart. The trading strategy is based on the intersection of two lines to determine entry points and trend direction.

If the indicator turns blue, it indicates the start of a potential bullish market trend. Thus, traders can enter the market with a buy trade and place a stop loss below the ATR line. Likewise, when a downward crossover occurs and the color changes to pink, Forex traders should consider entering a sell position with a stop above the ATR line. The indicator does not provide a profit target, so traders should exit the trade if there is an opposite trading signal.

Traders should note that the distance between two lines indicates market volatility. A larger distance indicates increased volatility, while a smaller distance indicates decreased volatility. Thus, traders using volatility-based trading strategies can benefit from this indicator.

Conclusion
Thus, Step Stochastic Indicator for MT5 is a volatility based forex indicator that provides trading signals based on the crossover of ATR and MA.