Double Smoothed Stochastic Metatrader 5 Forex Indicator

The Double Smoothed Stochastic is a momentum Metatrader 5 forex indicator that compares the closing price of a currency pair to the range of its prices over a specified period of time.

Reducing the value of the stochastic period (a variable within the inputs parameter), reduces the sensitivity of the oscillator.

The general idea behind the Double Smoothed Stochastic forex indicator is that in an upward trending market, price tends to close near the peak, likewise, in a downward trending market, price closes near the low.

Furthermore, the indicator identifies overbought and oversold levels, because it is range bound.

The range is from -1 to 101, and stays constant irrespective of how fast or slow a currency pair advances or declines.