The Stochastic Expansion indicator for MT4 is a modified version of the well known Stochastic Oscillator.
It is being used to identify oversold and overbought levels.
BUY: In uptrends: Wait for the blue line to cross above the 0 level.
SELL: In downtrends: Wait for the red line to cross below the 0 level.
Use in conjunction with trend analysis indicators/tools to determine entry signals. (avoid ranging markets)
GBP/USD Daily Chart Example
How to install the Stochastic Expansion custom indicator in Metatrader 4?
- Download the Stochastic Expansion.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.