The Wallaby indicator for MT4 is based on the popular Stochastic indicator developed by George C in the 1950s.
Extreme signal readings can be found at 80 (overbought) and 20 (oversold).
It’s designed to trade pullbacks with tight stop-losses in trending markets or to identify price and indicator divergences.
BUY: In up trending markets – Look for oversold readings around 20.
SELL: In down trending markets – Look for overbought readings around 80.
Use in conjunction with other technical indicators to identify the primary trend.
Configurable Indicator Options
KPeriod, DPeriod,Slowing, Timeframe 1, Timeframe 2, Timeframe 3
AUD/NZD 15 Min Chart Example
How to install the Wallaby custom indicator in Metatrader 4?
- Download the Wallaby.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.