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Stochastic Multi-Timeframe (MTF) Indicator for MT4

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Stochastic oscillator is a very popular indicator among traders. Here you will not only find the explanation of what it is and how to use it, but you will also be able to download Stochastic Multi-Timeframe (MTF) indicator for MetaTrader 4 to help your trading.

What Is Stochastic Oscillator?

Stochastic oscillator is a momentum indicator.

Traders have been using stochastic for over a half a century and even so, it is still very popular.

Being a momentum indicator, stochastic is useful to understand if a trend is exhausting.

Stochastic is the result of the comparison of the price over a specific period of time.

The value of the indicator fluctuates between 0 and 100.

Stochastic indicator's graph includes two lines:

Main line, which is the value of the indicator calculated with the formula presented below.
Signal line, which is the moving average of the main line on a specified period; it helps in smoothing the changes.

Stochastic Oscillator Formula

The mathematical formula for the stochastic oscillator is:

%K = ((C - LX) / (HX - LX)) × 100

Where:

C is the close price.
LX is the lowest price in the previous X candles.
HX is the highest price in the previous X candles.
%K is the stochastic's value of.

How to Use Stochastic Oscillator?

As mentioned earlier, the stochastic value is ranging between 0 and 100. Stochastic includes the main and the signal lines.

When studying this indicator, you usually consider:

Stochastic above 80 means that the price is overbought, so it will probably retrace or consolidate.
Stochastic below 20 means that the price is oversold, so it will probably rise or consolidate.
When the main line crosses the signal line, upwards or downwards, there is probably a change in the trend.

While those are common behavior traits, there are also exceptions with this oscillator.

In fact, not always a line cross would mean that the price will change its direction.

Also, in case of a strong trend, stochastic can remain in an overbought or oversold area for an extended period of time.

Stochastic Oscillator Indicator in MetaTrader

MetaTrader includes stochastic oscillator as one of the default indicators. It is available in the Oscillators section.

Since there is no alert options, we created an enhanced version of the indicator so that you could receive notifications when the price is oversold or overbought and when there is a cross of the main and signal lines.

Stochastic Multi-Timeframe Indicator for MetaTrader

When you do technical analysis, it is sometimes easy to forget to check the bigger picture.

Often, we focus on a specific chart and timeframe and we don't consider what is happening on a larger scale.

This can also happen when we check stochastic indicator.

We might be checking the value on an M30 chart and it looks oversold. However, checking the indicator on an H4 chart tells us that the pair is perhaps in an overbought area.

Stochastic Multi-Timeframe indicator for MT4 was made to solve this issue specifically.

This multi-timeframe (MTF) indicator makes it easy to monitor stochastic oscillator across all the selected timeframes.

You can see the value of the main line and its recent trend for every timeframe in a small table on a single chart.

MT4 Stochastic Multi-Timeframe (MTF) Interface

How to Use Stochastic Multi-Timeframe for MetaTrader?

Stochastic Multi-Timeframe indicator for MT4 can show you whether stochastic is currently in an overbought or oversold area for all timeframes.

At the same time, the indicator can show you the trend of the main line — whether it is higher or lower than before.

Furthermore, you can also see if the main line crossed the signal line recently.

The indicator includes the following features:

Alert when all the timeframes are in the same area (overbought/oversold).
Notification if there is a change in the status, going overbought, oversold, or back to the range.
Selection of the timeframes — you can decide to include or ignore specific timeframes.
Notifications to mobile, email, and on screen.

Download Stochastic Multi-Timeframe for MetaTrader

How to Download MT4 Stochastic Multi-Timeframe Indicator?

You can download for free MT4 Stochastic Multi-Timeframe indicator with the link below and install it by following the provided instructions.

The installation is very easy to perform, so is the use.

Once you run the indicator, you can set Stochastic parameters, select timeframes, and configure alerts via its input parameters.

➥ Download MQLTA MT4 Stochastic Multi-Timeframe

MT4 Indicator Installation Instructions

To install the MT4 Stochastic Multi-Timeframe indicator, please follow the instructions below:

Download the indicator archive file.
Open the MetaTrader 4 data folder (via File→Open Data Folder).
Open the MQL4 Folder.
Copy all the folders from the archive directly to the MQL4 folder.
Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

For a more detailed instruction on how to perform the installation and a tutorial video please visit this page.

Conclusion

Even if stochastic oscillator is over 50 years old, it is still worth looking at from time to time. It is a momentum indicator that can help you in spotting overbought and oversold situations and act accordingly.

Stochastic Multi-Timeframe indicator for MT4 allows you to see the status of the oscillator across all timeframes. This way, you can have a better understanding of the overall market situation.

You can open a trading account with any of the MT4 Forex brokers to freely use the indicator for MetaTrader 4 presented here.

If you would like to see other multi-timeframe indicators, you can read our guide on MTF indicators.

The concept of reward to risk and the risk:reward ratio are important principles in trading, yet very few traders know how to use them correctly. The risk:reward ratio principles allow a trader to adjust and filter the trades he is about to take in a way that can give him a better expectancy. But let’s start from the beginning and explore the risk:reward ratio step by step and give you a comprehensive overview.

What is the risk:reward ratio (RRR)?

Basically, the risk:reward ratio puts the potential reward and the potential risk of a single trade into a relationship and provides you with a ratio.

For example, a trader who wants to enter a long trade on Gold with a 7 points stop and a 21 points take profit target, has a potential risk:reward ratio of 3:1 because his potential profit is three times the size of his potential loss.

The key word here is ‘potential’ and we will soon explore how traders can avoid some common and harmful problems when it comes to using the risk:reward ratio.

Avoid optimism when you get into a trade

A common mistake many traders make is that they arbitrarily pick a very distant take profit level or use a stop loss that is too tight just to create a larger risk:reward ratio. Of course, this leads to two problems and eliminates all the potential benefits the risk:reward ratio has: first, price can’t reach the overly optimistic target levels or and you give back profits and, secondly, price takes out the too conservative stop loss and then continues onto the profit level leaving you with nothing behind. In both cases, the trader has created the illusion of a potentially lucrative trade just to find out that his order manipulation cost him the trade.

Stop Loss Disclaimer: The placement of contingent orders by you or broker, or trading advisor, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Very often, traders use the large potential ratio to reason themselves into a trade they shouldn’t be in and they take the potential large payoff as an excuse to bend their rules. Before you are about to enter a trade, pause for a few moments and make sure that (1) you have set your orders in a realistic way and (2) you are not violating your rules.

Tip: find weaknesses in your trading with the Risk:Reward Ratio

To get a better feeling for how well you choose your order levels and set your risk:reward ratio, it’s advisable to go through your past trades and compare your potential risk:reward ratio you were aiming for at your entry and the final risk:reward ratio when you closed your trade. Large discrepancies can signal problems in the way you choose trades, set orders, or manage your exits.

The risk:reward ratio threshold and positive expectancy

Another good way to use the RRR is as an entry threshold; if you know your historic winrate, you can use this information to find your required RRR. For example, a trader with a historic winrate of 60% should avoid trades with a RRR less than 1.67 because they might give him a negative expectancy. A trader with a winrate of 55% can take trades as long as they have a risk:reward ratio greater than 1.8, if he acts within the scope of his system. The table below shows you the winrate and risk:reward ratio threshold.

Historic winrate	Required RRR
40%	2.5
50%	2.0
55%	1.8
60%	1.6
70%	1.4

The formula to calculate the required risk:reward ratio is: (1 / winrate)

As long as the trader only takes trades that are above this risk:reward ratio threshold, he puts himself in a much better position. Of course, he will still lose trades and losses can’t be avoided, but he can tilt the odds more in his favor from a statistical standpoint.

Adjust risk:reward ratio based on context – risk:reward ratio is not static

Another overlooked principle is that the RRR is never static and has to change on a trade to trade basis. Traders often try to use shortcuts and set fixed rules for their take profit and stop loss orders to come up with the same risk:reward ratio every time.

However, the way you place your profit and stop orders has to change based on the chart context. If price is about to run into a support area, you should consider setting your profit target ahead of the level and reduce the likelihood of price missing your target; if price is near a resistance level, you can set your stop at the other side to add another barrier between price and your stop.

Always using the same amount of points for your stop can quickly lead to problems when you don’t take support/resistance or other chart factors into context. Also, when you don’t adjust your profit target based on the price chart in front of you at that moment, you can easily make the mistake of placing the order at a strategic bad and hard to reach areas.

Thus, instead of using a fixed risk:reward ratio with fixed rules for your stop and target, work with a risk:reward ratio threshold instead and adjust your orders based on the actual price charts and the price context. The risk:reward ratio is a concept that can help traders potentially make better decisions and put the odds in their favor when the trader knows the weak spots and understands to avoid the common problems.

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

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Stochastic Multi-Timeframe