I don't trade much with indicators, but i would say that using the defaults are probably quite robust, also if there is any self fulfilling prophecy to it it should be on default as that's what most people would use. If you end up optimizing the parameters for each time frame and each pair, your going to end up curve fitting which will almost guarantee your losses.
agreed with MeiHua. i do use indicators, but tend to leave the common settings - cuz as said it ends up being a self-fulfilling prophecy. and yup, once you start tweaking, you tweak it to match ONE set of price curves but that causes it to clash with another set of price curves, and then you have to re-tweak. your brain suffers, as does your equity.
and obviously, the best indicator is the one that's always there - the price. the best settings are what your own psyche is most comfortable with. 5min? 1hr? daily? yes, they're all 'good', but only one is 'right' for you and your style of trading.
I use standard settings (14,3,3) on all those timeframes too.
Checking them from a multiple time frame analysis perspective can give you solid entry - exit points!
But do yourself a favor and don't trade the stochastic signals, trade PRICE ACTION with confirmation from indicators...
Like a bearish engulfing on H4 while stochastics is still on overbought is a setup I would take, I wouldn't wait for
stochastics to retrace from the overbought territory! It may be too late...
Actually I just wrote a post today regarding much of the same thing from spiperman, someone was asking how to use oscillators (stochs, macd, rsi) to trade ranges. I gave a full analysis and showed how price and volume lead the indicator. it was just a standard MACD with default settings trading the USDJPY. But you can see here the lag is at least 3 bars. That may cost you in some situations, but here its ok. IF price runs away on you then your going to end up with a bad entry and chasing the train after it already left the station.
Here is the screenshot i took for it you can read the whole link below.