[B]Droesparky and Andy[/B]
Have another look at POST #10 above, and click the link to
“Spuds Stochastic Thread Theory”
The owner of this Intellectual Property, Spudfyre, has given not only the values he uses, but a totally amazing insight into the way to use the resultant MTF image in determining entry and exit.
This gentleman deserves much more recognition than I am able to afford him in this humble way, and I hope he is acknowledged and rewarded for sharing that insight publicly in the interests of helping fellow traders.
I am unsure how this would construct on other than MT4 platforms, but this is how to do it: (one method - I hope you are able to write an EA for it Andy)
Firstly, open a window for the 5-3-3 Stochastic on any chart - Spudfyre uses the 1H chart, but the MTF Stochs will appear in ANY TF after is it saved as a template - not just the one in which it was constructed.
On the top tool-bar click the following in order:
Then a window opens with “Parameters” as the default.
The default settings are 5-3-3
Click “OK” and you now have a new window, with the 5-3-3 Stochastic visible. To make all of this easier to view, I zoom right in to about an 8 hour timeframe using the 1H bars.
[While thinking about this just now, I realised we do NOT need the signal line.
So I propose varying Spudfyre’s original parameters, for the benefit of this project, to 5-1-3. This will give the Stochastic the appearance of a single line, but dotted with the colours of both the MAIN line and the SIGNAL line.
To overcome this, simply colour BOTH lines the same colour. This can be done through experimentation in the “Colors” tab in the “Parameters” window. Read all the way through these instructions first though, because we will be setting colours according to a fairly structured plan.]
Then go to “Navigator” and make certain you are in the “Common” window and not the “Favorites” window. Just needed to mention that as it was a stumbling block for me when I first manually built this on my own MT4 platform. The “Common” tab should open as the default.
The rest is a piece of cake. But only if you get this next step right!
BTW “Navigator” can be found under: “View” on the top toolbar if you had previously closed it out to obtain more screen real estate.
In “Navigator” expand the “Indicators” link (click on the “+”) and find (right near the bottom of the drop-down list) “Stochastic Oscillator”.
Left click and hold the mouse on the name (or the “f” symbol will do the same) and DRAG the icon (appears ghosted - dotted) into the first Stochastics window.
The "Parameters window should again open up instantly as you release the left mouse button. The only value that needs changing is the “%K” period.
The values are consecutive so once you have done this procedure a few times, each time going back to “Navigator” and dragging a new “Parameters” screen onto the build window, it becomes a simple matter to simply raise the “%K” value by one, keeping the “%D” period at “1” and “Slowing” value at “3” throughout.
Continue until all 18 stochastic %K lines from 6 to 24 are added to the one window … using 6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24 all in one indicator window.
Each stochastic is 6-1-3; 7-1-3; 8-1-3 and so on.
“Colour 6 to 13 thin blue - these are our Lower Time Frame Stochastcis and will be called LTFS (Lower Time Frame Stochastics = SHORT TERM).”
He also recommends: “Colour 14 thick red - 14 plays an important role and you’ll probably see why I switched to 14,3,3 after you see this. This is our Base Stochastic and is called naturally the BS line. So when it’s done we can say, “That dang BS line messed me up!” with all honesty.”
Please use “14-1-3” and not “14-3-3” otherwise that signal line will appear and clutter the scene.
It would be good to note here that if using Spudfyre’s BS (Base Stochastic) Line, it might be worth experimenting with a third colour to make that 14-1-3 line stand out.
At least he recommends changing this particular line to a THICKER line (done through the “Colors” Tab, and selecting the third or fourth line from the far-right drop-down option box.)
Stochastics 14-to-24 are coloured RED, and represent the Higher Time Frame Stochastics = LONG TERM.
Provided I have left nothing out, the process should be fairly straightforward.
Please forgive my patronising approach to writing this stuff - I always aim for the newby in the group, who is not skilled with this stuff. I have many painful memories of struggling with instructions, and a lot of wasted time simply because I did not understand the jargon used. That’s why I tend to over-simplify rather than assume we are all on the same page.
A big thanks mate for your offer to adapt this - try to post a couple of variations in colour if you have the time. It is something I have not experimented with, and I am certain the judicious use of colours would make the trading decisions much easier, as developing trends “pop” out of the page at you when the visuals are clear.
With best wishes