StochV Melpheos Indicator in MetaTrader 4 – Free Download [TradingFinder]

The StochV Melpheos Indicator is designed for the MetaTrader 4 platform and is one of the advanced versions based on the stochastic structure.

The purpose of this indicator is to focus on identifying overbought and oversold conditions in the market and to provide accurate visual signals for trade entries and exits.

The combination of oscillatory structure and numeric display system enables traders to easily identify trend reversal points on the chart.

StochV Melpheos Indicator Table

The general specifications of the StochV Melpheos Indicator are presented in the table below.

StochV Melpheos Indicator at a Glance

The performance of the StochV Melpheos Indicator is defined based on comparing the closing price with the price range over a trading period. These calculations lead to the plotting of an oscillatory line within significant levels in overbought and oversold areas.

This trading tool, in addition to real-time display of market conditions, allows quick detection of price reversal points. Its main feature is the display of colored numbers on the chart:

• Green Numbers: Buy signal
• Purple Numbers: Sell signal

Note: These numbers act only as markers and play an important role in confirming the moment the indicator line crosses overbought and oversold zones.

Indicator in Bullish Trend

The price chart below shows the USD/CAD currency pair in a 5-minute timeframe.

When the indicator line exits the oversold zone, a green number is displayed on the chart. This situation indicates that sellers have lost their pressure and the market flow is shifting towards demand.

The continuation of upward movement in line with the green numbers confirms the start of a bullish trend or upward price correction.

Indicator in Bearish Trend

The image below shows the Gold Spot Index (XAU/USD) in a 1-hour timeframe.

When the indicator line moves downward from the overbought zone, a purple number appears on the chart. This mark indicates a decline in buyer strength and the entry of sellers. Stabilization of the indicator’s bearish movement reinforces the probability of forming a downward trend or a bearish correction.

StochV Melpheos Indicator Settings

The image below shows the settings of the StochV Melpheos Indicator in MetaTrader 4:

Fast_Stoch_Settings

• K1: Number of K periods in fast stochastic
• D1: Number of D periods in fast stochastic
• S1: Signal smoothing value in fast stochastic
• M1: Averaging range in fast stochastic
• Price_Field1: Type of price data used

Medium_Stoch_Settings

• K2: Number of K periods in medium stochastic
• D2: Number of D periods in medium stochastic
• S2: Signal smoothing value in medium stochastic
• M2: Averaging range in medium stochastic
• Price_Field2: Type of price data used for medium stochastic

Slow_Stoch_Settings

• K3: Number of K periods in slow stochastic
• D3: Number of D periods in slow stochastic
• S3: Signal smoothing value in slow stochastic
• M3: Averaging range in slow stochastic
• Price_Field3: Type of price data used for slow stochastic

Case1_Filtering_Settings

• Show_Case1: Display or activation of case 1 filtering
• OSOB_Fast_Stoch1: Overbought/oversold level for fast stochastic
• OSOB_Med_Stoch1: Overbought/oversold level for medium stochastic
• OSOB_Slow_Stoch1: Overbought/oversold level for slow stochastic
• Medium_Stoch_Speed_Filter1: Signal speed filter in medium stochastic
• Slow_Stoch_Speed_Filter1: Signal speed filter in slow stochastic
• MA_Filter_Period1: Moving average filter period for signals

Case2_Settings

• Show_Case2: Display or activation of case 2
• OSOB_Fast_Stoch2: Overbought/oversold level of fast stochastic in case 2
• OSOB_Med_Stoch2: Overbought/oversold level of medium stochastic in case 2
• OSOB_Slow_Stoch2: Overbought/oversold level of slow stochastic in case 2
• Medium_Stoch_Speed_Filter2: Medium stochastic speed filter in case 2
• MA_Filter_Period2: Moving average filter period in case 2
• MA_Speed_Filter2: Moving average speed filter in case

Case3_Settings

• Show_Case3: Display or activation of case 3
• OSOB_Fast_Stoch3: Overbought/oversold level of fast stochastic in case 3
• OSOB_Med_Stoch3: Overbought/oversold level of medium stochastic in case 3
• OSOB_Slow_Stoch3: Overbought/oversold level of slow stochastic in case 3
• Medium_Stoch_Speed_Filter3: Medium stochastic speed filter in case 3
• Slow_Stoch_Speed_Filter3: Slow stochastic speed filter in case 3
• MA_Filter_Period3: Moving average filter period in case 3
• MA_Speed_Filter3: Moving average speed filter in case 3

Case4_Settings

• Show_Case4: Display or activation of case 4
• OSOB_Fast_Stoch4: Overbought/oversold level of fast stochastic in case 4
• Super_OSOB_Filter: Special overbought/oversold filter
• MA_Filter_Period4: Moving average filter period in case 4
• MA_Speed_Filter4: Moving average speed filter in case 4
• Use Alert: Activation of system alert
• Use Mail Alert: Email alert disabled

Conclusion

The StochV Melpheos Indicator is a visual tool for analyzing short-term and long-term trends in MT4.

The numeric and colored display of signals enables traders to examine price reversal points with more clarity and identify suitable zones for entering buy and sell trades in overbought and oversold conditions.