StochV Melpheos Indicator in MetaTrader 5 – Free Download [TradingFinder]

The StochV Melpheos Indicator has been developed for the MetaTrader 5 platform and operates based on the stochastic structure.

This tool accurately identifies overbought and oversold conditions and generates visual signals for trade entries and exits.

By combining oscillatory movements with a numeric display system, it allows traders to recognize trend reversal points directly on the chart, simplifying market analysis.

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 based on comparing the closing price with the price range within a trading period.

The outcome of these calculations is an oscillatory line moving between critical levels in overbought and oversold zones.

This trading tool, in addition to showing real-time market status, quickly identifies price reversal points by displaying colored numbers on the chart:

• Green numbers: Buy signal
• Purple numbers: Sell signal

These numbers act as visual markers, confirming when the indicator line crosses the overbought and oversold zones.

Indicator in a Bullish Trend

The price chart below shows the BNB cryptocurrency index on the 5-minute timeframe.

When the indicator line exits the oversold zone upward, a green number appears on the chart. This indicates weakening selling pressure and a gradual market shift toward demand, highlighting a suitable zone for buy trades.

Indicator in a Bearish Trend

The chart below shows the AUD/USD currency pair on the 5-minute timeframe.

When the indicator line drops from the overbought zone downward, purple numbers appear on the chart. This indicates a decline in buying strength and generates a signal for sell trades.

StochV Melpheos Indicator Settings

The image below displays the settings panel of the StochV Melpheos Indicator in the MetaTrader 5 platform:

Fast_Stoch_Settings

• K1: Number of K periods in Fast Stochasti
• D1: Number of D periods in Fast Stochastic
• S1: Signal smoothing value in Fast Stochastic
• M1: Averaging period in Fast Stochastic
• Price_Field1: Price data type used

Medium_Stoch_Setting

• 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 period in Medium Stochastic
• Price_Field2: Price data type used in 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 period in Slow Stochastic
• Price_Field3: Price data type used in Slow Stochastic

Case1_Filtering_Settings

• Show_Case1: Display or activate 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 signal

Case2_Settings

• Show_Case2: Display or activate Case 2
• OSOB_Fast_Stoch2: Overbought/Oversold level for Fast Stochastic in Case 2
• OSOB_Med_Stoch2: Overbought/Oversold level for Medium Stochastic in Case 2
• OSOB_Slow_Stoch2: Overbought/Oversold level for Slow Stochastic in Case 2
• Medium_Stoch_Speed_Filter2: Speed filter in Medium Stochastic Case 2
• MA_Filter_Period2: Moving Average filter period in Case 2
• MA_Speed_Filter2: Moving Average speed filter in Case 2

Case3_Settings

• Show_Case3: Display or activate Case 3
• OSOB_Fast_Stoch3: Overbought/Oversold level for Fast Stochastic in Case 3
• OSOB_Med_Stoch3: Overbought/Oversold level for Medium Stochastic in Case 3
• OSOB_Slow_Stoch3: Overbought/Oversold level for Slow Stochastic in Case 3
• Medium_Stoch_Speed_Filter3: Speed filter in Medium Stochastic Case 3
• Slow_Stoch_Speed_Filter3: Speed filter in Slow Stochastic Case 3
• MA_Filter_Period3: Moving Average filter period in Case 3
• MA_Speed_Filter3: Moving Average speed filter in Case 3

Case4_Setting

• Show_Case4: Display or activate Case 4
• OSOB_Fast_Stoch4: Overbought/Oversold level for 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: Enable system alerts
• Use mail Alert: Disable email alerts

Conclusion

The StochV Melpheos Indicator on MetaTrader 5 acts as a visual tool for analyzing both short-term and long-term trends.

By combining numeric and color-coded signals, it enables more precise identification of price reversal points and highlights overbought and oversold zones to determine suitable areas for buy and sell trades.