The SSTO (Slow Stochastic Oscillator)
(Revised July 03, 2011)
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In these tutorials I will discuss what to do when you visually look at a technical indicator or oscillator on a chart, I won't discuss math jargon or history, I think it's more important to know how to react at a glance (what is the chart saying), therefore only consider this an introduction in brief based on my opinion.  You should educate yourself further if interested. The charts used are not invitation to buy or sell, and are used only for example purpose.
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Intro
The Slow SSTO is designed to find oversold and overbought conditions.  It is preferred over the Fast SSTO because of the smoother lines which give less false "buy & sell" signals (as seen below). Most commonly people set the SSTO to a 5, 14 or 21 time period.  The time period settings depend on whether you prefer to get small price swing signals or by increasing the time period then only information of important trend reversals will be indicated.
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So how does it work?
It works very similar to the "Williams %R" indicator (see Williams); with an oversold line at 20 and an overbought line at 80.  However the SSTO is made up of two lines that move and cross over each other.  One is called the %K (fast) and one called %D (slow). These lines will give more precise information on when to "buy or sell". 
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Buy Signal is when both %K & %D  are below the oversold (20) line and rising to cross over the (20) line. You will notice the %D line should be below the %K line at this point.
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Sell Signal is when both %K & %D  are above the overbought (80) line and then falls below the (80) line. You will notice the %D line should be above the %K line at this point.
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Using the SSTO to spot a trend & one that is breaking:
To spot a trend or a breaking one; you will draw a line on the chart from a low to a lower low (or a high to a higher high) then directly below draw a trend line on the SSTO indicator.  If the lines travel in the same direction then likely the trend will continue.  If they travel in  opposite directions  then the trend is likely to break as seen in the chart above. 
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So what do I think?
I think the SSTO is the BEST indicator to use to find an oversold market or a trend that is about to break.  I think the %K %D crossings gives a fairly reliable "buy and sell" signal.  The danger is reading a false signal when there is a strong trend present  therefore the "buy or sell" signal should be confirmed by the SSTO crossing  the 20/80 line. 
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As with all charts and technical indicators you need  to pick a time frame and stick to it.  Don't pick one and trade in another.
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IMO, not one technical indicator should be used by itself.  The more indicators that line up to confirm the signal the better chances your trade will succeed.
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Good luck on all your trades and or investments
And happy capitalism