AWE indicator for Meta Trader 4
AWE (Alternate Wave Equality - Equality alternating waves).
This indicator is written on the basis of the Elliott Wave Theory and Fibonacci levels.
The actual calculation of the Elliott Wave will be known only after the waves have formed a combination that is most often of little use to the trader, even if the calculation is correct. As traders, we strive to find the point of entry into a market where there is a high probability that the market will go in one direction and not in another. Furthermore, we tried to minimize the risk of our finding entry point into the model so that the difference between this level and the input level of rejection of the model was as low as possible.
Often overlooked a key component of the Elliott Wave Principle is that the alternating waves are related in a geometric shape. Alternating waves correlated to the geometric shape, provide a key to the structure of the market, based on a simple relationship of equality.
The practical benefit for traders is that AWE-Elliott pattern is repeated constantly. This indicator depicts four types of AWE-Elliott model, for the last three fractals and displays its name:
- Bullish momentum
- The bullish correction
- Bearish momentum
- Bear adjustment
- No signal
Simultaneously displays six levels (marks), and approximately the number from which the bar will rebound:
- The first 3 levels (blue). In the range of 1-3 is expected to rebound, and roughly indicate the number of bars that will rebound from the last account is fractal.
After the formation of the price wave went into the interval 1-3 witnessing a rollback to the last bar, ie Low or High fewer Close More Close. Go to the lower time frame and waiting for the formation of a fractal that is a confirmation of the rebound. Open position. StopLoss put a lower (higher) level 3.
- Second Level 3 (yellow). Our goal between levels 1-3. Taking profit, similar to the open position.
Provided fixing wave selected time frame, ie, on any time frame will be displayed the same wave. Non-TF 1 - 9.
This indicator was developed and written by me personally. I am ready to answer any of your questions. When correspondence must indicate the number of purse payment.