WaveTrend Simple Oscillator [NinjaDawgz]
Building on my previous I've attempted to distill everything down into its simplest form. All you need is to understand what the oscillator is telling you!
Oscillator line crosses will trigger a signal and are colored in the respective direction for clarity.
At its very basic usage, you can sell signals once they're oversold/overbought. Anything above/below the double lines are considered extreme. Using money management and standard trading techniques, like waiting for price to break the high/low of the triggering bar, will yield significant risk:reward ratio's that are profitable.
More advanced usage are using pattern recognition for both reversal and continuation signals. Any pair of opposite signals within a few bar's are powerful continuation signals.
Highly advanced usage is to find Elliot Wave patterns (mainly corrective patterns like flats but any pattern) in the oscillator itself, as well as leveraging the oscillator to identify corrections on chart. Finally, the oscillator will give you the (sub)pattern completion by printing a signal on oscillator.
This works for any security on any timeframe.
Oscillator line crosses will trigger a signal and are colored in the respective direction for clarity.
At its very basic usage, you can sell signals once they're oversold/overbought. Anything above/below the double lines are considered extreme. Using money management and standard trading techniques, like waiting for price to break the high/low of the triggering bar, will yield significant risk:reward ratio's that are profitable.
More advanced usage are using pattern recognition for both reversal and continuation signals. Any pair of opposite signals within a few bar's are powerful continuation signals.
Highly advanced usage is to find Elliot Wave patterns (mainly corrective patterns like flats but any pattern) in the oscillator itself, as well as leveraging the oscillator to identify corrections on chart. Finally, the oscillator will give you the (sub)pattern completion by printing a signal on oscillator.
This works for any security on any timeframe.
เอกสารเผยแพร่:
Added some basic continuation signal plots.
Also created alert conditions so you can set alerts on obvious patterns.
Minor adjustment to aggressive mode.
Also created alert conditions so you can set alerts on obvious patterns.
Minor adjustment to aggressive mode.
เอกสารเผยแพร่:
With 12 months of usage I've adjusted and simplified things even further to be as clean and easy to use as possible.
The defaults more than suffice but feel free to play with the settings.
MFI oscillator shows you the background momentum, use this to make sure you're on trading with the trend.
Use crossovers at extreme levels to signal pullbacks and reversals. Also watch for higher lows of dots, or lower highs of dots, in the direction of MFI to get fantastic entries into nice swings.
Use this in conjunction with Wave Theory and my WaveTrend Chart Simple indicator to simplify your trading while also being on the right side of momentum as much as possible.
The defaults more than suffice but feel free to play with the settings.
MFI oscillator shows you the background momentum, use this to make sure you're on trading with the trend.
Use crossovers at extreme levels to signal pullbacks and reversals. Also watch for higher lows of dots, or lower highs of dots, in the direction of MFI to get fantastic entries into nice swings.
Use this in conjunction with Wave Theory and my WaveTrend Chart Simple indicator to simplify your trading while also being on the right side of momentum as much as possible.