Wave Entry Alerts is
a VertexFX client side VTL indicator that determines the beginning and end of
the trend and draws the signals on the chart in shape of circles of white,
green and red colors.
The indicator is
constructed depending on the algorithm of ZigZag indicator, but with two
different parameters. Period1 (default = 21) - the period of calculation of
small zigzag, Period2 (default = 96) - the period for calculating the large
zigzag Red and green circles identify short-term trends, and white dots define
the medium- and long-term trends. Therefore, white dots are stronger signals.
The Wave Entry Alerts Indicator can be used to identify potential chart
patterns and Elliot Wave formations.
Wave Entry Alerts
indicators use both swing highs and swing lows in its calculation:
Swing Highs: When a price (usually close) is higher than the previous price to it and after it.
Swing Lows: When a price is lower than the price prior and lower than the price following it.
The idea when a High
is surrounded by candles of lower Highs, then there is a high probability that
market will change trend and turn bearish. Similarly, when Low is surrounded by
higher Lows, the price stabilize and likely stops falling. This signals a
change from downtrend to uptrend, Wave Entry Alerts indicator can identify
these market turning points.
Using this indicator
for trading:
One strategy to trade with this indicator can be reflected on the sell price of top and bottom edges (circles) indicated a trend. Transactions on Buy must be opened after a rebound from the bottom of the price range, the profit is fixed at the touch of the opposite border, and stop-loss is set either in the last local minimum, or the value of the average volatility of the pair. Transactions of Sell in the rebound from the open top of the range, profit targets and risks are calculated in the same way as for Buy.
C:\ProgramData\VertexFX
Client Terminals\"Company name"\VTL10\Local VTL Scripts
Then right click on
the tree and select refresh or restart your client station and you will find
under VTL local scripts in your client
terminal.
You can check this
video that talks about Wave Entry Alerts indicator:
2 comments
commentsthanks for this indicator but please could you advise whether the Wave Alerts indicator repaints (i.e initially unstable on first appearance) or remains stable immediately the signal appears on the chart.
Replythanks
theo
How do i download it
Reply