AWE indicator for Meta Trader 4
Replenishment date: 26.02.2009
Content: awe.mq4 (14.6 KB)
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Description
AWE (Alternate Wave Equality - equality of alternating waves).
This indicator is written based on the theory of Elliott waves and Fibonacci levels.
The real calculation of Elliott waves will be known only after the combination of waves has already formed, which is often of little use to the trader, even if this calculation is correct. As traders, we strive to find market entry points where there is a high likelihood that the market will move in one direction and not another. Moreover, we try to minimize our risk by finding entry points to the model so that the difference between our entry level and the retraction level of the model is as small as possible.
An often overlooked key component of the Elliott Wave Principle is that alternating waves are geometrically related. Alternating waves, geometrically related, provide a clue to market structure based on simple equality ratios.
The practical benefit for traders is that the Elliott AWE pattern repeats itself all the time. This indicator draws four types of Elliott AWE model, based on the last three fractals, and displays its name:
- Bullish momentum
- Bullish corrective
- Bearish momentum
- Bearish corrective
- No signal
At the same time, six levels (labels) are displayed and the approximate number of the bar from which there will be a rebound:
- The first 3 levels (blue). In the range 1-3, a rebound is expected, the number of the bar from which the rebound will be roughly indicated, the count is based on the last fractal.
After the formation of the wave, the price entered the interval 1-3, we observe a rollback on the last bar, i.e. Low is less than Close or High is greater than Close. We go to a smaller time frame and wait for the formation of a fractal, which is a confirmation of a rebound. We open a position. Set StopLoss below (above) 3 levels.
- Second 3 levels (yellow). Our goal is between levels 1-3. Taking profit is similar to opening a position.
The fixation of the wave for the selected time frame is provided, i.e. the same wave will be displayed on any time frame. TF numbers 1 - 9.
This indicator was developed and written by me personally. I am ready to answer any of your questions. When correspondence, be sure to indicate the payment wallet number.
This indicator is written based on the theory of Elliott waves and Fibonacci levels.
The real calculation of Elliott waves will be known only after the combination of waves has already formed, which is often of little use to the trader, even if this calculation is correct. As traders, we strive to find market entry points where there is a high likelihood that the market will move in one direction and not another. Moreover, we try to minimize our risk by finding entry points to the model so that the difference between our entry level and the retraction level of the model is as small as possible.
An often overlooked key component of the Elliott Wave Principle is that alternating waves are geometrically related. Alternating waves, geometrically related, provide a clue to market structure based on simple equality ratios.
The practical benefit for traders is that the Elliott AWE pattern repeats itself all the time. This indicator draws four types of Elliott AWE model, based on the last three fractals, and displays its name:
- Bullish momentum
- Bullish corrective
- Bearish momentum
- Bearish corrective
- No signal
At the same time, six levels (labels) are displayed and the approximate number of the bar from which there will be a rebound:
- The first 3 levels (blue). In the range 1-3, a rebound is expected, the number of the bar from which the rebound will be roughly indicated, the count is based on the last fractal.
After the formation of the wave, the price entered the interval 1-3, we observe a rollback on the last bar, i.e. Low is less than Close or High is greater than Close. We go to a smaller time frame and wait for the formation of a fractal, which is a confirmation of a rebound. We open a position. Set StopLoss below (above) 3 levels.
- Second 3 levels (yellow). Our goal is between levels 1-3. Taking profit is similar to opening a position.
The fixation of the wave for the selected time frame is provided, i.e. the same wave will be displayed on any time frame. TF numbers 1 - 9.
This indicator was developed and written by me personally. I am ready to answer any of your questions. When correspondence, be sure to indicate the payment wallet number.
