An entry indicator that analyzes momentum and volume . This indicator is very sensitive and works very well on lower time frames for scalping, and higher time frames for confirming explosive movements or shifts in trend or rising directional momentum in the market.
This indicator can be used as an Initiator, Confirmer, or Vol. Filter. It's multiple components make it an extremely effective tool in any trader's tool belt.
Features & Functions
This indicator can be customized by adjusting the sensitivity levels, lengths, and multiplier. However, I find that the settings that I have made as default work very well. However, as with all indicators, nuance and customizing your settings to your asset class and time frame will yield greater results.
False Positive Filter - Enabling this, as it is by default, will dramatically change this indicator's sensitivity. This is designed to analyze long-term momentum and reduce the occurrence of "false positives". However, the trade off will be reduced reaction speed.
Entry Strategy - Print alerts and trading signals for many different permutations of entry strategies available with this indicator. Explosion Level Crossovers, Color Flips, Rising Explosion Level Cross, and Rising Explosion Level.
Exit Strategy - Print alerts and trading signals for many different permutations of exit strategies available with this indicator. Explosion Level Cross, Receding Delta, Color Flip, Falling Explosion Level.
Bar Coloring - This indicator colors the bars to indicate a buy or sell signal, as well as printing Up and Down arrows in the indicator pane itself. This can be disabled in the settings window.
Alerts - This indicator is programmed with Buy and Sell alerts, available from the Alerts Window.
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Purpose
To identify likely turning points in the market, the existence of powerful momentum to confirm a directional bias, or the introduction of high volume or volatility into the market.
Phát hành các Ghi chú
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//CHANGE LOG 1.5 //Following up on Don_Kandon's observation about display issues, I re-wrote the portion of the indicator that calculates the values of Waddah. I was able to make the math cleaner and the code much smoother, removing quite a few lines of unnecessary (now) code. //This also has the effect of fixing the issue reported by users that bars are hard to see, or won't zoom on lower-time frames. //Note for back-testers: the absolute values for 'Positive Delta', 'Negative Delta', 'Explosion Level' and 'Dead Zone' will now be different from historical values IF the False Positive Filter is enabled in Settings, however the signals (when and how they were generated) will be identical.
Very nice reiteration of WAE. Can you please explain the dead zone multiplier and when to use it?
ClassicScott
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@Highwayman, deadzone multiplier adjusts the level of the deadzone, the area you don't want to enter a trade if volume is below. Adjust to taste. If you're looking for more technical details, such as the maths behind it, I have no idea.
lambdabr
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Wish i could see the code though. Can`t backtest without it.
Lower_Fox
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Freakin' fantastic! Thanks for allowing this to be public. Works fantastic with FX!
HandsfreeTrading
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Is this a modified or updated version? The one I've been using is different. It's not the 1.5
lcastilloe
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Nice work! One question, is the dead zone line taken into any calculation to avoid signaling if histogram is under the dead zone line? Thanks!
bjornlamar
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Do you recommend using this indicator for Forex?
ClassicScott
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Hey there. Another comment, this time about the long, short, and exit signals. I've noticed that they don't actually save if you adjust their position or type. For example I want them all on top, but even after saving as default or saving the indicator as part of a template they go back to their official default. Same for the symbol itself. Just an fyi. It's a bit annoying, but as I stated before, this is the best iteration of this indicator that I've found here, Thanks.
asturgman
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@ClassicScott, I have to back test this a bit more, but just looking at it from a brief 2-3 month window I can tell the signals are solid and the combination of tools in one indicator is really nice. I saw your comment on the NNSF video on volume indicators and was already a TV sub, so having this is a nice bonus. Thanks for the tip and thanks to the dev for the tool. Time to test it out.
ClassicScott
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Honestly probably the best iteration of this indicator I've found on TV. Thanks much for this. Your explanations are great too, and shed a little bit more light on the usefulness of this tool.
I've been having a tough time finding a good volatility/volume filtering indicator that follows along with what No Nonsense Forex speaks about in his youtube videos. All of the other WAE versions I've tried out have been deficient in different areas, or all of the same areas. You've really crafted a beautiful version of it here.