Wave Auto Trend Line (WATL) Indicator identifies large price movement during tranding markets. It is mostly used to recognize graphic patterns on the chart. WATi calculates the waves (impulses) and then pivot points.This indicator is not based on ZigZag or William’s Fractal indicator.
It’s formed by three main functional parts:
1. Semaphore – High & Low periods:
- High period – red circle 3
- Low period – yellow circle 2
- Lowest period – violet points
2. Trend Lines – High & Low:
- High trendline – red dotted line
- Low trendline – yellow line
3. Forecast Trendline – High (pink line)
How to trade with WATL
Look at the trendlines for opening positions, setting stop losses or take profit levels. This indicator can be a valid support to any forex strategy.
A new red semaphore is formed, the pink line is plotted on the chart, it forecasts the upcoming price direction. Bear in mind tat it repaints according to the latest market development.
WATi indicator sends an alert everytime a new High/Low semaphore signal appears.
- File: WATL.ex4
- Size: 31 Kb