Hey fellow traders! I'm excited to share my latest creation with you all—the WSO + WRO + Trend Line Indicator for MetaTrader 4. If you're eager to enhance your trading game, you can grab it here: Download the Indicator. For a sneak peek and some insights, check out the screenshot here. Although this indicator has been in the works for nearly two years, I've only recently discovered its potential through a bit of trial and error. Let me break it down for you:
Understanding the WSO + WRO + Trend Line Indicator
- Foundation: This indicator is built on the Widners Oscillator, giving it a solid technical base.
- Support and Resistance: It features horizontal lines—6 red lines indicating support (WSO) and 6 blue lines indicating resistance (WRO).
- Trend Lines: Trend lines are drawn based on the upward points of WSO and WRO rather than fractals, providing a different perspective.
- Triangle Formation: Occasionally, the trend lines (Trend UP0 and Trend DN0) will intersect to form a triangle. The angle of this triangle can indicate the target price movement and the estimated time it might reach that level. My observations suggest that the price tends to hit these targets a bar or two earlier.
- Price Action Signals: If the price breaks above or below the last WSO/WRO point, the target is considered invalid. Check point 3 on the screenshot for clarity.
- Trend Reversal Indicator: As long as the price doesn’t break through the triangle’s angle, it could signal a trend reversal—this might be your cue to jump into the market!
- Breakouts: A breakout above or below any line indicates the potential for continued price movement in that direction.
There’s a lot to unpack, and I’m sure I might have missed a few details, so feel free to ask questions! For further discussions, swing by my forum here. Just a heads up—please avoid private messages; it’s easier for me to keep track of everything in the forum.
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