RED Wave Oscillator v2.56 Forex
RED Wave Oscillator Description
The indicator refers to the wave theory, determines the divergence between the expected 3rd and 5th waves.
An oscillator is often used in wave analysis. It is generally accepted that the sign of the third wave is the largest extremum / oscillator wave. And the extreme point of the chart is nothing more than the fifth wave. But we cannot know in advance. Therefore, our only confirmation will be the chart reversal. At the same time, we can receive a trading signal for a reversal, identifying the divergence between the 3rd and 5th waves. For this, this indicator was created.
What is implemented in the oscillator:
– Determination of extrema on the chart (redrawn, similar to the Zig-Zag indicator)
– Finding the divergence between the extreme of the chart and the oscillator
– Alert on the 2nd or 3rd candlestick to choose from (only the current timeframe) so that there are fewer false signals
– Multi- timeframe chart. The timeframe is either automatically (lower and higher by 1 TF), or is set manually in the settings.
– Color theme for black and white backgrounds. Automatic changeover or completely manual setting.
Since we are using divergence to find pivot points, it is advisable to avoid trend / retracement that is too long or too narrow.
The presence of clearly distinguishable waves (volatility) on the chart, as well as the presence of correctly worked out divergences to the left of the chart is a good sign.
RED Wave Oscillator Settings
Short Period – Moving Average (MA) setting for the oscillator
Long Period – MA setting for the
MA oscillator Method – type MA. You can choose from 36 types of moving average calculations, including Hull Moving Average ( HMA )
Price – price calculation for MA. There are 22 types of price calculation to choose from.
Below in the figure is a comparison of the default oscillator and with the selected MA Method – Hull Moving Average
It is also worth noting that depending on such settings, we can get a semblance of AC, which is used to refine the entry point.
Below in the figure is a comparison of the RED Wave Oscillator with the selected MA Method – Hull Moving Average and AC (Accelerator Oscillator)
Left, Center, Right – select a timeframe in the left, center and right columns
-1 and +1 – one TF lower and higher
Font Size – font size
Color – base color
Div After (Bars) – number of bars after divergence, when the signal is actual
Div in Process DN Color – color of the current divergence in Sell
Div After DN Color – color of the current divergence in Sell
Div in Process UP Color – color of the current divergence in Buy
Div After UP Color – the color of the current divergence in Buy
MTF Bar in the figure below
When you hover the mouse cursor over an object, the column will display information:
– Type of divergence
– How many bars it consists of
– How many bars have passed
Extreme Bar – enable / disable alert to the top of the chart
Div Alert – enable / disable alert for divergence
Div Type – divergence type
3-5 (Classic) – classic divergence, including Т2
3-5 T2 – classic divergence of the second type (the oscillator went beyond zero )
5-3 (Hidden) – hidden divergence
3-5 and 5-3 – classic and hidden divergence
All signals during operation will be displayed in the footer of the chart. This also works in the tester.
Div Bars Min – the minimum number of candles that the divergence can consist of
Div Bars Max – the maximum number of candles that the divergence can consist of
Signal on Candle– on which bar the
Current End signal will be – on the second bar
Next End – on the third bar
Show Alert Arrows On Chart – display the signal icon on the main chart. Works in real time. You can also see the signals in the tester.
Indent – the indent of the icon from the bar
Size – the size of the icon
Below is an example on EURUSD M5, screenshot from the tester. Alert 3-5, Method MA – Hull Moving Average, Current End signal (on the second candlestick).
Alert Work Time – alert working time
Alert Pop Up – enable / disable the alert pop-up window
Alert Push – enable / disable notification to the phone
Alert E-mail – enable / disable sending alerts to email
Alert Sound – enable / disable alert sound
Alert Sound Name – sound file name
Color – selection of color theme.
Auto – automatic change of theme. If the background is black – On Dark, if white – On White
On Dark – the theme for the dark background
On White – the theme for the white background
Manual – adjust manually
If you select Manual , then the subsequent settings will be activeWidth Histo – thickness of histogram
bars Color Extreeme Bar – color tops and bottoms of the chart
Width Extreeme Bar on Histo – the thickness of the histogram, which represents the tops / bottoms of the chart
Color Extreeme Histo Div – the color of the bars displaying the divergence
Width Extreeme Histo Div – the thickness of the bars displaying the divergence
Style Histo Div– selection of the divergence drawing style
Color Chanel – channel line color
Width Line Chanel – channel line thickness
Consider the divergence that occurred at the combo level ( RED Murrey Math Magic indicator )
Stop for level -2 or +2. The target is the opposite combo level. Its presence indicates that the price will most likely reach it.
To control risk, we use the RED Trade Panel II PRO trading panel
- The oscillator in divergence went beyond 0 (in the indicator, the alert type is 3-5T2)
2 . The price crossed the displaced DMA
3 . SL is placed behind the last vertex.
Pay attention to the screenshot above. There are two trading situations, but the second one did not work, because the price met resistance from the mirror level.
The FT Elliott Trigger indicator is included with the RED Wave Oscillator
Indicators without reference in ex4 format
At the moment, we are holding a charity joint in support of the project with friends of the resource.
To everyone who will help us with the collection, we will provide copies of indicators without reference for free.
All funds raised are invested in further development.