Forex Waves Technical Indicator
Metatrader 4 (MT4) Technical Indicator
Forex Waves Technical Indicator draws an arrow when it detects high probability of price movement in the direction of the arrow. It is design for scalping as well as trend following, depending on market conditions and used time frame. Indicator won’t repaint the signals.
- First of all it’s easy to use – for both novice and experienced traders, drag and drop, no parameters to adjust
- Scalping and trend following – trader can use it for both scalping and trend following strategies, depending on market conditions and used timeframe
- Works on every time frame and every currency pair
- Non-repainting algorithm
- Implemented alerts – sound alerts, send email and send notification options
- 2 licenses included in one purchase
Forex Waves combines 27 tools in order to forecast price movement in any given direction. It uses 10 Moving Averages with different period, Bollinger Bands and Stochastic indicator in certain way to predict with high probability where the price should go. It can be use for scalping with counter trend strategy for small retracements or for trend continuation strategies. In other words, when the signal is present the price is likely to go for a retracement (on lower time frames) but after a while the price should go in the direction of the arrow.
You can use Forex Waves in several different cases:
- To confirm the trend – when a signal appears if you want to open a trade in the signal’s direction it’s recommended to use pending order 10-20 pips away from the signal. In this case you will filter any false signals
- For scalping on low time frames – when the signal is given you can open trade in the opposite direction of the signal
- Open a position as soon as the arrow appears – you should close this position or a half of it as soon as the red moving average changes direction
This technical analysis tool is suitable for both novice and professional traders who wants to increase their profitability in manual trading.