Trendwave on Amibroker for Amibroker (AFL)
This is modified “Mikes Wave Trend” using Wilder’s Moving Average & is exact same code as “TrendWave.mq4” in Metatrader.
Video On TrendWave Trading : http://www.youtube.com/watch?v=7vhIsk51_Ro
The four dashed lines in Trendend are 60/50 & -60/-50 , a BUY is triggered only when the lines cross within or below the lower band, for sell it has to happen on the upper band.
Strong signal: If we see a Bollinger squeeze around the trigger level, wait for 3 bars to confirm the squeeze breakout direction & go with the trend direction.
Modification: In Trendwave for Metatrader, we have signals that show up as dots at the crossover point around the target bands, however, when I checked Trendwave live in MT4, I have seen the dot repainting. In this code the dot’s do not appear. Using Wilder’s MA smoothened the crossover & eliminated a lot of jitters in lower TF. Shadowed BB added in the code to identify BB squeeze zones.
This indicator is for fast trade & best used at lower TF ( play it from 3:10PM to 3:25PM ) & see what it can do on 1M/3M TF.
This is by far one of the best leading indicators available…it’s best use case is when MKT high have higher volatility e.g at the start of the session or towards the end.
Submitted by niladri over 4 years ago
Please login here to leave a comment.