I’ve decided to share my design, the indicator Ind-wso-wro-trend line for MetaTrader 4, with the community. You can steal it here and you can see the screenshot with some explanations here The indicator is almost 2 years old. I didn’t lay it out, because I had no idea of how to use it. But using cut and try method I’ve found some regularities, that seem interesting to me. Briefly about the indicator:
1) The indicator was developed on the basis of the Widners Oscilator indicator.
2) The horizontal lines (WSO from 1 to 6 red lines of support and WRO from 1 to 6 blue lines of resistance)
3) The trend lines are built not with the fractals, but with the points of uprising of WSO or WRO
4) The trend lines Trend UP0 and Trend DN0 sometimes intersect and form a triangle. The angle of the triangle points at the target of the price movement and the approximate time when the price will be near this level. (the observation showed that the prcie reaches it earlier by 1-3 bars)
5) If the price passes above or below the last WSO/WRO point, the target will be cancelled. For better understanding have a look at the point 3 on the screenshot.
6) If the price doesn’t surpass the angle of the triangle, then it is the signal of trend reverse (a high time to enter the market)
7) The break through of any line by the price upward/downward demonstrates if the price will continue its movement in the same direction.
In general, all the observations can not be described at a time, may be I forgot something, if so, I will add it. If you have any question, write at my forum (there is no point in private messages, I’ll get tired answering one and the same)
1. Copy “Indicator WSO + WRO + Trend Line.mq4” file to C:/Program Files/MetaTrader4/experts/indicators folder
and restart your MetaTrader.
2. Open Navigator/Custom Indicators panel and drag the indicator named “Indicator WSO + WRO + Trend Line.mq4” to the
chart of any currency pair.
Click to Download: Indicator WSO + WRO + Trend Line
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