Awesome Oscillator - 4 colors, customizable. I like a lot of the stuff you have done and have learned a lot just from your coding examples. Thanks again and keep smiling! Ehlers is a modified version of the Relative Strength Never forget rule No. The triple-screen system is a very powerful, proven earning strategy on the Forex market. When AO's values are above the Zero Line, this indicates that the short term period is trending higher than the long term period.
Jan 13, · There is actually a codified system for using the so-called Awesome Oscillator and Accelerator. If you haven't already, I would suggest reading Bill Williams' "Trading Chaos" and "New Trading Dimensions" a few times.
Market Facilitation Index Formula (Calculation)
However, you should understand that this is only the frame that should be added and adjusted by every trader to suit his or her own needs. Remember that without hard work it's impossible to succeed in trading on the Forex market.
Welcome to currency trading with Profiforex! This video is devoted to triple-screen trading system by Alexander Elder. The triple-screen trading system was developed by Dr. Alexander Elder and has been in use since At first the "middle" screen is selected. Its size corresponds to the average duration of your order. Usually the four-hour or one-hour chart is selected.
Let's place all three charts on the same desktop. We'll begin our analysis with a long-term day chart. Our first task to identify the long-term trend. For us, it will be the direction of opening the deal. Since it's a trend system, we trade only in the direction of the main trend. Opposite for RSI falling below Readings above 70 indicate an overbought market, while readings below 30 indicate an oversold market.
However, once RSI advances above 70 it is not yet a signal for an immediate Selling, since RSI may stay in overbought area for a long-long time. In fact, when a strong uptrend develops, readings above 70 are just a beginning of a great upward move; an opposite is true for a downtrend and readings below Opposite true for an oversold RSI: Forex traders also use 50 level of the RSI indicator, which separates buying forces from selling forces on the market.
RSI indicator has got another handy feature: Forex traders use RSI to draw trend lines. While RSI's trend line stays intact, it confirms that a trend holds well. With RSI trend lines Forex traders are able to receive a much earlier warning about upcoming trend changes since RSI trend lines witness a breakout few candles earlier than chart trend lines.
RSI trend lines are especially useful on large time frames. When RSI approaches 70 traders watch for a bearish divergence, which occur when actual RSI readings begin to decline while prices continue climbing up. RSI Divergence suggests that a current momentum is over and traders should look to protect their profits and be ready to trade in the opposite direction. The best way to learn about any indicators is to read original works of their creators. Therefore, let's turn to the book where J.
Welles Wilder tells about his research on RSI indicator:. Failure swings above 70 or below 30 are very strong indications of a market reversal. Although divergence does not occur at every turning point, it does occur at most significant turning points. When divergence begins to show up after a good directional move, this is a very strong indication that a turning point is near.
Divergence is the single most indicative characteristic of the Relative Strength Index. For calculation Downward Price Changes are taken as positive values. Adding to the subject: RSI is also known to form patterns, such as wedges, triangles, double tops and bottoms, head and shoulders etc. Daily charts are perfect to watch these patterns. RSI breakouts from own patterns often happen days earlier than price breakouts on the charts, providing an invaluable information to a trader.
The advantage a longer default RSI is that it uses a longer time period and thus produces less false signals, however, it will lag more. The shorter period RSI will give the less of a lag when it comes to identifying important turning points.
At times 6 RSI will lead, but other times it'll go together with 14 RSI, which allows to distinguish stronger signals and filter out least important ones.
Relative Strength Index (RSI)
Mar 23, · Page 6- Trading with range bars ichimoku cloud & awesome oscillator Trading Systems Trading with range bars ichimoku cloud & awesome oscillator - Page 6 @ Forex Factory Forex Factory. Jul 18, · Trading with range bars ichimoku cloud & awesome oscillator Trading Systems Trading with range bars ichimoku cloud & awesome oscillator - Page @ Forex Factory Forex Factory. Awesome Oscillator value alert Platform Tech. Hello. Been searching the forums for a MT4 AO indicator which has push alerts for values, for example, and +