Way market indicator.
The name of this indicator speaks for itself: Way market or, translated, the market path means researching the current situation in the Forex market, identifying all existing trends and sentiments.
This is a rather complex technical analysis tool that combines a lot of all possible scripts.
Main features:
- determining the direction of the existing exchange rate trend,
- measuring trend strength indicators,
- warning about the likelihood of a price reversal in the near future,
- separate analysis of uptrend and downtrend,
- the ability to determine who currently dominates the market, bulls or bears.
When carrying out the work, an integrated approach is used, this allows you to completely abandon other technical analysis tools and not clutter up the trader’s terminal.
The program is based on four indicators and one oscillator, each of which performs its own function and acts as both a source of signals and a filter for signals received from other scripts.
To start the Way market indicator, do the following:
1. Download the indicator to your computer and unpack it onto your desktop or into a separate folder. Then we copy the program file to the indikators folder, which is located in the installation location of the trader’s trading terminal.
2. Launch the trading platform, find the installed market path indicator and begin entering the settings.
3. The setting contains the following parameters:
• IdMain – characterizes the main trend and acts as the main line, which includes complex data.
• IdBull - displays data on upward trends when prices increase.
• IdBear - is responsible for displaying data on a downward trend.
• IdArray — smoothing coefficient.
Additionally, you can change the colors and thickness of the displayed lines, as well as move the set level and add new ones for the convenience of trading.
By default, all parameters are set to 12, which is the minimum value.
4. Trading - Before you start trading, you should first understand the patterns that can be discovered using the Market Way. They primarily relate to the oscillator readings and the movement of the green line.
It is by focusing on them that you can build your own trading strategy .
Buy trades are opened when the oscillator bars are above the zero line and the red line of the Way market indicator is moving steadily upward.
Sales transactions are concluded when conditions opposite to those in the first case arise.
Way market allows you to develop your own trading strategy, having previously studied the historical parameters of the work of this script and identified all the patterns .
In fact, this is a ready-made analytical complex that allows you to receive clear signals for opening transactions.