Royal Wave is a Trend-Power oscillator based on a price adaptive algorithm that runs statistical analyses on the price movement to predict and
locate low-risk entry zones and exit zones. Its rich alerting system generates well-timed trading signals that give
the trader enough time to make proper logical trading decisions.
Features
- Trend-Power Algorithm
- Low-risk Entry Zones and Exit Zones
- Predictions for Overbought and Oversold areas
- Rich Alerting System ( Sound Alerts, Phone Notifications, Zone Flasher,
... )
- Oscillator range from 0 to 100 makes it easy to understand the signal
- Multi-Timeframe and Multi-Currency Analysis (
Pro Version Only )
- Signal Matrix (
Pro Version Only )
- Cross Window (
Pro Version Only )
- No Repaint
Important!
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- Please don't hesitate to contact me directly if you have any question or difficulty related to this
product. You will get instant responses to your questions sent through MQL5 messenger or other contact methods
specified here.
- Watch the tutorial
video at the end of this description.
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channel.
- Read the What's new section of this page to learn more about the latest updates and improvements.
Entry Zones
Once the oscillator value is about zero it means there’s going to be a big movement in the price in the near future because traders in most
timeframes are agreed on the current price and have united to move the price by a big step in one direction. Therefore Royal Wave tries to
predict low-risk entry zones, where price wants to move only in one direction until the oscillator reaches the exit zone. Entry zones
are always going to be the close enough start of a big movement in the price.
Exit Zones
Once the oscillator is in the exit zone close to 100, it’s predicting anoverbought when the color is yellow or an oversold when
the color is blue. This zone can be used to exit a trade or update a stop loss level because of the high probability of reversals in these
areas.
Exit Zone points are potential candidates to be global reversal points in a trend. Find simultaneously oversold or overbought areas
from several timeframes to enter reversal trades on Exit Zones.
Trend and Power
The value of the oscillator represents the current power of the trend which oscillates between 0 and 100. When the power is rising, a
yellow color indicates a strong uptrend and a blue color indicates a strong downtrend. A decreasing power shows consolidation
which means there is no trend in the price and the trader should wait for the entry zone.
Product Test Recommendations
- Use different values for Alpha and Beta. Test both 0.1 and 0.2 values for Alpha on
different timeframes.
- Sound Alert, Zone Flasher, and Notifications will not work in the test process. It’s a MetaTrader
restriction. Please keep these parameters disabled while testing because it slows the indicator down during the fast drawing for
the test.
Input Parameters
Parameter Name
|
Type/Range |
Default Value
|
Description |
| Symbol |
Text |
Current |
The indicator symbol can be different from its chart symbol. |
| Sensitivity |
0.0 to 1.0 |
0.6 |
Makes the oscillator sensitive to local price movements. The closer to one, the more sensitive the oscillator
gets. |
Alpha
Beta |
0.0 to 1.0 |
Alpha = 0.2
Beta = 0.05 |
To catch longer trends and for noise canceling increase Alpha and Beta. To get a global conformation for
the trend you can add a second Royal Wave with higher values of Alpha and Beta. |
| Smooth Period |
1 to … |
5 |
Makes the signal smoother. Enter 1 if smoothing is not required.
|
| Zone Width |
0 to 50 |
10 |
The vertical distance between both pairs of zone lines. All alerting functions depend on this parameter. |
| Histogram |
True/False |
True |
Draws the oscillator as a histogram if true or a line if false. |
- Sound Alert
- Zone Flasher
- Notifications
- Alert Window
- Zone Levels
|
Disable
Enable
Entry Zone Only
Exit Zone Only |
|
-
Entry Zone and Exit Zone sound alerts.
-
By flashing the zones attracts the trader attention to the proper chart which potentially needs some trading actions.
-
Sends notifications about trade zones to the trader’s phone.
-
Uses the MetaTrader alert window to alert zone events
-
Shows zone levels on the chart based on the Zone Width parameter.
|
