OPEN-SOURCE SCRIPT
Waddah Attar Explosion V3 [NHK] -Bollinger - MACD
Updated
Waddah Attar Explosion Version3 indicator to work in Forex and Crypto, This indicator oscillates above and below zero and the Bollinger band is plotted over the MACD Histogram to take quick decisions, Colors are changed for enhanced look. dead zone is plotted in a background area and option is provided to hide dead zone. One can easily detect sideways market movement using Bollinger band and volume. when volume is in between Bollinger band no trades are to be taken as volume is low and market moving in sideways
credits to: shayankm and LazyBear
Read the main description below...
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This is a port of a famous MT4 indicator. This indicator uses MACD /BB to track trend direction and strength. Author suggests using this indicator on 30mins.
Explanation from the indicator developer:
"Various components of the indicator are:
Dead Zone Line: Works as a filter for weak signals. Do not trade when the up or down histogram is in between Dead Zone.
Histograms:
- Pink histogram shows the current down trend.
- Blue histogram shows the current up trend.
- Sienna line / Bollinger Band shows the explosion in price up or down.
Signal for ENTER_BUY: All the following conditions must be met.
- Blue histogram is raising.
- Blue histogram above Explosion line.
- Explosion line raising.
- Both Blue histogram and Explosion line above DeadZone line.
Signal for EXIT_BUY: Exit when Blue histogram crosses below Explosion line / Bollinger Band.
Signal for ENTER_SELL: All the following conditions must be met.
- Pink histogram is raising.
- Pink histogram above Explosion line.
- Explosion line raising.
- Both Pink histogram and Explosion line above DeadZone line.
Signal for EXIT_SELL: Exit when Pink histogram crosses below Explosion line.
All of the parameters are configurable via options page. You may have to tune it for your instrument.
credits to: shayankm and LazyBear
Read the main description below...
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
This is a port of a famous MT4 indicator. This indicator uses MACD /BB to track trend direction and strength. Author suggests using this indicator on 30mins.
Explanation from the indicator developer:
"Various components of the indicator are:
Dead Zone Line: Works as a filter for weak signals. Do not trade when the up or down histogram is in between Dead Zone.
Histograms:
- Pink histogram shows the current down trend.
- Blue histogram shows the current up trend.
- Sienna line / Bollinger Band shows the explosion in price up or down.
Signal for ENTER_BUY: All the following conditions must be met.
- Blue histogram is raising.
- Blue histogram above Explosion line.
- Explosion line raising.
- Both Blue histogram and Explosion line above DeadZone line.
Signal for EXIT_BUY: Exit when Blue histogram crosses below Explosion line / Bollinger Band.
Signal for ENTER_SELL: All the following conditions must be met.
- Pink histogram is raising.
- Pink histogram above Explosion line.
- Explosion line raising.
- Both Pink histogram and Explosion line above DeadZone line.
Signal for EXIT_SELL: Exit when Pink histogram crosses below Explosion line.
All of the parameters are configurable via options page. You may have to tune it for your instrument.
Release Notes
Added Multi Timeframe supportRelease Notes
Chart UpdatedOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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