This Indicator breaks down the movement into 3 waves:
- The primary wave suitable for long-term trading
- The intermediate wave suitable for intraday trading
- The minor wave for short-term trading
Supports and resistances:
Each wave is defined by major highs and minor lows. According to Dow's theory, an uptrend will be defined by minor lows higher and higher and a downtrend by major highs lower and lower.The indicator plots the next supports and resistances for each wave.
Trend channels (primary wave):
The indicator draw two trend channels for the underlying trend (primary wave):
- a long-term channel which represents the previous confirmed movement
- a short-term channel for the movement being formed
These channels are updated at each low or high of the primary or intermediate wave
Indicator configuration:
You can enable or disable the following elements individually, in the properties of the indicator:
By default they are all displayed except the short term trend channel . In order to avoid overloading the chart, it is recommended to display only the elements necessary for your trading style.
- display of supports/resistances
- display of the long-term trend channel
- display of the short term trend channel
