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Indicator WSO + WRO + Trend Line 2018-11-26

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1) The indicator was developed on the basis of the Widners Oscilator indicator.


2) The horizontal lines (WSO from 1 to 6 red lines of support and WRO from 1 to 6 blue lines of resistance)


3) The trend lines are built not with the fractals, but with the points of uprising of WSO or WRO


4) The trend lines Trend UP0 and Trend DN0 sometimes intersect and form a triangle. The angle of the triangle points at the target of the price movement and the approximate time when the price will be near this level. (the observation showed that the prcie reaches it earlier by 1-3 bars)


5) If the price passes above or below the last WSO/WRO point, the target will be cancelled. For better understanding have a look at the point 3 on the screenshot.


6) If the price doesn't surpass the angle of the triangle, then it is the signal of trend reverse (a high time to enter the market)


7) The break through of any line by the price upward/downward demonstrates if the price will continue its movement in the same direction.
Author
Salvador
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