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Waddah Attar Explosion indicator
This indicator was programmed by Waddah Attar who is a trader Arab world and hence its name Waddah Attar. The indicator is a bit complex to use and requires some concentration. It is a very good fit especially for the Forex beginners.
The indicator is for use by the intraday traders as well as the forex scalpers. But for you to use in scalping, you will have to use a lower/tighter time frame. It is programmed to detect and indicate even the very smallest changes in the trend of the market prices.
Although complex, this indicator has a very high efficiency of around 90%. It is an indicator that you can trust upon to trade. However, you have to in front of the chart 24 hours or through out after you place an order since its signals changes very abruptly some times.
Understanding how this indicator works.
This indicator is displayed on a separate chart and it is based upon the MACD and bands. The MACD is actually the one responsible for the histogram that is formed while the bands are responsible for the line that moves along in the indicator chart.
The histogram that is formed in the indicator chart, comprises of green and red bars of varying heights. The height of the bars is measured from a zero line upwards.
By default the vertical scale of this indicator is set to start from zero. However, it doesn’t have a limit to the uppermost height that it can reach. The upper level of the charts vertical scale depends on the height of the bars that are formed. Each of the bars formed in the indicator chart correspond to a candlestick in the main trading chart.
The red bars are formed when there is a down trend in the market prices while the green bars are formed when there is an uptrend in the market prices. The height of the bars shows the volume of each candlestick and hence the strength of the forces that are pushing the market prices in the direction that they are moving.
For instance, if the length of the red bars is too long, it shows that the down trend is strong and the same applies to the green bars.
The sienna colored line that is drawn in the indicators chart also helps in showing the strength of the current market trend as depicted by the Histogram. When the strength is high, the line will tend to form a doom shape as a result of moving up and down when the strength of the trend goes down.
Using the Waddah Attar Explosion to trade.
There are some rules that you have to adhere to when trading with the Waddah Attar Explosion indicator. These rules include:
You have to place order when the length of the indicator bars (bars in the indicator chart) is above the Sienna colored line.
Buy orders are placed when a green bar is generated.
Sell orders are displayed when a red bar is generated.
Trading should be restricted to the second bar that is formed in the indicators chart after the color of the bars change.
When trading you can decide to use stop level or you may decide to close your orders when an opposite signal is given; it depends on how you want to trade.
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