TWP indicator

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TWP indicator

Postby richardtao » Mon Oct 03, 2011 10:44 pm

The TWP indicator version 1 is applying to Trading Station II.
This is enhanced version of Elliott wave which was requested by some traders.
The indicator is nominated as Richard Tao Wave Predictor which base on Elliott Wave Analysis. The projection extracted from personal experience.
This is serials number 5 of the predictors developed by Richard Tao.

The first parameter is "M: Trend Minimum" which defines Minimum Periods of Main Trend.
The second parameter is "N: Wave Minimum" which defines Minimum Periods of Wave, 0 is automatic.
The third parameter is " ShowWaveNo: Show WaveNo" which defines whether display wave number or not.
The fourth parameter is " ShowProject: Show Projection" which defines whether display projection of mark or not.
This version displays all projection for all user which means did not exclude low possibility.

TWP.lua
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Re: TWP indicator

Postby Batista » Tue Oct 04, 2011 7:15 am

Halo
can you tell me what the xxxx have a meaning?

Thank you.
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Re: TWP indicator

Postby Blackcat2 » Tue Oct 04, 2011 6:46 pm

I tried this on EUR/USD, 1H chart with default parameter and I'm not sure how to use this indicator. I roughly know what Elliot Wave is, but what's the purpose of point "A"?

Could you please post a screenshot with that shows entry and exit? What are the rules?

Thanks..
BC
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Re: TWP indicator

Postby Blackcat2 » Wed Oct 05, 2011 6:04 pm

I've been observing this indicator last night, I would like to know how to interpret point "1","2","A","B"
I also noticed that it repaint and moved the projected Take Profit (TP) point depending on the candle movements..

Looks promising but would need more information on the rules and how to read/analyze this indicator..

Cheers..
BC
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Re: TWP indicator

Postby richardtao » Wed Oct 05, 2011 9:43 pm

hello Batista,
the x present after the lastest turning point.
they imply the price projection at that period.
when the price is fulfil at that level, the next projection will come out.
it might help you to make decision of taking whether position or profit.
for your reference.
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Re: TWP indicator

Postby richardtao » Wed Oct 05, 2011 10:31 pm

hello BC,
it's very difficult to explain Elliott wave trading stretagy in simple wording.
my suggestion is to check the book at amazon.com there are many classic materials.
after that, you could search those pattern for a while,
it's easy to be familiar with basic theory, but hard to be proficient in.
this indicator is try to assist a little.
for your reference.
rgd,
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Re: TWP indicator

Postby richardtao » Fri Oct 07, 2011 3:06 am

hello BC,
regarding to your second reply,
this indicator assumed that the last two wave are the moving wave and the corrective wave no matter which wave at the last.
if moving wave number as 12345 than the corrective wave number as ABC, vice versa.
the bull/bear pattern was base on the combination of wave number.
the price could be drawback or ready to extend the new trend when the wave turn.
the x mark is projection base on the wave pattern.
each candle come in, the indicator recalc the new projection.
to avoid confuse, it shows projection only from the new peak.
the more x mark aggregated the higher confidence the target/resistence will appear.
that might help to set the order in advance.
rgds,
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Re: TWP indicator

Postby richardtao » Tue Dec 13, 2011 5:29 am

modify some error and the rule to identify wave A.
TWP.lua
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Re: TWP indicator

Postby Kingpin » Wed Mar 07, 2012 8:21 am

Hallo Richard Tao,

great Indicator. Thumps up!! :D

But what means EWL, WPL, EWS and WPS?

Thx
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Re: TWP indicator

Postby richardtao » Tue Aug 28, 2012 5:13 am

hi
it's available to explain some.
TWF_0828d.png

form the above screenshot on EUR D1.
1.there are two (xx) near label square a. this display the project point of previous wave. there are 3 or 5 percentage error in pratice.
2.there is one x near label square b. this is the first project point after complete 5 waves. we guess price could pull back for a while.
3.there are WPL near label square c. this is the last project point achieve so it was display the line which could show the value on status area.
4.there is one x near label square d. this is the next project point calculated in advance. which might hint price moveing target.

TWF_0828h.png

another example screenshot on EUR h1.
1.there are three (xxx) about 1.2525. this is the first rebound target.
2.there are two (xx) about 1.2560. this is the second rebound target.

for yor reference.
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