This is just a slightly altered version of Lazy Bear's great indicator with the added feature to draw the explosion line in different colors while it is currently rising or falling.
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code clean-up
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correction
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update screenshot
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update screenshot
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update screenshot
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update chart
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- Remove DeadZone to work with Alt-Coins. - New Screenshot
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Improve default appearance.
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[explosion line] - introduce'additional 'prep' level color - full highlight only when trend is above explosion level.
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update screenshot
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Explosion line now includes all signal information coded into 4 different colors:
- red: neutral no signal - orange: explosion line is rising but no strong trend - green: trend above explosion level - lime: increasing trend above explosion level. FULL SIGNAL
The explosion line is now showing all signal information by itself with 4 different colors:
- red: neutral no signal
- orange: explosion line is rising but no strong trend
- green: trend above explosion level
- lime: increasing trend above explosion level. FULL SIGNAL
oberon2007
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As can be seen in the chart Waddah Attar definitely needs other confirmations to deliver actionable signals.
Blindly entering at the top of the indicated candle on April 16 would have been a very bad idea.
On the other hand the sell on April 22 would have been a great trade and also the next buy would have been good at least for a scalp...
So, as one element in a more complete strategy WA can be absolutely very valuable.
oberon2007
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Removed the DeadZone line for now, as it makes the indicator break with lower volume coins. Most of the time this isn't needed anyway but will maybe come up with a different solution in the future...
oberon2007
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**Waddah Attar Explosion** can be useful for evaluating breakouts and trending moves. In combination with other indicators it can provide great entry confirmation.
rules for a valid signal:
- both histogram and explosion line are above the 'deadzone' (dashed line at value 20)
- explosion line is rising (yellow)
- histogram is ticking up (strong color) **and** above the explosion line
Thank you @CrackingCryptocurrency for introducing me to the **Waddah Attar** and thank you @LazyBear for providing the original code!
TraderRahul007
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@oberon2007, can you suggest other indicators to work with WAE to avoid false signals?
- red: neutral no signal
- orange: explosion line is rising but no strong trend
- green: trend above explosion level
- lime: increasing trend above explosion level. FULL SIGNAL