WESS-Oscillator

[McDuck]

I found this oscillator on some guys' webpage.

He claims to be highly profitable but I am sceptical.

I couldn't find any description for this oscillator or an explanation, just these two photos.

Does anybody have an idea what is it and if it's available for MT4?

Thanks

[McDuck]

If anyone knows a similar oscillator or just an explanation I would appreciate it, to let me know.

Thanks

[Porche]

From what I can see that oscillator gave nice divergence signals, I really know nothing about that indicator but if you're looking for nice divergence signals try DPO indicator, add a level of zero and zoom out the screen in order to see the signals clearly.

Good Luck

[droesparky]

Porche do you have any suggestions for settings on different time frames for the DPO oscilator?

[McDuck]

Thanks so much Porsche.

Actually this thread can turn into something useful for all of us.

I usually do not use oscillators in my trading but I was just reading "Stock and Commodities", when I saw an ad for a trading system that is supposed to be very profitable. It is also in the readers top ten.

The site is http://www.winningedgesystem.com/

This guy however sells his system for thousands of dollars!

I thought that there must be a similar indicator here in MT4. I thought also that it would be nice to discuss the idea behind the system to come up with new trading ideas.

Personally I do not use any particular indicator, just simple old trendlines and sup, res. What I do is to try to trade the "risk", not try to forecast the price. So far I try to average 1.5% per day, with risk/reward = 1:1 and success above 60%. To put it more simply I am trying to make 13 pips per day that's it. Just put 1.5% growth in your excell and you will see why.

So this oscillator might be good if you think in terms of probabilities.

Thanks

[et_phonehome_2]

I believe that if we can all tell if divergence is happening as easily as the chart shows then we would all be raking in the money. Divergence is so easy to show after the fact. All we need is something to alert us to divergence. I had come across DPO as posted here awhile back, never tried using it, just need an alert to inform of a divergence instead of staring at the screen all day....

[Porche]

droesparky,

I'm still testing it on demo using the default setting on different pairs and different time frames but I like the way it behaves regarding reversal points, there is some info about it here http://www.incrediblecharts.com/technical/detrended_price_oscillator.htm I hope you find it usful

Cheers

[Porche]

et_phonehome_2

I also started to test DPO very recently (I have to say that I'm still demo trading) , there were recent nice moves on GBPJPY 4hr time frame, of course this dosen't happen all the time but hey have a look at the chart to see what I mean.

Cheers

[et_phonehome_2]

Porche

Nice divergence, but the problem is catching them as early as possible since what you show has been many days before the divergence was caught.... I am sure there is a method to this madness....

ET

[reaper]

Hi Porche.

First line on the screenshot - is not divergence.

[european]

manual divergence lines

Porche:
From what I can see that oscillator gave nice divergence signals, I really know nothing about that indicator but if you're looking for nice divergence signals try DPO indicator, add a level of zero and zoom out the screen in order to see the signals clearly. Good Luck

But this DPO indicator doesn't draw divergence lines automatically?