Modified super AO
The main purpose of the indicator is to detect and mark trade signals on the histogram of the Awesome Oscillator according to the strategies "Trading Chaos, second edition" and "New Trading Dimensions".
The indicator detects and marks the following trade signals:
- "Two peaks" - Divergence. Divergence lines are drawn both on the histogram and directly on the chart.
- "Second Wise Man" signal - third consequent bar of the Awesome Oscillator histogram after the color change.
- The histogram crosses the zero line.
- "Saucer" signal.
The indicator has a signal block that informs the trader about new signals in any convenient form.
The indicator is a part of the comprehensive trading complex based on the "Trading Chaos" strategy for MetaTrader 4.
The АО (Awesome Oscillator) is used when calculating Elliott waves in three main cases:
- When you need to identify the peak of wave 3 of any order on any time frame.
- When you need to determine whether the minimum requirements for wave 4 (when the histogram crosses the zero line after the peak of wave 3) are satisfied.
- When you need to determine if there is divergence between the price and momentum and show the value of the market momentum.
Identification of the peak of wave 3 using the AO. The highest peak of wave 3 on the AO will be within 100-140 bars. For automatic formatting of the chart with the necessary number of bars, you need to use Chart Format indicator.