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Diamond Wave

This tool is a diverse oscillator calculated basing on moving average convergence/divergence. It is a tool any trader must have to improve technical analysis.

Unlike other oscillators, this tool offers a wide range of features to help filter trades and analyze market condition better. Combined with other tools, it can be a powerful filter in any trading strategy.


How it works

The main line is calculated from the difference of slow and fast moving averages.

The signal line is a moving average applied to the main line.

The histogram difference is calculated from the difference of the main line and signal line.

Check the video link for further explanations Click Here


Features

  1. A complete oscillator which can be used as filter to different trading strategies
  2. The indicator settings can be fully customized depending on traders needs
  3. Supports 10 different MA Types
    1. SMA (Simple Moving Average)
    2. EMA (Exponential Moving Average)
    3. SMMA (Smooth Moving Average)
    4. LWMA (Linear Weighted Moving Average)
    5. DEMA (Double Exponential Moving Average)
    6. TEMA (Triple Exponential Moving Average)
    7. TMA (Triangular Moving Average)
    8. T3MA (Triple Smooth Moving Average)
    9. HMA (Hull Moving Average)
    10. Supports new FQMA (Fxquickroute Moving Average) which uses an improve formula to reduce lag and filter trend
  4. Supports 4 different drawing modes which can be adjusted to traders needs.
    1. Line Mode is the simplest and looks better in showing divergences
    2. Oscillator Mode looks better in showing trend strength and direction
    3. Line With Histograms looks better in showing momentum and divergences
    4. Oscillator With Histogram looks better in showing trend strength and momentum
    • Check this image for further explanation Click Here
  5. Helps detect trend direction using main line and signal line
    1. Uptrend histograms colored dark blue
    2. Uptrend Correction histograms colored light blue
    3. Downtrend histograms colored dark red
    4. Downtrend Correction colored light red
    • Check this image for further explanation Click Here
  6. Helps detect momentum using histogram difference in "Line With Histograms" or "Oscillator With Histogram" mode
    1. Blue Histogram indicates bullish momentum
    2. Red Histogram indicates bearish momentum
    • Check this image for further explanation Click Here
  7. Helps detect cross overs and trend changes. Cross overs can be an early indication of trend change
    1. Blue Dots = Bullish Cross Over, possible trend change from downtrend to uptrend
    2. Red Dots = Bearish Cross Over possible trend change from uptrend to downtrend
    • Check this image for further explanation Click Here
  8. Helps detect divergences
    1. Regular divergences = Marked with "R", usually indicate reversal
    2. Hidden divergences = Marked with "H", usually indicate trend continuation
    • Check this image for further explanation Click Here
  9. Built in market analysis filter
  10. Indicator is user friendly and allows other indicators to be attached on the same window to read data "First Indicator Data"
    • Example: A standard Bollinger Bands can be attached to Diamond Wave
    • Check this image for example Click Here
  11. Works in all pairs
  12. Works in all timeframes
  13. Works well in complementing other indicators
  14. Does not repaint
  15. Does not recalculate
  16. Calculation is evaluated per tick, but is final after the current bar closes
  17. Has Popup, Email and Push Notification alerts
  18. Indicator has External buffers for EA integration


Parameters

Basic parameters are self explanatory. Below are important parameters

  • Drawing Mode = Setting to control how indicators appears visually. Has 4 options, please select a mode that suites your trading needs
  • MA Method = The method of calculation used. You can select between the 10 different methods
  • Fast MA Period = The numbers of bars used to calculate the fast moving average
  • Slow MA Period = The numbers of bars used to calculate the slow moving average
  • Signal Period = The moving average period applied to the difference of the fast and slow moving averages
  • Bars To Analyze = The maximum number of history bars used
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