Wave analysis is one of the cornerstones of technical analysis. Most professional traders say that wave analysis is an art rather than a science. The criteria are shady, the patterns are so numerous. That is why the efforts to create a tool for automated wave analysis have failed. In order to create such a tool, we need good programmers and, more importantly, good wave analysts, who can offer distinct criteria.
has recently managed to revolutionize the Forex trading industry once again by creating such an indicator. Let’s have a closer look at it…
Eugene Antipenko (ATEI): “Our indicator does automated wave analysis in real time…”
According to Eugene Olkhovsky, ’s leading expert from Canada, traders use several programs for automated wave analysis (ELWAVE, Advanced GET EOD, Dynamic Trader, Refined Elliott Trader, WinWaves etc.). However, there is a lot of negative feedback left by Forex traders.
However, the new indicator created by may well open a new stage in automated wave analysis.
The new exclusive indicator consists of two parts:
The basic indicator ATEI.BI. It automatically draws a wave markup on bigger timeframes.
Its functions include:
· Indicating completed waves
· Indicating expected waves
· Building Fibonacci grids
· Indicating buy, sell and flattish zones
· Indicating the 3 stages of a certain move through drawing control points
Indicator ATEI.TRA. It automatically draws a wave markup on smaller timeframes.
Its functions include:
· Indicating completed waves
· Indicating expected waves
· Indicating the TRA pattern: support, TRA level, resistance. (TRA stands for trend reversal axis)
· Indicating the 3 stages of a certain move through drawing control points
· Using special signs to indicate the levels of channel volatility, Fibonacci levels etc.
These indicators are built for Meta Trader 4 (5). The testing period showed positive results. The programmers working for the Department of Mid-Trading, , worked out an exclusive algorithm based on the wave analysis approaches by Murphy and Masterforex-V.
Automatic Wave Analysis By New Indicator: Panacea Or Headache For Traders?
The developers () say the new indicator is not a panacea. It helps traders to read wave patterns. However, traders have the decisive vote. Moreover, the cooperation between human traders and computers results in the best trading performance.
In this case, there are 3 wave patterns. Therefore, the indicator works for momentums and correctional waves.
The think line - senior wave levels
The thin line - junior wave levels
The indicator is a part of the SAKS trading system, developed by the one of the departments of .
The black lines on the charts above represent the mark-up made by human traders.
And finally, it is important to remember, that any indicator (the one mentioned here is no exception) is just a tool, it is not a “Holy Grail”. According to NordFX, this tool can be efficient only when used by experienced traders. The ATEI indicator just helps traders to get rid of several routine tasks.
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Do you use technical indicators to trade Forex or other markets?
