Introduction to the Waddah Attar Explosion Indicator
The Waddah Attar Explosion Indicator is an advanced forex volume gauge that visualizes the balance between positive and negative trading volumes. These volumes come in handy for predicting upcoming market trends. Signals provided by that forex indicator need some interpretation so it’s intended for a bit more advanced traders.
The Waddah Attar Explosion Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How does it work? How to apply in trading?
Trading Rules Explanation
The Waddah Attar Explosion Indicator uses a 15-day TrendPower and Explosion MA for determining the volume moving average. The changes in the volume bar’s color define whether bulls (green bars) or bears (red bars) are dominating the market at the moment.
Follow these steps for a long trade:
- The volume bars turn green and float above the average line
- A bullish pattern should occur at the activity chart
- Open buy trade after both conditions are met
- Set stop loss few pips below the last swing low point
- Take profit or exit trade whenever big red volume bars are placed or use your own method of trade exit
Follow these steps for a short trade:
- The volume bars turn red and float above the average line
- A bearish pattern should occur at the activity chart
- Open sell trade after both conditions are met
- Set stop loss above last swing high point
- Take profit or exit trade whenever big green volume bars are placed or use your own method of trade exit
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Waddah Attar Explosion indicator in MetaTrader (MT4)?
Download the Waddah Attar Explosion.rar archive at the bottom of this post, unpack it, then copy and paste the Waddah Attar Explosion.ex4 or Waddah Attar Explosion.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Waddah Attar Explosion indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 Waddah Attar Explosion Indicator
To download the Waddah Attar Explosion indicator for Metatrader 4 (MT4) for free just click the button below: