The Weis Wave 3c forex indicator for Metatrader 4 is working in buy and sell waves and connects the high and low waves to each other.
Green histogram bars represent a high wave (price is trending up).
Red histogram bars represent a low wave (price is trending down).
Histogram bars are drawn in a separate Metatrader 4 window below the main activity chart.
Combine this wave indicator with other technical indicators for more accurate trend predictions.
The EUR/USD H4 chart below displays the Weis Wave 3c Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Weis Wave 3c MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the first green Weis Wave 3c histogram bar appears below the main activity chart.
Place a stop loss below the previous Weis Wave 3c low support.
Sell Signal: Open a sell trade when the first red Weis Wave 3c histogram bar appears below the main activity chart.
Place a stop loss above the previous Weis Wave 3c low resistance.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (difference, wave) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the WeisWave3c.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)