Wave Entry Alerts is a VertexFX client side VTL indicator that determines the beginning and end of the trend and draws the signals on the chart in shape of circles of white, green and red colors.

The indicator is constructed depending on the algorithm of ZigZag indicator, but with two different parameters. Period1 (default = 21) - the period of calculation of small zigzag, Period2 (default = 96) - the period for calculating the large zigzag Red and green circles identify short-term trends, and white dots define the medium- and long-term trends. Therefore, white dots are stronger signals. The Wave Entry Alerts Indicator can be used to identify potential chart patterns and Elliot Wave formations.

Wave Entry Alerts indicators use both swing highs and swing lows in its calculation:
Swing Highs: When a price (usually close) is higher than the previous price to it and after it.
Swing Lows: When a price is lower than the price prior and lower than the price following it.

The idea when a High is surrounded by candles of lower Highs, then there is a high probability that market will change trend and turn bearish. Similarly, when Low is surrounded by higher Lows, the price stabilize and likely stops falling. This signals a change from downtrend to uptrend, Wave Entry Alerts indicator can identify these market turning points.

Using this indicator for trading:
One strategy to trade with this indicator can be reflected on the sell price of top and bottom edges (circles) indicated a trend. Transactions on Buy must be opened after a rebound from the bottom of the price range, the profit is fixed at the touch of the opposite border, and stop-loss is set either in the last local minimum, or the value of the average volatility of the pair. Transactions of Sell in the rebound from the open top of the range, profit targets and risks are calculated in the same way as for Buy.

Usage

• Download the attachment from vStore or directly from the vStore tab in your terminal by performing a right click on it and selecting Download & Install
• Copy it to your company VertexFX Local VTL Files folder i.e. C:\ProgramData\VertexFX Client Terminals\"Company name"\VTL10\Local VTL Scripts
• Restart your Client Terminal or Right Click on "Local VTL Scripts" Tree Node to find the script.