The Road_Map_v04 indicator shows series of waves, breakout points and profit targets.
The indicator shows:
impulse waves (bold oblique lines);
corrective waves (thin oblique waves);
upward series of waves (blue color);
a series of downward waves (purple);
length of a series of waves (numbers near the tops of the zig-zag);
breakout levels of a series of waves (short green and red lines);
targets for taking profit (Fibonacci grid from the line of the beginning of a series of waves).
The zig-zag is non-standard, the idea of construction is taken from the wave theory of Stanislav Chuvashov. Green numbers are time fractals that can change with further price movement.
In the input parameters, you can change the number of displayed zigzag bars (Max_Bars), the colors of lines and numbers, and select the display modes of the indicator.
One of the ways to trade on this indicator (TF - any)
Trading up:
- we are waiting for a breakdown upwards (appearance of a green line)
- open Buy, SL - at the nearest low
- if the highs of the candles are understood, we keep the deal
- if at the opening of the next candle (zero bar), the maximum of the previous one (the first bar) became lower than the maximum of the second bar, we close the deal (we consider that a correction has begun)
- you can wait for the price to rise to the level of 200 and close the deal here, gradually moving SL under the lows of the zigzag
Symmetrical trade down (on the red line)
To select the direction of trading, you can look at the direction of the series on older timeframes.
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