The Waddah Attar Explosion Indicator is an advanced MT4 volume indicator that visualizes the balance between positive and negative trading volumes for predicting upcoming market trends.
This indicator is an excellent match for forex and stock day traders who consider trading volume the key market mover. Clear demonstration of market accumulation/distribution and simple rules of determining trade signals are the main reasons behind the vast popularity of the Waddah Attar Explosion.
The Waddah Attar Explosion applies a 15-day TrendPower and Explosion MA for determining the volume moving average.
The changes in the volume bar’s color help you identify whether bulls or bears control the market. And, the moving average line shows the overflow or deficiency of the asset’s supply and demand.
The green volume bar indicates the accumulation, and the red bars signal the distribution of the asset.
Go for long opportunities like bullish breakouts or price reversals when the demand or green bar rises above the volume moving average.
The bars fall below the average after turning red when the demand declines to signal a buy-exit.
The red volume bar needs to spike above the average line for shorts, confirming a supply overflow. After activating a sell order, hold it until the bars fall below the average line.
Waddah Attar Explosion Indicator for MT4: Buy Conditions
- The volume bars turn green and move above the average line
- The price attempts a bullish breakout or a reversal at a significant support
- Exit long when the volume bar turns red
Waddah Attar Explosion Indicator for MT4: Sell Conditions
- The volume bars switch to red color and turns above the average line
- The price plots a bearish breakout or a bearish reversal pattern at the exact period
- Exit short after the volume bars start showing up in green color