Overview and Summary: MetaTrader 5 Indicators with Pivot Points and Waddah Attar Explosion Strategy

Indicators:

• Pivot Points Levels
• Waddah Attar Explosion (Ensure to enable DLL dependencies for the indicator)

Trading Rules:

Reversal Strategy:

Buy:

• Wait for the price to approach a Pivot Point level.
• Look for an upward bounce and a green bar on the Waddah Attar Explosion indicator.

Sell:

• Wait for the price to approach a Pivot Point level.
• Look for a downward bounce and a red bar on the Waddah Attar Explosion indicator.

Continuation Strategy:

Buy:

• Wait for the price to break and close above a Pivot Point level.
• Ensure the Waddah Attar Explosion bar remains green.

Sell:

• Wait for the price to break and close below a Pivot Point level.
• Ensure the Waddah Attar Explosion bar remains red.

Advice:

• Begin with one method (reversal or continuation) to simplify learning.
• For exits:
  • Place the stop loss above/below the previous price swing.
  • Set a profit target near the next Pivot Point level or use a 1:1 stop-loss ratio.
• Starting with the reversal strategy at extreme levels is recommended due to its reliability.
• The D'Alembert strategy can be used for money management.