Hello Everyone, and welcome to today’s very special software update. In this release, we are introducing a new indicator developed by our good friends at TradingWarz. It’s called the TradingWarz Golden Indicator. Details after the jump!
The first thing you are going to notice about this indicator is that it has quite a few different parameters contained within it. Don’t worry, though, everything is designed to make identifying certain market conditions easier and faster so you can react to the market quickly and accurately.
The Golden Indicator is a combination indicator developed by TradingWarz and added to TrendSpider in collaboration. This indicator has a unique look and feel, as it is comprised of a number of visual elements:
- Vertical highlight areas that indicate when certain conditions align
- Volatility bands to help you see the volatility of the price action
- A series of specific candlestick patterns that occur in specific sequences as triggers
The candlestick formations that are used in this indicator are as follows:
- OB for “Outside Bar”
- IB for “Inside Bar”
- And combinations therein, such as OBIB for Outside Bar followed by Inside Bar, etc.
The vertical highlight areas represent areas of price action where certain candle patterns occur:
- Yellow means OBIB (an outside bar followed by an inside bar) This is known as a “Holy Grail” area in TradingWarz parlance.
- Blue means IBOB (an inside bar followed by an outside bar). This is known as a “Double Blue” area.
- Orange means IBIBIB (three inside bars in a row). This is known as a “Triple IB” area.
The volatility bands are standard Bollinger Bands.
To learn more about this indicator and how it is intended to be used, be sure to watch the below video with TradingWarz: