Indicator WAAB (Waddah Attar ADXxBollinger) is intended for identifying the direction and strength of the current trend. For this pupose, a combination of the signals from two indicators is used: Advanced_ADX and Bollinger Bands.
The indicator is made as a histogram, the columns of which are green when the prices grow. Red color means falling. The larger the columns (of any color) are, the stronger the trend is.
It has three configurable parameters:
ADX Period – ADX calculation period;
BB Period – Bollinger Bands calculation period;
BB Applied price – applied price for Bollinger Bands.
Calculations:
WAAB = (TL-BL) * ADX
where:
TL, BL – the upper and the lower bands of indicator Bollinger Bands
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