- Identification of the trend direction
- Automatic identification of level
- Designed as a decision making framework for trading trending growth assets such as tech stocks and cryptocurrencies
The lines are derived from the high, low and direction ( / ) from the latest outside bar at a time. The timeframe on which outside bars are detected can be chosen freely by the user. The importance of an outside bars tends to increase with the timeframe. Outside bars can play an important role in price action trading by providing levels as well as the currently predominant trend direction. So this indicator enables a trader to automatically display the high, low and direction of the current outside bar from two different (usually higher) timeframes and therefore gives rationally and automatically derived levels as well as the predominant trend direction from the chosen timeframes. The adjustable crossing with its noise filter gives further guidance on the current trend direction and strength.
The WTS can help traders and investors following a rule based system by providing a measure of trend strength and consistency as well as specific levels.
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