Shoot Point

Shoot Point

1.CONSTITUTION

Shoot [Point] is momentum indicator composed of one oscillator and three floating levels [upper, middler, lower]. The oscillator crosses the floating levels forming Shoot Points! The inputs can be used to adjust the oscillator, the floating levels and the alert signals. It is designed only for the MT5 platform.

2.OPERATION

• As entry signal:

When combined with a trend filter [preferably the Currency Strength Meter], it provides very good entry points.

bullish entry signal: oscillator crosses or upper level, or middler level, or lower level from bottom to top.

bearish entry signal: oscillator crosses or upper level, or middler level, or lower level from top to bottom.

• As exit signal:

The best exit points are obtained by adjusting the floating levels, decreasing the upper level and increasing the lower level.

bullish exit signal: oscillator crosses or upper level, or middler level, or lower level from top to bottom.

bearish exit signal: oscillator crosses or upper level, or middler level, or lower level from bottom to top.

• As zig zag:

The indicator can be used as a zig zag in medium and larger time frames. In this case, it is an optimal substitute for Weis Wave, consequently for Wave Chart of Wyckoff’s theory.