WaveTrend [LazyBear] vX by DGT

28. Juni 2020

DGT interpreted version of LazyBear's WaveTrend, visualizing on Price Chart

Original Author : LazyBear

Crosses above or below threshold are emphasized with bigger labels
- crosses above threshold : probable short indications with a bigger label and relativly small label for probable long indications
- crosses below threshold : probable long indications with a bigger label and relativly small label for probable short indications
All rest crosses within threshold boundaries with relatively small labels for both long and short probable indications

5. Sept. 2020

Versionshinweise

small update : alert condition added

22. Mai 2021

Versionshinweise

update thanks to sandyrindal suggestions, special thanks to him

added ability to change the signal length
added ability to compare with other symbols, can be symbols that are directly correlated or inversely correlated symbols






Here is the modified code for the ones who enjoy the WaveTrend Oscillator on separate pane

//@version=4
//@author LazyBear, modified by dgtrd

study(title="WaveTrend [LazyBear]", shorttitle="WT_LB vX ʙʏ DGT ☼☾")

n1 = input(10, "Length : Channel ", inline = "LEN")
n2 = input(21, "Average", inline = "LEN")
s1 = input(4 , "Signal Length")

obLevel1 = input( 60, "Over Bought Level 1", inline = "OB")
obLevel2 = input( 53, "Level 2"            , inline = "OB")
osLevel1 = input(-60, "Over Sold Level 1"  , inline = "OS")
osLevel2 = input(-53, "Level 2"            , inline = "OS")

f_getWT(s) => 
    ap = s 
    esa = ema(ap, n1)
    d = ema(abs(ap - esa), n1)
    ci = (ap - esa) / (0.015 * d)
    tci = ema(ci, n2)

    wt1 = tci
    wt2 = sma(wt1, s1)
    
    [wt1, wt2]

plot(0       , color=color.gray )
plot(obLevel1, color=color.red  )
plot(osLevel1, color=color.green)
plot(obLevel2, color=color.red  , style=3)
plot(osLevel2, color=color.green, style=3)

[wt1, wt2] = f_getWT(hlc3)

plot(wt1    , color=color.green)
plot(wt2    , color=color.red  , style=3)
plot(wt1-wt2, color=color.blue , style=plot.style_area, transp=80)

compare  = input(false, "Compare with Symbol", inline = "CPR")
symbol   = input("CBOE:VIX"        , "", type=input.symbol, inline = "CPR")
extSrc   = security (symbol , timeframe.period, hlc3, barmerge.gaps_off, barmerge.lookahead_on)
[wt1x, wt2x] = f_getWT(extSrc)

plot(compare ? wt1x      : na, color=color.aqua)
plot(compare ? wt2x      : na, color=color.yellow, style=3)
plot(compare ? wt1x-wt2x : na, color=color.olive, style=plot.style_area, transp=80)

24. Mai 2021

Versionshinweise

added a label to display current values of the wavetrend and signal level

7. Juni 2022

Versionshinweise

Update
* overlay wavetrand display addition, better interpretation
* enhanced signal customizations


Similar Indicators
Oscillators Overlay w/ Divergencies/Alerts : Oscillators-Overlay-with-Divergencies-Alerts
Elliott Wave Oscillator Signals : EWO-Signals