Vold316

[Vold] TD D-Wave

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Tom Demark's TD D-Wave is an indicator is Demark's take on Elliot Waves. For more information, I suggest you to read about it in Demark Indicators by Jason Perl .

Release Notes: - Fixed reset of wave 2 when going under wave 1, now it compares the value correctly with the origin of wave 1.
- Added an input to change the source that is used to compare the candles to determine the waves, by default is the close, and the new option is the high/low (wicks).
- Modified the mode input, now can be seen bull and bear mode at same time (The overlap of the indicators will be fixed for the next release).
- Modified the color of the wave, by default blue is for bull and red for bear.

Let me know if you want me to add new features of this indicator, like wave extensions.
Release Notes: - Fixed an issue with the bear waves (introduced in the last update). :p
Release Notes: + A Wave C can count as a starting point of a brand new impulsive set of waves. Before if there was a Wave C that qualified as a 0 point, the next wave was still 5 not 1.
+ After a Wave C (not qualified as a 0), if there's not a 0 point the price afterwards and the price violates previous 5th wave, it will count as a wave 1, not 5.

As requested I will add projections of waves C and 5, in the future. For now just use fib projection tools. :P
Release Notes: - Fixed Bear Waves (it was totally broken, I guess everyone using the indicator was bullish!).
Release Notes: The waves now reset properly when a candle violates a wave 2 or wave 0 bottom/top (for instance, before in a bull wave you could see a wave 4 if the price fell sharply below wave 2, now this does not happen).
Release Notes: " if TD D-Wave 2 closes below the low close of TD D-Wave 1, then TD D-Wave 1
will disappear, and the count must begin anew. (Similarly, if the low close of
TD D-Wave 4 closes below the low close of TD D-Wave 2, then TD D-Wave 2 will
shift to where TD D-Wave 4 would otherwise have been.) " - Tom Demark TD D-Wave by Jason Perl, page 77.

This was happening with wave A and C as well, so it was a bug.

Please, if you find a bug let me know.
Release Notes: Bullish: After wave A if a single candle breaks above wave 5 top, it gets labeled as wave 5 instead of wave b.
Bearish: After wave A if a single candle breaks below wave 5 bottom, it gets labeled as wave 5 instead of wave b.
Release Notes: Fixed a bug where a wave 2 would be printed in the first candle that qualified as a wave 2 start and violated the wave 1 bottom(bull)/top(bear).
Release Notes: Added optional features:

1. Show Projections (deactivated by default): Displays wave 3 and 5 projections.

2. Invalidate A Waves (deactivated by default): Invalidates wave a if it falls below wave 4 or wave 2 (this is not in the book, and is something that I totally made up, so don't use it, lol. Joke aside, I prefer it this way, but don't use it if you want to stick to what the book says, which is probably wise).

3. Highlight Invalidations (deactivated by default): It highlights invalidations of waves of both modes at any mode. I find it useful to figure out wether the bears or bulls are in control, hence which mode should be used.

4. Display At Inception (deactivated by default): Removes additional wave counts, for those that like the charts cleaner. It only shows the inception of each wave, not the top or bottom so keep this in mind because it may look awkward.


If you find a bug please let me know, thanks.
Release Notes: Improved performance and cleaned up the code.
Release Notes: Fixed "Use wicks" option (I broke it in the last version).
Release Notes: Removed optional feature to reduce number of dwave counts (I will implement something better in the future)
Modified the color by default of dwave counts for a tone that is easier to be seen.
Improved performance reducing redundant code, not it loads faster.
Release Notes: Added alert conditions (thanks to @gmmm, for the suggestion!)
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Kommentarer

Wow, I just read this chapter in Perl's book and thought I'd have to code it myself... but here you are, posting this just days ago. Many thanks
+2 Svara
Vold316 Gorgias-The-Sophist
@Gorgias-The-Sophist, You are welcome. :)
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Are there some pointers on how to set the alert? For example, if wave one is confirmed at the inception, what's the syntax for that?
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Vold316 dreadnought11
@dreadnought11, the alert conditions that I added trigger at same time that a wave count appears in the candle, so for example, if you want the script to alert you when a candle satifies the conditions to be a wave 1 top, you have to select the trigger "Bullish D-Wave 1 Top", or for example, right now I'm trading BTCUSD 4h, and I set 3 alerts: for wave b, wave 5 and wave c. Yesterday I activated the one that calls the b wave and I took some profits at 15560, and activated the wave 5 and wave c alerts, if wave c triggers I will buy a bit but if wave 5 triggers I will have to consider reentering (which will probably happen in a few seconds)
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it'd be nice to have the option to change the colors of the numbers to improve legibility
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Vold316 dreadnought11
@dreadnought11, Nice catch, I thought it was possible to change the color of the text of the shape in the style section of the script configuration, but it just changes the color of the shape. I will update this asap.
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Vold316 dreadnought11
@dreadnought11, currently the scripts don't let you choose the style color of the text of plotshape function, the alternative is to add a color picker in the configuration of the script but the problem is that scripts have a maximum number of 64 plots and when you use an expression to set the color of a plot it starts counting as 2 different plots and the limitation of 64 starts becoming a problem for what I want to add in the future for this script so, I won't add the option but I modified the color for it to be more neutral and easier to spot in dark backgrounds. This will probably be solved in the future when they fix/introduce an option to change the color of textcolor in the styles config of the script.
An alternative solution is that you copy/paste the code and make your own version in pinescript with the colors of your liking.
Cheers.
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@Vold316, great thanks!
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Could you explain what invalidation means? I cant find it in Jason Perl's book
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Vold316 dreadnought11
@dreadnought11, If you look at the section of additional conditions, J. Perl says that when a wave 2 breaks below the bottom of wave 1 origin, wave 1 is removed and the count has to start again, also if a wave 4 is breaks below the bottom of wave 2 it becomes a wave 2.
In this script, there is one optional feature that is "Highlight Invalidations", this one highlight those events for both bull and bear waves, so if you are in a bull mode, you can see which candle is breaking up a bear wave 2 or bear wave 4, and also when it breaks down a bull wave 2 or bull wave 4. I find it useful because I consider those signs of strength of the wave that is invalidating the opposite wave.
There is another optional feature that is not in the book called "Invalidate A Waves", this one activates invalidation of A Waves, so if you are in a A wave and it closes below the bottom of wave 4 then it becomes a wave 4, if it breaks below bottom of wave 2 it becomes wave 2, and so on... This is not in the book so without this you could have A waves going as low as the wave 1 which I find strange, furthermore, in Tom Demark book, he never goes in detail about TD D-Waves which I find very intriguing, why the fuck does he even talk about them if he doesn't explain them in detail. Rant aside, I added this because of in demark book (1994), he says that a wave 5 is terminated with a 20 low close, this isn't mentioned in J. Perl book either, I am planning on adding this as well as an optional feature in the future.
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