dgtrd

WaveTrend [LazyBear] vX by DGT

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

Release Notes: small update : alert condition added
Release Notes: 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)
Release Notes: added a label to display current values of the wavetrend and signal level
Skript med en öppen källkod

I sann TradingView-anda har författaren till detta skript publicerat det som öppen källkod, så att handlare kan förstå och verifiera det. Skål för författaren! Du kan använda den gratis men återanvändning av den här koden i en publikation regleras av våra Ordningsregler. Du kan göra den till favorit för att använda den i ett diagram.

Vill du använda det här skriptet i ett diagram?

Kommentarer

Many thanks, very interesting. I increased the size of the labels as I felt they were a little lost in the chart.

For the Strong labels: size=size.normal
And the standard labels: size=size.small

I use the LazyBear Wavetrend and find it very useful, so thanks again for your take. I'm just wondering if I can include your strong indicator flags/labels in the original Wavetrend....hmmm
+1 Svara
dgtrd gestevens67
@gestevens67, thank you and thank you for your interes in the study

usually i avoid making the labels big so they do not make the chart too messy expecially when other indicators are included as well

unfortunetly, due to pine limitation you can not add labels to the original one. pine is not supporting lables, lines etc to be ploted on top of the price (main) chart if the study is performed to be displied on different pane. the only possibility available with this version of pine is to be able to change the bar colors. so you may modify the original version but insted labels you may use barcolor to change the colors of the bars. for stong and week ones you may decide to use different colors. hope this helps

regards
Svara
Any way of adding an alert function to all of the different signals?
Svara
dgtrd tagebar
hello @tagebar, it has a single alert which includs both bullish and bearish signal, any thing else you have special in you mind ?
Svara
tagebar dgtrd
Hey @dgtrd, thanks for the quick response, it would be nice to be able to separate the like strong bull wave trend cross (below -55), strong bear wave trend cross (below +55), then normal bull and bear crosses. Also, any way adjusting the position of the signals i.e. absolute, top-bottom etc.....

Great work though! Love it
Svara
Thanks , it's always your creative way of incorporating ideas in study ..makes them so beautiful and very useful..keep up the good job..from good to better !!!
Svara
dgtrd sandyrindal
@sandyrindal, thanks to you and other traders like you who have been contributing to make all those studies better and better.
Svara
@dgtrd thank you for your work! It is amazing. Can you tell me if you tested this with Heikin Ashi candles? And if yes, what opinion do you have?
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dgtrd wojtek85CH
@wojtek85CH, thank you

No i haven't tested with Heikin Ashi candles and calculation wise the study uses standard candles
Svara
Had this script as a strategy for a while and been using it actively in an algo. I have changed mine a bit differently using DCA in oversold/bought areas.
If You plot it into an oscillator and mark oversold/bought areas your exit point could be when the oscillator moves onto neutral territory.

I found out lower timeframes gives way better signals. HTF signals could have swings in them > 10-30% moves
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