Indicator: WaveTrend Oscillator [WT]

WaveTrend Oscillator is a port of a famous TS /MT indicator.
When the oscillator is above the overbought band (red lines) and crosses down the signal (dotted line), it is usually a good SELL signal. Similarly, when the oscillator crosses above the signal when below the Oversold band (green lines), it is a good BUY signal.

I have marked some cross-overs in the above chart. As you can see, they are *not* the only useful signals WT generates. Try it on your instrument and let me know what you think.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
// @author LazyBear
// If you use this code in its original/modified form, do drop me a note. 
study(title="WaveTrend [LazyBear]", shorttitle="WT_LB")
n1 = input(10, "Channel Length")
n2 = input(21, "Average Length")
obLevel1 = input(60, "Over Bought Level 1")
obLevel2 = input(53, "Over Bought Level 2")
osLevel1 = input(-60, "Over Sold Level 1")
osLevel2 = input(-53, "Over Sold Level 2")
ap = hlc3 
esa = ema(ap, n1)
d = ema(abs(ap - esa), n1)
ci = (ap - esa) / (0.015 * d)
tci = ema(ci, n2)
wt1 = tci
wt2 = sma(wt1,4)

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

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

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Thank you LazyBear. Please let me know if there is any update to this indicator? At the same I wanted to let you know I am using 5m and 1min
100 coins
+12 Reply
should I show you how to use it even more profitably?
+204 Reply
@Lyiness, lol. Come on then... show us what you got
+36 Reply
Lyiness overttherainbow
Where it started it always makes a decision.

+42 Reply
@Lyiness, very good
+6 Reply
Vgamma4 Lyiness
@Lyiness, How do you visualize the dots? Und leider versteh ich nicht ganz auf was du hinauswillst mit em chart :)
+8 Reply
Lyiness Vgamma4
@Vgamma4, höhere Hochs und tiefere Tiefs gebrochen
+1 Reply
maszka_esz Lyiness
@Lyiness, could you Please share this update function with dots indicating entrane / sell points? I am still learning... Masza
+1 Reply
Lyiness overttherainbow
@overttherainbow, idea and trade from 18. March 2018
+4 Reply
@Lyiness, Hi can you please share the full indicator name PVTL VLS
+23 Reply