LazyBear

Indicator: WaveTrend Oscillator [WT]

79440 94 10802
WaveTrend Oscillator is a port of a famous TS/MT indicator. More info: https://www.youtube.com/watch?v=7vhIsk51_Ro

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.

---- How to import / use custom indicators from this chart (PDF) ----
https://drive.google.com/file/d/0Bx48Du_2aPFncUhIemNrZUY1dTA/edit?usp=sharing
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//
// @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)

You are amazing!! Thanks for all the indicators. I'm new to trading, yet I feel like I'm already 15 years ahead of my father in terms of reading charts. Thanks LazyBear, and thanks tradingview for creating such an amazing website that utilizes so many tools!
+11 Reply
LazyBear PRO Craig_Claussen
yw :)
+3 Reply
" Where does he get those wonderful toys...? " LOL..Thanks man!
+2 Reply
LazyBear PRO primaindustria
YW.

Thanks to your avatar, I have started a rerun of Season 1 to see Bender's antics again :) Love that guy!
+1 Reply
wow, how many beautiful indicators you have done! you should work at wall street! congratulation!
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LazyBear PRO cantestogo
Thanks.

Heres a list of all my indicators (108 so far), for easy reference:
Master Index: List of all my indicators

+1 Reply
MarxBabu PRO cantestogo
@cantestogo, Defenitely good one ;how about adding this combined strategy to your existing one
SUPER SUPERTREND THREE LINE PROFIT STRATEGY
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I don't quite understand what the intersection to make a purchase,please explain more precisely
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LazyBear PRO Ravil'Nuriev
This is used as an OB/OS indicator like other oscillators. The video I have linked above has more info.
+1 Reply
snapshot


Very nice composition when you add all three.
+12 Reply
QuantitativeExhaustion QuantitativeExhaustion
Really see a difference when I use 1 week, 2 week and monthly, to remove noise.
+2 Reply
WAVETREND OSCILLATOR is the best indicator ever, thanks LazyBear, you are a genius.
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LazyBear PRO chenchen3529
Thanks, I just ported it over, full credit to the one who came up with this idea (MT4).
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caksalman LazyBear
Hello, I am newbie here. I would like to ask is it for MT4 or not? Which one of those indicators that can be used on MT4? Thank you.
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LazyBear PRO chenchen3529
Just wanted to show a new indicator that shows Support/Resistance levels derived from WaveTrend

snapshot
+9 Reply
I can't find this, whats the name of the indicator?
+2 Reply
chenchen3529 RubiconTrades
NDICATOR: WAVETREND OSCILLATOR
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LazyBear PRO RubiconTrades
This will be available soon in the appstore. Thanks.
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Let me know once it's out! Thanks.
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spezimuc LazyBear
Hey :) is there any way to add this? What did you mean with an App Store? Thanks
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@LazyBear, Heya, i was looking for the new indicator showing SRL you posted on this last pic derived from wavetrend and named WTSRL. Could you advise where i can find it as it doesnt apear on trading view.

Thanks a lot
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frankenx LazyBear
@LazyBear, Is it available now ? where can i get it ? Thanks
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dshmoney LazyBear
Thanks again for your great work, is this indicator out?
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frankenx LazyBear
@LazyBear, Can you tell me if this is available on trading view public library.. I am very interested in this indicator ..Thanks I am looking for the SR indicator for a long time
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Hi I am trying to use wavetrend to figure out which stocks are on the bottom. but, it seems that the wavetrend function only shows this for 1 stock at a time, and I would like to do this for all stocks. How can I use wavetrend to show this list of stocks?
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LazyBear PRO chenchen3529
The feature you are looking for (scanning) will be part of TradingView soon.
+1 Reply
That will be great. Thanks
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scarf PRO LazyBear
I'm a little late to the party, but how would I get this working?
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I know this is a solid indicator for Daily/Weekly but I'm also looking to use this intra-day as well. Any suggestions on pairing other tools/indicators for this?
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LazyBear PRO RubiconTrades
I will let other chime in, but I have seen many using this along with slow Stoch.
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Okay thanks! I'll look into that while I await other replies. I appreciate the hard work LazyBear, amazing stuff.
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Algyros PRO LazyBear
Thank you, Lazy Bear, for this terrific indicator.
I was wondering if you have any ideas on how to minimize false signals. Slow Stoch confirms the WT, but doesn't help with false signals.
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scarf PRO Algyros
Did you ever find a solution to this?
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No, I didn't. Do you have any ideas?
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i like this indicator a lot but is there any way i can use it on mt4. do i have to buy it, forgive me but i am a complete novice
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LazyBear PRO steve1967
Code shown above is for TradingView, this will not run in MT4. Did a quick google for TrendWave MQ4 - https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=trendwave%20mq4, one of these should work.
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steve1967 LazyBear
thanks for your quick response, i found one and loaded it onto mt4 - works like a dream
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Can the same script be used as a thinkscript for thinkorswim? Or is it specifically for TradingView? If it cannot be used with TOS, is there something similar that can be used with the platform?
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LazyBear PRO chrstphrphuong04
This is only for TradingView. I am sure there are many ToS implementations out there.
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benfasoli chrstphrphuong04
@chrstphrphuong04, I've ported this over to ThinkScript. Copy the code into a custom ToS study from https://gist.github.com/benfasoli/324a727f6dc923e5844104a38208baba
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Hey LazyBear,

What timeframes on charts and expiry times do you use when using this indicator?

Thanks
+12 Reply
Can i code it to prorealtime? MVh Kim
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Where can I download this indicator for mt5?
+2 Reply
Does anyone could help to convert to .mQ5? I'm newbie
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thank you LazyBear for the good indicator, I am particularly interested in this one (Wavetrend oscilator), I actually checked there website ( the one you provided) and I notice that the middle line segment in your pictures are lacking in their picture and also in the youtube ... what does it represent? and where did you get it from??
do you know a Binary broker who uses this indicator? and if not how to use it on my binary trades?
thanks again Lazybear, that was fantastic.
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Very nice indicator indeed.
Are the trend lines, shown in the snap-shot, also created by the code?
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this is too good to be true!!
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hamitahery1 wonsukchoi
Hi. Can you please tell me at what time frame this indicator works the best? Thanks
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MizzezVM hamitahery1
@hamitahery1, works well with just about any timeframe but higher timeframes are safer
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Thank you very much for the indicator LazyBear, I was wondering which time-frame do you recommend this the most on? Which pair and time of the day? Thank you very much in advance!
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As a new , no nothing trader just want to thank you Lazy bear for your indicator I've loaded, really looking forw to you or somebody to teach me on a couple more, is their some training somewhere?
Thanks again!!!
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Glad to see this indicator is still being used heavily.

For a complete list of my indicators, do check out the links below:

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970

+2 Reply
spezimuc LazyBear
which one of the two indicators in the app-store would you recommend to add to the wave trend oscillator for a day trading ? Thank you
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Glad to see this is still being used heavily by the community.

For a complete list of my indicators, do check out the links below:

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970
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Hi LazyBear, could it be that SMI (12,5) is close to WT ... ?
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Hello LazyBear,

Do you have this WaveTrend Oscillator for MT4? If not, could you write it for it also, since it is a very popular indicator and many would be happy if it was compatible with their MT4s, including me?

Thank you in advance for your time.

Sincerely,
Demetrios
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Hello, Really like the indicators etc :) can you give some guidence into setting up alerts for this stratergy?? Would appreciate it. Thanks
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Any luck with creating an alert? haha. Im in the process ....and struggling at that! thanks for everything
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Thanks lazy but how can i download this indicator?
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Click on the template and then click the share icon and then 'make it mine' - this will bring up a new chart/page. Or copy and paste the script into Pine Editor on your chart.
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How many millions have u made LB.. Indeed u have much upper hand than most of us with ur special talent creating indicators.. fan of urs...
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hi there, this is a great indicator. Does anyone happen to know how to add an alert for this?
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ConnorParry prestigedp
Hello, have you managed to create an alert for this indicator yet? Im in the process of figuring it out! ha.
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This looks like the commodity channel index.
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What other indicators do people use with this?
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Any way to get alert on WT?
+1 Reply
how to put this indicator into my trading platform
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This is a beautiful piece of work - ti's simplicity is just lovely and cuts through nearly everything esle. I've played with the lengths a little - equally great. I just starting to learn Pine and I was wondering if you think it would be straighforward to add directional arrows to the crossovers and also alerts when they happen? Thanks so much.
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hamitahery1 benedictwellstood
Hi Benedict. At what time frame this works best?
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Hello LazyBear. Thank you very much for creating such useful indicator !! Really helps.
I had some difficulties getting it to work with the alerts mostly due to the plots not being labeled but with some quick tweaking they work like a charm and ring the alarm every time an FX cross meets the OB or OS conditions of this indicator. Wonderful for setting it on multiple charts at the same time.
Here are the changes I made to your code, simple addition but now its easy to make it run with the alerts this way. I hope you find it useful. Good luck trading out there guys :)

plot(0, title="Zero", color=gray)
plot(obLevel1,title="OB Extreme Level", color=red)
plot(osLevel1,title="OS Extreme Level", color=green)
plot(obLevel2,title="OB Inner Level", color=red, style=3)
plot(osLevel2,title="OS Inner Level", color=green, style=3)

plot(wt1,title="Wave", color=green)
plot(wt2,title="Wave Trigger", color=red, style=3)
plot(wt1-wt2,title="Wave Momentum", color=blue, style=area, transp=80)

All else stays the same
Cheers
+2 Reply
Thank you! I was looking for this
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Does this show the dots on the WT? I do not have the sound alerts either.
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What timeframe is best to use this Indicator ? Cheeers ;)
+7 Reply
How can I include the dots on the WT like the ones on the YouTube video,please? @LazyBear
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Thanks LB... I'm a new trader with only a few months of study and trading, and because of good guys like you and others, I am able to start making consistent progress in selecting profitable trades. I respect and appreciate your kindness in sharing your knowledge and expertise w/everyone. Trading view is my favorite site for solid trading education. Thanks TW.
+1 Reply
Hi. Please advice. At what time frame this works the best? and at what duration i have to open the position?
+4 Reply
Hello!Can you explain how to install allert on this indicator correctly? I`ve tried to instal WT on WT intersection, and Eurusd on WT intersection?
But it did not work
+3 Reply
i have 4 100% accurate binary option 1 min trading method . know i need to create some indicator for that can you help me .
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my email id is viprinson@gmail.com . Contact number +918754916662
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Folks I've created several scripts to extend wave trend to multiple timescales simultaneously and developed techniques to pick the highest quality crossovers (sans embedding) amongst the many timescales. Check them out:
https://www.tradingview.com/u/pythagoras/#published-scripts
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I don't know if you are still active.. I mixed your WT and simple RSI, optimized on SPX-15min to get 83% effective long/short strategy (tested with small money from oct. 2016 to jan. 2016)
Well done to you (and to me) :-D
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fxbips x_Maurizio
@x_Maurizio, I tested it just the last two days and I think RSI and WT is better then only WT. I only check the WT if the RSI is crossed (70 or 30).
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@fxbips, ;-) did you tested other TF or Symbol?
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fxbips x_Maurizio
@x_Maurizio, I`ll checked the last charts and only the Wave and the RSI doesn`t work really well. I combined it with my normal strategy and know I can "only" with the wave reduce my lose trades. But I know this only from reading old charts. I will test it the next week and then I will know more.
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@fxbips,
I'm happy if I could help somehow to improve your trading. =)

I just applied my stuff to EU50EUR cfd. A straight long/short strategy with reversal, no Take-Profit, or else.

TF 1H, best tuning gives following: 90,24% on 82 trades, back testing from July 2015 (I have to say, a period of time long enough!), Avg-Trade 22,62 Eur , Max DD 565,50 Eur, Net Profit 1854,7 eur, gross Loss = 90,14 Eur Long 4,6 Eur short (EUR values are calculated on 0,1 cfd ... if you calculate 1 cfd, then everything by 10)
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x_Maurizio x_Maurizio
@x_Maurizio, I'm gonna to test it live from monday morning by entering 3 x 0,1 cfd short.

Oh I forgot, Pyramiding 10 contract = 10 x 0,2 = max contract held = 2 CFD
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x_Maurizio x_Maurizio
@x_Maurizio, typo: monday morning 3 x 0,2 cfd short... indeed.
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fxbips x_Maurizio
@x_Maurizio, Sounds good. If I knew more at the end of the week I will tell you. Can you setup an alarm in tradingview? I need a alarm if the red or green line crossed.
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Really cool indicator, thanks. I am new at tradingview. How can I set an alarm for it. So if it cross the red or green line. So I know how to setup an alarm for a value but an alarm for the lines of the indicator would great. Thanks
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For a lazy bear this is brilliant! Thank you dude!
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Is there a way to set up a screener to tell when stocks are giving a buy signal?
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klappt super...
danke!
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Hi. How can I make tradeview alert me when,say, EURUSD crosses wavetrend top-down dots lines? What should I set in alert window?

Thank you
+1 Reply
Добрый день.Подскажите как работать на этом индикаторе.Заранее спасибо
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