LazyBear

Indicator: WaveTrend Oscillator [WT]

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)

List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

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!
+8 Reply
LazyBear PRO Craig_Claussen
2 years ago
yw :)
+3 Reply
primaindustria
2 years ago
" Where does he get those wonderful toys...? " LOL..Thanks man!
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LazyBear PRO primaindustria
2 years ago
YW.

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

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

+1 Reply
Ravil'Nuriev
2 years ago
I don't quite understand what the intersection to make a purchase,please explain more precisely
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LazyBear PRO Ravil'Nuriev
2 years ago
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.
+4 Reply
QuantitativeExhaustion PRO QuantitativeExhaustion
2 years ago
Really see a difference when I use 1 week, 2 week and monthly, to remove noise.
+1 Reply
chenchen3529
2 years ago
WAVETREND OSCILLATOR is the best indicator ever, thanks LazyBear, you are a genius.
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LazyBear PRO chenchen3529
2 years ago
Thanks, I just ported it over, full credit to the one who came up with this idea (MT4).
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caksalman LazyBear
8 months ago
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
2 years ago
Just wanted to show a new indicator that shows Support/Resistance levels derived from WaveTrend

snapshot
+2 Reply
RubiconTrades LazyBear
2 years ago
I can't find this, whats the name of the indicator?
Reply
chenchen3529 RubiconTrades
2 years ago
NDICATOR: WAVETREND OSCILLATOR
Reply
LazyBear PRO RubiconTrades
2 years ago
This will be available soon in the appstore. Thanks.
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Investing.Copilot LazyBear
7 months ago
Let me know once it's out! Thanks.
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spezimuc LazyBear
6 months ago
Hey :) is there any way to add this? What did you mean with an App Store? Thanks
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dshmoney LazyBear
8 months ago
Thanks again for your great work, is this indicator out?
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chenchen3529
2 years ago
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
2 years ago
The feature you are looking for (scanning) will be part of TradingView soon.
+1 Reply
chenchen3529 LazyBear
2 years ago
That will be great. Thanks
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scarf PRO LazyBear
5 months ago
I'm a little late to the party, but how would I get this working?
Reply
RubiconTrades
2 years ago
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
2 years ago
I will let other chime in, but I have seen many using this along with slow Stoch.
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RubiconTrades LazyBear
2 years ago
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
2 years ago
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
3 months ago
Did you ever find a solution to this?
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Algyros PRO scarf
3 months ago
No, I didn't. Do you have any ideas?
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steve1967
2 years ago
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
2 years ago
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
2 years ago
thanks for your quick response, i found one and loaded it onto mt4 - works like a dream
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chrstphrphuong04
2 years ago
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
2 years ago
This is only for TradingView. I am sure there are many ToS implementations out there.
Reply
NicoEsterhuyse
a year ago
Hey LazyBear,

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

Thanks
+8 Reply
kim91
a year ago
Can i code it to prorealtime? MVh Kim
Reply
Mei
9 months ago
Where can I download this indicator for mt5?
+1 Reply
Mei
9 months ago
Does anyone could help to convert to .mQ5? I'm newbie
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khaledwasfi
8 months ago
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.
Reply
engrvivs
8 months ago
Very nice indicator indeed.
Are the trend lines, shown in the snap-shot, also created by the code?
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wonsukchoi
7 months ago
this is too good to be true!!
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hamitahery1 wonsukchoi
2 months ago
Hi. Can you please tell me at what time frame this indicator works the best? Thanks
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chriscena23
7 months ago
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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Sharl
7 months ago
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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LazyBear PRO
6 months ago
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
6 months ago
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
Reply
LazyBear PRO
6 months ago
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
Reply
RichardParker LazyBear
5 months ago
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
Reply
kevinn
6 months ago
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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ConnorParry kevinn
4 months ago
Any luck with creating an alert? haha. Im in the process ....and struggling at that! thanks for everything
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OzlemKuafor
6 months ago
Thanks lazy but how can i download this indicator?
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benedictwellstood OzlemKuafor
4 months ago
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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MONEYMENOW PRO
6 months ago
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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prestigedp
5 months ago
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
4 months ago
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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caneman
5 months ago
This looks like the commodity channel index.
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BenKaluza
5 months ago
What other indicators do people use with this?
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Sharl
5 months ago
Any way to get alert on WT?
+1 Reply
mbutho2014
5 months ago
how to put this indicator into my trading platform
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benedictwellstood
4 months ago
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
2 months ago
Hi Benedict. At what time frame this works best?
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Allan
3 months ago
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
Reply
tekkzi PRO Allan
3 months ago
Thank you! I was looking for this
Reply
sjcwealth Allan
3 months ago
Does this show the dots on the WT? I do not have the sound alerts either.
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Sepoleanjel
3 months ago
What timeframe is best to use this Indicator ? Cheeers ;)
+1 Reply
sjcwealth
3 months ago
How can I include the dots on the WT like the ones on the YouTube video,please? @LazyBear
Reply
jag2624
2 months ago
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
hamitahery1
2 months ago
Hi. Please advice. At what time frame this works the best? and at what duration i have to open the position?
+2 Reply
VolFrey
2 months ago
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
+1 Reply
VinobaPrinson
a month ago
i have 4 100% accurate binary option 1 min trading method . know i need to create some indicator for that can you help me .
Reply
VinobaPrinson
a month ago
my email id is viprinson@gmail.com . Contact number +918754916662
Reply
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