LazyBear

Indicator: WaveTrend Oscillator [WT]

121966 112 21990
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)

Lovely indicator. Great strengths when I'm manually trading forex hourly. I'd like to know if it's possible to add this to an autotrade through TradingView or setup an alert such as: signal bar on close if green line below red dot; signal bar close if green line above red dot. Not the upper and lower static dots/lines, but the live ones.
+5 Reply
For those wanting to create alerts I finally figured this out. In alert select wavetrend crossing wavetrend. Then you need to select the 6th plot in the list for each box.
+6 Reply
scurds mbpage
@mbpage, why the 6th plot?
Reply
mbpage scurds
@scurds, it generates an alert when the lines cross wt1 crosses wt2.
+1 Reply
scurds mbpage
@mbpage, thanks. Which instruments and timeframes do you think it works best??
+6 Reply
@mbpage, I believe its the 6th plot(green line) crossing 7th plot (red line). Correct me if I am wrong.
Reply
this is amazing indicator. I am going to convert it into tradestation.
Reply
ulriis chueng119
@chueng119, did you convert it? And if so: Which stats does it generate for you?
Reply
@LazyBear What does the area plot show? I understand the two lines, but the thing in the middle?
+6 Reply
@jpshots, The area plot is the difference between the oscillator and the signal. It takes positive values when the oscillator is above the signal and negative values when the oscillator is below the signal.
Reply
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