LazyBear

Indicator: WaveTrend Oscillator [WT]

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WaveTrend Oscillator is a port of a famous TS/MT indicator. More info: https://www.youtube.com/watch?v=7vhIsk51...

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_...
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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)

anybody know how to add color bars?
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thanks man
Reply
does this seem like a right behavior when i change the time frame to 30? I'm thoroughly confused. the curvature of the waves changes significantly.

//
// @author LazyBear
//
// If you use this code in its original/modified form, do drop me a note.
//
study(title="WaveTrend ", shorttitle="WT_LB test")

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")

//new time frame//////////////////

ap = security(tickerid, "30", 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)
+6 Reply
what is the number 0.015 for? where does it come from?
+6 Reply
mortdiggiddy boreddude001
@boreddude001, Commodity Channel Index, CCI.
+1 Reply
keypitreal boreddude001
@boreddude001, look up the CCi on pinescript,then you will see where the 0.015 comes from
Reply
great script , how can i make 2 resolution in this script , like plot for 5min and another plot for 1min in the same chart ??
+8 Reply
Just brilliant, thanks a lot!
Reply
Thank you i would rather use the historgram of this chart for more accurate entries.
Reply
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