Vold316

[Vold] TD D-Wave

Tom Demark's TD D-Wave is an indicator is Demark's take on Elliot Waves. For more information, I suggest you to read about it in Demark Indicators by Jason Perl .

Release Notes: - Fixed reset of wave 2 when going under wave 1, now it compares the value correctly with the origin of wave 1.
- Added an input to change the source that is used to compare the candles to determine the waves, by default is the close, and the new option is the high/low (wicks).
- Modified the mode input, now can be seen bull and bear mode at same time (The overlap of the indicators will be fixed for the next release).
- Modified the color of the wave, by default blue is for bull and red for bear.

Let me know if you want me to add new features of this indicator, like wave extensions.
Release Notes: - Fixed an issue with the bear waves (introduced in the last update). :p
Release Notes: + A Wave C can count as a starting point of a brand new impulsive set of waves. Before if there was a Wave C that qualified as a 0 point, the next wave was still 5 not 1.
+ After a Wave C (not qualified as a 0), if there's not a 0 point the price afterwards and the price violates previous 5th wave, it will count as a wave 1, not 5.

As requested I will add projections of waves C and 5, in the future. For now just use fib projection tools. :P
Release Notes: - Fixed Bear Waves (it was totally broken, I guess everyone using the indicator was bullish!).
Release Notes: The waves now reset properly when a candle violates a wave 2 or wave 0 bottom/top (for instance, before in a bull wave you could see a wave 4 if the price fell sharply below wave 2, now this does not happen).
Release Notes: " if TD D-Wave 2 closes below the low close of TD D-Wave 1, then TD D-Wave 1
will disappear, and the count must begin anew. (Similarly, if the low close of
TD D-Wave 4 closes below the low close of TD D-Wave 2, then TD D-Wave 2 will
shift to where TD D-Wave 4 would otherwise have been.) " - Tom Demark TD D-Wave by Jason Perl, page 77.

This was happening with wave A and C as well, so it was a bug.

Please, if you find a bug let me know.
Release Notes: Bullish: After wave A if a single candle breaks above wave 5 top, it gets labeled as wave 5 instead of wave b.
Bearish: After wave A if a single candle breaks below wave 5 bottom, it gets labeled as wave 5 instead of wave b.
Release Notes: Fixed a bug where a wave 2 would be printed in the first candle that qualified as a wave 2 start and violated the wave 1 bottom(bull)/top(bear).
Release Notes: Added optional features:

1. Show Projections (deactivated by default): Displays wave 3 and 5 projections.

2. Invalidate A Waves (deactivated by default): Invalidates wave a if it falls below wave 4 or wave 2 (this is not in the book, and is something that I totally made up, so don't use it, lol. Joke aside, I prefer it this way, but don't use it if you want to stick to what the book says, which is probably wise).

3. Highlight Invalidations (deactivated by default): It highlights invalidations of waves of both modes at any mode. I find it useful to figure out wether the bears or bulls are in control, hence which mode should be used.

4. Display At Inception (deactivated by default): Removes additional wave counts, for those that like the charts cleaner. It only shows the inception of each wave, not the top or bottom so keep this in mind because it may look awkward.


If you find a bug please let me know, thanks.
Release Notes: Improved performance and cleaned up the code.
Release Notes: Fixed "Use wicks" option (I broke it in the last version).
Release Notes: Removed optional feature to reduce number of dwave counts (I will implement something better in the future)
Modified the color by default of dwave counts for a tone that is easier to be seen.
Improved performance reducing redundant code, not it loads faster.
Release Notes: Added alert conditions (thanks to @gmmm, for the suggestion!)
Release Notes: Update to pinescript v5.
Release Notes: + Added option to see both waves in parallel (suggested by cyh850228).
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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?