Wave Channel 3D
Built by Ricardo idea from JR & Aloakdutt from indieTrades Jan. 2010

This indicator is very easy to build. We utilize Moving Averages with a set multiplier and an offset. Specially we try to use Fibonacci sequence series numbers (1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144...) as time space and multiplier (default 89, 8). Also included is Donchian Channel to locate strong trends and possible future support - resistance.


Examples of support/resistance on chart.

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Dominant Price Trends

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Future Support Resistance

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Comparing Fibonacci Series Time Space - Multiplier

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When Comparing make note of confluence support/resistance showing up with Fibonacci Series
Example uses DC
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When Comparing make note of confluence support/resistance showing up with Fibonacci Series
Example without DC / Smooth MA
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study(title="3D-Wave Channel", shorttitle="3D-WC", overlay=true)
timespace = input(1)
smooth = input(89)
offsetMultiplier=input(8)
useDonchianAverage = input(false)
src = input(ohlc4)
ma = useDonchianAverage ? avg(highest(smooth),lowest(smooth)) : ema(src, smooth)
plot(ma[0], color=black, offset=offsetMultiplier*01)
plot(ma[timespace*01], color=silver, offset=offsetMultiplier*02)
plot(ma[timespace*02], color=silver, offset=offsetMultiplier*03)
plot(ma[timespace*03], color=gray, offset=offsetMultiplier*04)
plot(ma[timespace*04], color=gray, offset=offsetMultiplier*05)
plot(ma[timespace*05], color=gray, offset=offsetMultiplier*06)
plot(ma[timespace*06], color=silver, offset=offsetMultiplier*07)
plot(ma[timespace*07], color=silver, offset=offsetMultiplier*08)
plot(ma[timespace*08], color=gray, offset=offsetMultiplier*09)
plot(ma[timespace*09], color=gray, offset=offsetMultiplier*10)
plot(ma[timespace*10], color=black, offset=offsetMultiplier*11)

max_ma()=>max(ma[timespace*10],max(ma[timespace*9],max(ma[timespace*8],max(ma[timespace*7],max(ma[timespace*6],max(ma[timespace*5],max(ma[timespace*4],max(ma[timespace*3],max(ma[timespace*2],max(ma[timespace*1], ma))))))))))
min_ma()=>min(ma[timespace*10],min(ma[timespace*9],min(ma[timespace*8],min(ma[timespace*7],min(ma[timespace*6],min(ma[timespace*5],min(ma[timespace*4],min(ma[timespace*3],min(ma[timespace*2],min(ma[timespace*1], ma))))))))))

top = highest(max_ma(), smooth)
bot = lowest(min_ma(), smooth)

plot(top, color=black, offset=offsetMultiplier)
plot(bot, color=black, offset=offsetMultiplier)
ChartArt
2 years ago
Thank you for sharing this interesting idea. The indicator initially seems to be really great based from the screenshot, but when I tested the signals they are lagging extremely behind the price movement. Even with very fast settings like smooth input(5), offsetMultiplier input(1) I could not find anything I would find useful in actual day-trading.

Don't get me wrong. I think this indicator is great when you analyze a new symbol for the very first time. It is very good to see the overall trend direction of recent weeks; to get an overall feeling where the market was headed recently.
+3 Reply
QuantitativeExhaustion PRO ChartArt
2 years ago
Thanks for that feedback ChartArt. Have explored all the features this indicator might provide. Current and future Support/Resistance , Trend Breakouts and more?
+4 Reply
ChartArt QuantitativeExhaustion
2 years ago
My setting in action. Useful to see the overall strongest recent trend direction (and yes, also the major past support/resistance zones).

snapshot
+3 Reply
ChartArt ChartArt
2 years ago
Period 4 smoothed on weekly SPY chart. If only trading would be always that easy :D

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+3 Reply
QuantitativeExhaustion PRO ChartArt
2 years ago
Looks even better with HA.
+4 Reply
QuantitativeExhaustion PRO ChartArt
2 years ago
You should also compare longer time series and multipliers. I picked Fibonacci Series, showing how in the example above. More support/resistance folds, higher probability of seeing those areas again displaying support/resistance.
+4 Reply
good indikatör ..
+3 Reply
ersoytoptas PRO ersoytoptas
2 years ago
Resistance and support to identify best
+3 Reply
jangseohee
2 years ago
Price engages in water surfing ^_^
+3 Reply
sigmadict
2 years ago
Using setting (1,50,4)
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+3 Reply
sigmadict sigmadict
2 years ago
We can verify with my the S/R I previously draw. It's not far from reality, I recommend to use it as a reference and validate with a line previous S/R more precisely.
+2 Reply
sigmadict sigmadict
2 years ago
An average is not a key level, depending which Time Frame you are using ... you will find the sweet spots in every Timeframes, but if you use it alone on one time frame, it will have some lags
+3 Reply
sigmadict sigmadict
2 years ago
And as a preference, I think it is not mandatory to have all waterfalls, it's visually disturbing the chart
+3 Reply
sigmadict
2 years ago
Today maybe it would have been more accurate to use this indicator, my stop loss support was broken too early
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+3 Reply
sigmadict sigmadict
2 years ago
Green live VS Grey line
I MISSED THE POP
+3 Reply
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