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WaveTrend Dashboard [SolQuant]
The WaveTrend Dashboard [SolQuant] indicator is a multi-symbol momentum scanner that displays WaveTrend oscillator values across four timeframes (5min, 15min, 1H, 4H) for up to nine assets simultaneously. It replaces traditional RSI-based scanning with the WaveTrend algorithm, providing faster identification of overbought and oversold conditions across your entire watchlist at a glance.
█ USAGE
Reading the Dashboard
Each column represents one asset from your watchlist. Each row represents a timeframe: 5-minute, 15-minute, 1-hour, and 4-hour. Every cell displays two elements:
• A WaveTrend value with a trend arrow — ▲ (bullish) when WT1 is above WT2, or ▼ (bearish) when WT1 is below WT2
• A percentage showing the price change for that timeframe's current bar
The WaveTrend value displayed is the WT1 line (fast line) rounded to the nearest integer. Values typically range from -100 to +100, with readings above the overbought level (default: 53) indicating overextended bullish momentum and readings below the oversold level (default: -53) indicating overextended bearish momentum.
Color Modes
Three color schemes are available:
• OB/OS: Cells remain neutral (dark) unless the WaveTrend value crosses above the overbought level (red highlight) or below the oversold level (green highlight). This mode provides the cleanest view for identifying extreme conditions at a glance.
• Heatmap: A full-spectrum gradient from blue (deeply oversold) through green (neutral) to red (deeply overbought). Every cell is continuously colored based on relative WaveTrend intensity, giving a complete momentum picture.
• Red / Green: A two-tone gradient where green indicates oversold conditions and red indicates overbought conditions, with intensity proportional to the WaveTrend value.
Interpreting Trend Arrows
The ▲ and ▼ arrows reflect the relationship between the WaveTrend fast line (WT1) and signal line (WT2). When WT1 crosses above WT2, bullish momentum is building and an up arrow is displayed. When WT1 crosses below WT2, bearish momentum is building and a down arrow is displayed. Arrows provide directional context that complements the absolute WaveTrend value — a bearish arrow in overbought territory, for example, may suggest an early reversal.
█ DETAILS
WaveTrend Calculation
The WaveTrend oscillator is computed independently for each symbol on each timeframe using request.security(). The algorithm follows five steps:
1 — An EMA of the typical price (HLC3) is calculated over the channel length
2 — The absolute deviation from this EMA is smoothed with another EMA of the same length
3 — The normalized difference (CI) is computed as (HLC3 - ESA) / (0.015 x D)
4 — WT1 is the EMA of CI over the average length
5 — WT2 is the 4-period SMA of WT1 for crossover detection
This produces an oscillator that responds more quickly to momentum shifts than standard RSI while maintaining smooth, readable output across all timeframes.
Color Mapping
For Heatmap and Red/Green modes, the raw WaveTrend value is mapped from its native range of approximately -100 to +100 onto a 0-100 scale using the formula: mapped = (WT + 100) / 2. This mapped value drives the color gradient calculations. For OB/OS mode, colors are determined by direct comparison against the configurable overbought and oversold thresholds without any mapping.
Security Call Architecture
Each symbol requires four request.security() calls (one per timeframe), each returning the WT1 value, WT2 value, and price change in a single tuple. With nine symbols, this totals 36 security calls, leaving headroom within TradingView's 40-call limit per indicator.
█ SETTINGS
WaveTrend Settings
• Channel Length: EMA period for the price channel (default: 10). Higher values produce a smoother, less reactive oscillator.
• Average Length: EMA period for the final CI smoothing (default: 21). Controls WT1 responsiveness to momentum changes.
• Overbought Level: Threshold above which cells are highlighted as overbought in OB/OS mode (default: 53).
• Oversold Level: Threshold below which cells are highlighted as oversold in OB/OS mode (default: -53).
Watchlist
• Symbols 1-9: Configurable ticker symbols for each column. The default watchlist includes BTC, SOL, ETH, SUI, HYPE, BNB, XRP, TAO, and ZEC perpetual contracts on Binance. Any valid TradingView symbol can be substituted.
Dashboard
• Color Options: Choose between Heatmap (full gradient), Red / Green (two-tone), or OB/OS (highlight extremes only).
• Dashboard Size: Tiny, Small, or Medium text sizing for the table. Smaller sizes fit more information on screen; larger sizes improve readability.
This indicator displays momentum readings for informational purposes and does not generate trade signals or predict price direction. Overbought and oversold conditions do not guarantee reversals. It does not constitute financial advice. Past performance does not guarantee future results.
█ USAGE
Reading the Dashboard
Each column represents one asset from your watchlist. Each row represents a timeframe: 5-minute, 15-minute, 1-hour, and 4-hour. Every cell displays two elements:
• A WaveTrend value with a trend arrow — ▲ (bullish) when WT1 is above WT2, or ▼ (bearish) when WT1 is below WT2
• A percentage showing the price change for that timeframe's current bar
The WaveTrend value displayed is the WT1 line (fast line) rounded to the nearest integer. Values typically range from -100 to +100, with readings above the overbought level (default: 53) indicating overextended bullish momentum and readings below the oversold level (default: -53) indicating overextended bearish momentum.
Color Modes
Three color schemes are available:
• OB/OS: Cells remain neutral (dark) unless the WaveTrend value crosses above the overbought level (red highlight) or below the oversold level (green highlight). This mode provides the cleanest view for identifying extreme conditions at a glance.
• Heatmap: A full-spectrum gradient from blue (deeply oversold) through green (neutral) to red (deeply overbought). Every cell is continuously colored based on relative WaveTrend intensity, giving a complete momentum picture.
• Red / Green: A two-tone gradient where green indicates oversold conditions and red indicates overbought conditions, with intensity proportional to the WaveTrend value.
Interpreting Trend Arrows
The ▲ and ▼ arrows reflect the relationship between the WaveTrend fast line (WT1) and signal line (WT2). When WT1 crosses above WT2, bullish momentum is building and an up arrow is displayed. When WT1 crosses below WT2, bearish momentum is building and a down arrow is displayed. Arrows provide directional context that complements the absolute WaveTrend value — a bearish arrow in overbought territory, for example, may suggest an early reversal.
█ DETAILS
WaveTrend Calculation
The WaveTrend oscillator is computed independently for each symbol on each timeframe using request.security(). The algorithm follows five steps:
1 — An EMA of the typical price (HLC3) is calculated over the channel length
2 — The absolute deviation from this EMA is smoothed with another EMA of the same length
3 — The normalized difference (CI) is computed as (HLC3 - ESA) / (0.015 x D)
4 — WT1 is the EMA of CI over the average length
5 — WT2 is the 4-period SMA of WT1 for crossover detection
This produces an oscillator that responds more quickly to momentum shifts than standard RSI while maintaining smooth, readable output across all timeframes.
Color Mapping
For Heatmap and Red/Green modes, the raw WaveTrend value is mapped from its native range of approximately -100 to +100 onto a 0-100 scale using the formula: mapped = (WT + 100) / 2. This mapped value drives the color gradient calculations. For OB/OS mode, colors are determined by direct comparison against the configurable overbought and oversold thresholds without any mapping.
Security Call Architecture
Each symbol requires four request.security() calls (one per timeframe), each returning the WT1 value, WT2 value, and price change in a single tuple. With nine symbols, this totals 36 security calls, leaving headroom within TradingView's 40-call limit per indicator.
█ SETTINGS
WaveTrend Settings
• Channel Length: EMA period for the price channel (default: 10). Higher values produce a smoother, less reactive oscillator.
• Average Length: EMA period for the final CI smoothing (default: 21). Controls WT1 responsiveness to momentum changes.
• Overbought Level: Threshold above which cells are highlighted as overbought in OB/OS mode (default: 53).
• Oversold Level: Threshold below which cells are highlighted as oversold in OB/OS mode (default: -53).
Watchlist
• Symbols 1-9: Configurable ticker symbols for each column. The default watchlist includes BTC, SOL, ETH, SUI, HYPE, BNB, XRP, TAO, and ZEC perpetual contracts on Binance. Any valid TradingView symbol can be substituted.
Dashboard
• Color Options: Choose between Heatmap (full gradient), Red / Green (two-tone), or OB/OS (highlight extremes only).
• Dashboard Size: Tiny, Small, or Medium text sizing for the table. Smaller sizes fit more information on screen; larger sizes improve readability.
This indicator displays momentum readings for informational purposes and does not generate trade signals or predict price direction. Overbought and oversold conditions do not guarantee reversals. It does not constitute financial advice. Past performance does not guarantee future results.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.