Shows momentum of long period WTO as either background colors or symbols.
Shows continuation and reversal trade signals.
If Secondary WTO is above the center line (momentum is long), then symbols print across the top of the chart when the primary (faster) WTO comes into "oversold," a number associated with a horizontal line on the off-chart indicator. This number is selectable via a drop-down menu. Same thing for momentum.
Conversely, reversal signals are printed along the bottom when conditions are met. Ex: if the Secondary WTO is showing momentum is , then symbols will print along the bottom when the primary WTO is at "overbought" (or whatever number you deem overbought--again, via a similar drop-down menu).
Also, symbols are printed above and below candles for when the moving average of the primary WTO is crossed.
You could use these for taking profits, exiting a trade, or entering a trade.
Includes a moving average that is an average of the 200 , and Kijun.
//p.s. I recommend using this in conjunction with my "+ Wavetrend Oscillator" at least starting out. Helps to have a visual
//reference when picking reversal and continuation numbers.
- fixed an issue with reversal and continuation signals printing (can't even believe I let the first version go out like that, but no one bothered to bring it to my attention, so....)
- reversal and continuation signals now by default print bullish along bottom of chart and bearish across the top... obviously you the user can change this
- added non gradient candle colors, meaning if either WaveTrend is above 0 the color is whatever you assign it as bullish, and vice versa for below 0 being bearish
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.