Trend visualization tool in Wave theory. Unlike Elliot waves, it has a constant pattern length. The formation consists of impulse and 3 corrections. The script analyzes candle relationships in the currect trend, trend will be continueted until candle are not breaking trend rules. Currently it supports 2 rulesets/wave variants: Low - More sensitive (trend will change more ofter). Meddium - Less sensitive ( trend will change less ofter).
Simultaneous observation of both types allows to detect consolidation before the overlapping movement and increase the probability of indicating the moment of the movement occurrence.
Script with limited access, contact author to get authorization
Features: - Show Low and Middle type/order waves - Show support/resistance areas for the Low and Middle type/order waves. - Types for waves and support areas are picked independently. Script can show Middle Waves with Low Waves support areas. - Shadow mode that show second wave moved to the wave max/min bars. - Show historical support/resistance areas that are not valid any more.
Script settings:
Trend type - You can switch what kind of waves should be drawn. ImpulsMode - Picking graphical reprezentation of first bullish arrow. Line width - With of drawn line. Separate setting for Low and Medium trend type. Impuls - Color of the first bullish arrow. Correction - Color for other arrows. Trend shadow - Showing second reprezentation of the trend with drawing with the use of minimal and maximal values. It's usefull to determine the delay between the peak and a wave change signal.
ZOOnes type - Determines what type of trend is used to designate areas of support. Only nearest zones - Drawing only one nearest zone above and below current price. Only nearest potencial zones - Drawing only one nearest potencial zone above and below current price. Show history - Showing zones in historical data Zone precision - Determines how many bars are included in area calculation.
Alerts: Low trend DOWN - When Low trend type is changing from UP to DOWN Low trend UP - When Low trend type is changing from DOWN to UP middle trend DOWN - When Middle trend type is changing from UP to DOWN middle trend UP - When Middle trend type is changing from DOWN to UP middle trend from ZOOnes DOWN - When Middle trend type is changing from UP to DOWN after hiting resistance area . middle trend from ZOOnes UP = When Middle trend type is changing from DOWN to UP after hiting support area .
Troubleshooting: In case of any problems, send error details to the author of the script.
Release Notes
⋅
Set of updates based on users feedback. New options: - Draw both Waves at once. - Use different colors for trend types. - Hide impuls mode. - Hide impuls arrow. - Colors for support and resistance areas.
Release Notes
⋅
Small package of fixes to ZOOnes
Release Notes
⋅
- Improved zoones detection algoritm - Wave confirmation box - An option to show label when wave will not change direction on this bar. Label is green if it's an up trend and down if its an down trend. - Posibility to show "B" and "S" chars in places where trend is starting from the zoone.
Release Notes
⋅
Version 1.5: - Option to show change wave signals. - Fix bug with confirmed label. - Shorter script state descriptions (using letters instead of words). - Fix bug of last low zone.
Release Notes
⋅
Set of improvements
Release Notes
⋅
Migrate alerts into new api. Now all alerts are using only 1 alert slot and you can control them from script settings.