lonestar108

WaveTrend with Crosses [LazyBear]

1946 5 405
LazyBear's wavetrend oscillator enhanced with wavetrend cross visualization on the indicator as well as with bar color highlights.
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//
// @author LazyBear
//
// If you use this code in its original/modified form, do drop me a note. 
//
study(title="WaveTrend with Crosses [LazyBear]", shorttitle="WT_CROSS_LB")
n1 = input(10, "Channel Length")
n2 = input(21, "Average Length")
obLevel1 = input(60, "Over Bought Level 1")
obLevel2 = input(53, "Over Bought Level 2")
osLevel1 = input(-60, "Over Sold Level 1")
osLevel2 = input(-53, "Over Sold Level 2")
 
ap = hlc3 
esa = ema(ap, n1)
d = ema(abs(ap - esa), n1)
ci = (ap - esa) / (0.015 * d)
tci = ema(ci, n2)
 
wt1 = tci
wt2 = sma(wt1,4)

plot(0, color=gray)
plot(obLevel1, color=red)
plot(osLevel1, color=green)
plot(obLevel2, color=red)
plot(osLevel2, color=green)

plot(wt1, color=green)
plot(wt2, color=red)
plot(wt1-wt2, color=blue, style=area, transp=80)
plot(cross(wt1, wt2) ? wt2 : na, color = black , style = circles, linewidth = 3)
plot(cross(wt1, wt2) ? wt2 : na, color = (wt2 - wt1 > 0 ? red : lime) , style = circles, linewidth = 2)
barcolor(cross(wt1, wt2) ? (wt2 - wt1 > 0 ? aqua : yellow) : na)
Hi Lonestar, this is a really good version of the existing lazybear one. I see you also added a purple/violet wave in the center, indicating the space between the green and red line. What is the meaning of this in terms of trading, according to you?
+8 Reply
Thanks Lonestar. I've created several scripts to extend wave trend to multiple timescales simultaneously and developed techniques to pick the highest quality crossovers (sans embedding) amongst the many timescales. Check them out:
https://www.tradingview.com/u/pythagoras/#published-scripts
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Hi do you have a video or a document that explains this indicator (the modified version ) thanks I am looking for the color parts and dots
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If I wanted to create an alert on a new buy or sell signal, which of the plot variables would I use in the Alert? It appears there are 10 separate "plot" variables?
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klappt super...
danke!!!
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