lonestar108

WaveTrend with Crosses [LazyBear]

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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)
You can give me a formula Used in other programs?
Reply
Thanks LazyBear for this excellent indicator.
I can't work out Pine so ask if you could add a histogram direction change colour for candle and or histogram.
I think it would go like this:
Top falling (above zero line) and before lines cross signal line with the dot: Paint Histogram bar/Candle when Histogram<Histogram and Histogram>=Histogram
Bottom Rising (below zero line) and before the line crosses signal line with a dot: Paint Histogram bar/Candle when Histogram<Histogram and Histogram>=Histogram

Hope that makes sense?
Thanks anyway for the excellent indicator.
+1 Reply
MacChart MacChart
Sorry the post was auto edited the '1 bar back' as I had it so should read:
Top Falling (above zero line) Paint Histogram bar/Candle when: Histogram <Histogram 1 period back and Histogram 1 period back>=Histogram 2 periods back
Bottom Rising (below zero line) Paint Histogram bar/Candle when: Histogram <Histogram 1 period back and Histogram 1 period back>=Histogram 2 periods back
+1 Reply
Super! Is it possible to create an alert with multiple conditions i.e. alet when wt1,wt2 crosses inside oslevel1, oslevel2?
+8 Reply
can this be updated so that it won't repaint the buy/sell triggers? Multiple occasions where a signal (dot) has been produced only to have it disappear after the market goes the opposite direction.
+1 Reply
klappt super...
danke!!!
Reply
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?
+5 Reply
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
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
Reply
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?
+19 Reply
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