This is the alert companion of the WaveTrend+ Strategy [SystemAlpha]. Instead of using just the normal crossovers, we use trend filters, trailing stop loss and take profit targets. WT+ Strategy was developed for crypto, forex and stocks for 15 minutes to daily timeframe. The main goal was to catch long term trends and ride them.
In this alert you have a choice of:
Trend Filters: - Average Directional Index (ADX) – buy when price is trend is up and sell when trend is down. - Moving Average (MA) – buy when price close above the defined moving average and sell when price close below moving average - Parabolic SAR – buy when SAR is above price is above price and sell when SAR is below price. - All - Use ADX, MA and SAR as filters
For MA Filter , you can use the “TF MA Type” and "TF MA Period" parameter to select Simple or Exponential Moving Average and length.
Stop Loss: - Average True Range (ATR) – ATR % stop as trailing stop loss. - Parabolic SAR (SAR) – Parabolic SAR adapted as trailing stop loss.
For ATR , you can use the “ATR Trailing Stop Multiplier” parameter to set an initial offset for trailing stop loss.
Take Profit Target: - Average True Range (ATR) – ATR % stop as trailing stop loss. - Standard % – Percent as target profit
For ATR , you can use the “ATR Take Profit Multiplier” parameter to set an initial offset for trailing stop loss.
Additional feature include: - Regular and Hidden Divergence display and alerts - Filter Overbought and Oversold - Use WT Cross for Exit
How to use: 1. Apply the script by browsing through Indicators --> Invite-Only scripts and select the indicator 2. Once loaded, click the gear (settings) button to select/adjust the parameters based on your preference. 3. Wait for the next BUY or SELL signal to enter the trade!
Disclaimer: The indicator and signals generated do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are subject to change without notice.
Release Notes
⋅
Update Sell Long and Cover Short logic.
Release Notes
⋅
Update Close logic and alerts
Release Notes
⋅
Updated Alert condition to close orders
Release Notes
⋅
Updated Alerts logic
Release Notes
⋅
Updated Alerts
Release Notes
⋅
Updated OB/OS filter logic. Organized script inputs with sections and lines.