balipour

Reverse Wavetrend [BAPig]

Reverse Indicator calculation: Oscillators value output are calculated based on the input price (open, high, low or close). This means certain input price can generate the according to the output value of the oscillator. They are both sides of an equation, the process is reversible. Once we know one side of the equation, we can get the value of the other side. We can turn any oscillator into a moving average like indicator on price. This indicator is the reverse calculation of the Wavetrend Oscillator. They provide users the exact price level input needed for the Wavetrend to reach a certain value (trigger crossover, zero crossover, oversold, overbought).

Trigger Cross Over (When "Use Zero Cross" option is ticked off) a long length of "average length" like 21 is recommended for this option.

Zero Cross Over (When "Use Zero Cross" option is ticked on) a short length of "average length" like 3 is recommended for this option. Default 21 is too long.

Oversold

Wavetrend Oscillator is first published by lazy bear on Tradingview. It has become one of the most popular indicators on Tradingview. It could be a mean reversion indicator or trend analysis oscillator. Many paid indicators on the market are built based on Wavetrend Oscillator.

Wavetrend

The original wavetrend uses hlc3 price as the source. However, hlc3 is not useful in reverse wavetrend. It creates more overshoot because close = 3*reverse value / high * low. (hlc3 smooth out the oscillator but creates more overshoot in reverse). We want to have less variable in the equation to make the reverse value more stable. That's we use closing price as the source instead of hlc3.

Settings functions explanation:

The channel length and average length of the Reverse Wavetrend the same as the original Wavetrend oscillator. Smooth trigger length is the length of the trigger line of Wavetrend which is calculated by the sma of Wavetrend.

"Show Wavetrend cross value panel" and "Show overbought and oversold Panel" allows users to display or hide a panel with Wavetrend oscillator crossing or overbought and oversold price.

"Overbought and Oversold Style" changes the display of the overbought and oversold price of the Wavetrend Oscillator.

Option "Line Levels" plots horizontal lines of the price when Wavetrend reaches overbought and oversold level.

Option "Bands" plots the historical running value of the price when wavetrend reaches overbought and oversold level. The user should tick off log display of the chart when they choose "Bands" option.

'Line Levels" and "Bands" have the same current value just different displays.

User can choose to plot or hide the overbought and oversold price by ticking and unticking the "plot overbought price" and "plot oversold price"
They can also adjust the oversold and overbought value of wavetrend (Default is 60 and -60).

"Wavetrend Cross Smoothing" enables users to smooth out the reverse wavetrend. It turns the reverse wavetrend into a close to moving average smooth filter.
User can adjust the length of smoothing to change the smoothness of the filter.

"Plot Crosses X" plots cross on the reverse Wavetrend when fisher crosses.

There's a bug in Tradingview label system. When the background of the label is transparent, the text will get burry when we scroll in and out on the chart. When this happens, changing any settings on the panel could refresh the text display. It could also be avoided by ticking the "dark background" setting to make the background not transparent.

For prices that require more decimal places, users can type in the decimals places they want in the “decimal” setting.
Release Notes: Added Multi Time Frame Options, Tick "Use Multi Time Frame" to enable this function. Select the time frame in the "Multi Time Frame Resolution". Added More selections in the resolution such as 12 hours. The time frame selected should be higher than the current time frame. If not an error warning will appear.

Release Notes: fixed description multi time frame
Release Notes: removed error warning
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