WaveTrend [LazyBear] vX by DGT

DGT interpreted version of LazyBear's WaveTrend, visualizing on Price Chart

Original Author : LazyBear

Crosses above or below threshold are emphasized with bigger labels
- crosses above threshold : probable short indications with a bigger label and relativly small label for probable long indications
- crosses below threshold : probable long indications with a bigger label and relativly small label for probable short indications
All rest crosses within threshold boundaries with relatively small labels for both long and short probable indications

Phát hành các Ghi chú: small update : alert condition added
Phát hành các Ghi chú: update thanks to @sandyrindal suggestions, special thanks to him

added ability to change the signal length
added ability to compare with other symbols, can be symbols that are directly correlated or inversely correlated symbols

Here is the modified code for the ones who enjoy the WaveTrend Oscillator on separate pane

//@author LazyBear, modified by dgtrd

study(title="WaveTrend [LazyBear]", shorttitle="WT_LB vX ʙʏ DGT ☼☾")

n1 = input(10, "Length : Channel ", inline = "LEN")
n2 = input(21, "Average", inline = "LEN")
s1 = input(4 , "Signal Length")

obLevel1 = input( 60, "Over Bought Level 1", inline = "OB")
obLevel2 = input( 53, "Level 2"            , inline = "OB")
osLevel1 = input(-60, "Over Sold Level 1"  , inline = "OS")
osLevel2 = input(-53, "Level 2"            , inline = "OS")

f_getWT(s) => 
    ap = s 
    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, s1)
    [wt1, wt2]

plot(0       , color=color.gray )
plot(obLevel1, color=color.red  )
plot(osLevel1, color=color.green)
plot(obLevel2, color=color.red  , style=3)
plot(osLevel2, color=color.green, style=3)

[wt1, wt2] = f_getWT(hlc3)

plot(wt1    , color=color.green)
plot(wt2    , color=color.red  , style=3)
plot(wt1-wt2, color=color.blue , style=plot.style_area, transp=80)

compare  = input(false, "Compare with Symbol", inline = "CPR")
symbol   = input("CBOE:VIX"        , "", type=input.symbol, inline = "CPR")
extSrc   = security (symbol , timeframe.period, hlc3, barmerge.gaps_off, barmerge.lookahead_on)
[wt1x, wt2x] = f_getWT(extSrc)

plot(compare ? wt1x      : na, color=color.aqua)
plot(compare ? wt2x      : na, color=color.yellow, style=3)
plot(compare ? wt1x-wt2x : na, color=color.olive, style=plot.style_area, transp=80)
Phát hành các Ghi chú: added a label to display current values of the wavetrend and signal level
Mã nguồn mở

Với tinh thần của TradingView, tác giả đã xuất bản tập lệnh theo mã nguồn mở, vì thế trader có thể dễ dàng hiểu và tùy chỉnh được. Bạn có thể sử dụng miễn phí, hoặc tùy chỉnh lại mã đã được cấp phép bởi Quy tắc Chung. Bạn có thể sử dụng nó trên biểu đồ.

Bạn muốn sử dụng tập lệnh này trên biểu đồ?

Bình luận

Many thanks, very interesting. I increased the size of the labels as I felt they were a little lost in the chart.

For the Strong labels: size=size.normal
And the standard labels: size=size.small

I use the LazyBear Wavetrend and find it very useful, so thanks again for your take. I'm just wondering if I can include your strong indicator flags/labels in the original Wavetrend....hmmm
+1 Phản hồi
dgtrd gestevens67
@gestevens67, thank you and thank you for your interes in the study

usually i avoid making the labels big so they do not make the chart too messy expecially when other indicators are included as well

unfortunetly, due to pine limitation you can not add labels to the original one. pine is not supporting lables, lines etc to be ploted on top of the price (main) chart if the study is performed to be displied on different pane. the only possibility available with this version of pine is to be able to change the bar colors. so you may modify the original version but insted labels you may use barcolor to change the colors of the bars. for stong and week ones you may decide to use different colors. hope this helps

Phản hồi
Thanks , it's always your creative way of incorporating ideas in study ..makes them so beautiful and very useful..keep up the good job..from good to better !!!
Phản hồi
dgtrd sandyrindal
@sandyrindal, thanks to you and other traders like you who have been contributing to make all those studies better and better.
Phản hồi
@dgtrd thank you for your work! It is amazing. Can you tell me if you tested this with Heikin Ashi candles? And if yes, what opinion do you have?
Phản hồi
dgtrd wojtek85CH
@wojtek85CH, thank you

No i haven't tested with Heikin Ashi candles and calculation wise the study uses standard candles
Phản hồi
Had this script as a strategy for a while and been using it actively in an algo. I have changed mine a bit differently using DCA in oversold/bought areas.
If You plot it into an oscillator and mark oversold/bought areas your exit point could be when the oscillator moves onto neutral territory.

I found out lower timeframes gives way better signals. HTF signals could have swings in them > 10-30% moves
Phản hồi
dgtrd RwTrades
hello @RwTrades, as you probaly know the original author is LazyBear of WaveTrend study, and my intention was to keep its logic and only chage the display on top of the price chart.So i did not considered to do further changes but your comment is worth trying and if you had used with succes in algo than even better.

btw, just not to get you wrong, what you meant by DCA exactly

In algo, I was assuming the EWO-S, they provides almost same signals simultaneously

Phản hồi

Dollar-Cost average which is extremely hard to backtest on tradingview and has to be calculated on each instrument.
Also, my bad - I had lazy bears study as well and changed that one a bit.
Please disregard all the other crosses - had to save some alerts so the same one can be used to long/short exit at the same time.

for example -
Phản hồi
Hi how do I access this many thankz
Phản hồi
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