OPEN-SOURCE SCRIPT
WaveTrend Oscillator [Krypt]
Updated
This is similar to regular WaveTrend Oscillator except:
- replaces hlc3 input with a weighted log formula for better stability/performance on high volatility charts
- zero-centered scaling
- SMA crossovers above and below OB/OS thresholds are marked as buy/sell signals
- replaces hlc3 input with a weighted log formula for better stability/performance on high volatility charts
- zero-centered scaling
- SMA crossovers above and below OB/OS thresholds are marked as buy/sell signals
Release Notes
Use SMA curvature information to filter out buy/sell signals likely to be false positivesRelease Notes
Rename some chart objectsRelease Notes
Long/Short signal now captures some cases of bullish and bearish divergencesRelease Notes
Use extra signal smoothing and extra momentum check for curvatureRelease Notes
improve buy/sell signalsRelease Notes
don't make helper elements editableRelease Notes
start drawing signal earlier, perform averaging on cross steps for more stable bullish/bearish divergence detectionRelease Notes
use a 1+2 formula for curvatureRelease Notes
Default to lower smoothing to still show something on the chart in the beginningRelease Notes
switch back to 4 for default SMA lengthRelease Notes
Improve sensitivity in the beginning of the chartRelease Notes
add commentRelease Notes
Replace final EMA smoother with Ehlers' smoother for higher sensitivityRelease Notes
Ignore first candleRelease Notes
reduce default smoothing slightly and allow zero smoothingRelease Notes
do not count MA cross above overbought level as bottom, and likewise do not count count MA cross below oversold level as top.Release Notes
Simplify generation of buy/sell signalsRelease Notes
fix how continues climb/descent is determinedRelease Notes
detect hidden divergencesRelease Notes
Update colors to make this indicator suitable for either light or dark T/V color modesRelease Notes
quantitatively weigh bullish and bearish signalsOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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