OPEN-SOURCE SCRIPT
MTF WaveTrend [CryptoSea]
The MTF WaveTrend Indicator is a sophisticated tool designed to enhance market analysis through multi-timeframe WaveTrend calculations. This tool is built for traders who seek to identify market momentum and potential reversals with higher accuracy.
In the example below, we can see all the choosen timeframes agree on bearish momentum.
Key Features
This example shows what can happen when all timeframes start alligning with eachother.
How it Works
This indicator will make sure that the lowest timeframe you can see data from will be the timeframe you are on. This is to avoid false signals as you cannot display 3 x 5 minute candles whilst looking at the 15 minute candle.
Application
The MTF WaveTrend Indicator by [CryptoSea] is an invaluable addition to a trader's toolkit, offering depth and precision in market trend analysis to navigate complex market conditions effectively.
In the example below, we can see all the choosen timeframes agree on bearish momentum.
Key Features
- Multi-Timeframe WaveTrend Analysis: Tracks WaveTrend values across multiple timeframes to provide a comprehensive view of market momentum.
- Customizable Colour Rules: Offers three different colour rules (Traditional, WT1 0 Rule, WT1 & WT2 0 Rule) to suit various trading strategies.
- Timeframe Visibility Control: Allows users to enable or disable specific timeframes, providing flexibility in analysis.
- Clear Visual Indicators: Uses color-coded squares and labels to clearly display WaveTrend status across different timeframes.
- Candle Colouring Option: Includes a setting for neutral candle coloring to enhance chart readability.
This example shows what can happen when all timeframes start alligning with eachother.
How it Works
- WaveTrend Calculation: Computes the WaveTrend oscillator by applying a series of exponential moving averages and scaling calculations.
- Multi-Timeframe Data Aggregation: Utilizes the `request.security` function to gather and display WaveTrend values from various timeframes without repainting issues.
- Conditional Plotting: Displays visual cues only when higher timeframes align with the selected timeframe, ensuring relevant and reliable signals.
- Dynamic Colour Rules: Adjusts the indicator colors based on the chosen rule, whether it's a traditional crossover, WT1 crossing zero, or both WT1 & WT2 crossing zero.
- Traditional: Colors are determined by the relationship between WT1 and WT2. If WT1 is greater than WT2, it is bullish (bullColour), otherwise bearish (bearColour).
- WT1 0 Rule: Colors are based on whether WT1 is above or below zero. WT1 above zero is bullish (bullColour), below zero is bearish (bearColour).
- WT1 & WT2 0 Rule: A more complex rule where both WT1 and WT2 need to be above zero for a bullish signal (bullColour) or both below zero for a bearish signal (bearColour). If WT1 and WT2 are not in agreement, a neutral color (neutralColour) is displayed.
This indicator will make sure that the lowest timeframe you can see data from will be the timeframe you are on. This is to avoid false signals as you cannot display 3 x 5 minute candles whilst looking at the 15 minute candle.
Application
- Strategic Decision-Making: Assists traders in making informed decisions by providing detailed analysis of WaveTrend movements across different timeframes.
- Trend Confirmation: Reinforces trading strategies by confirming potential reversals with multi-timeframe WaveTrend analysis.
- Customized Analysis: Adapts to various trading styles with extensive input settings that control the display and sensitivity of WaveTrend data.
The MTF WaveTrend Indicator by [CryptoSea] is an invaluable addition to a trader's toolkit, offering depth and precision in market trend analysis to navigate complex market conditions effectively.
Open-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.
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