WaveTrend Oscillator for ThinkorSwim [LazyBear]

[useThinkScript]

Can someone please help create two Thinkscript scanners based on this WaveTrend Oscillator from LazyBear?
Buy Signal Scanner 1: Scan for stocks where the WT1 (Green Line) just crossed ABOVE the WT2 (Red Dotted Line) for the FIRST time while both lines are BELOW minus 20 (-20)

Sell Signal Scanner 2: Scan for stocks where the WT1 (Green Line) just crossed UNDER the WT2 (Red Dotted Line) for the FIRST time while both lines are ABOVE 20
It should be The "first time in the last 3 bars"

add this code snippet to the bottom of your study:

def BuySig = wt1_1<-20 and wt2_1<-20 and wt1_1 crosses above wt2_1;
plot BuySigScan = !BuySig[1] and !BuySig[2] and BuySig; BuySigScan.hide();

def SellSig = wt1_1>20 and wt2_1>20 and wt1_1 crosses below wt2_1;
plot SellSigScan = !SellSig[1] and !SellSig[2] and SellSig; SellSigScan.hide();

Your scan filter will be:

BuySigScan is true

or

SellSigScan is true

Here is a tutorial for adding scan filters to the Scan Hacker:
https://usethinkscript.com/threads/how-to-use-thinkorswim-stock-hacker-scans.284/

 

[bunmiola2]

Perfect!

add this code snippet to the bottom of your study:


Your scan filter will be:

or


Here is a tutorial for adding scan filters to the Scan Hacker:
https://usethinkscript.com/threads/how-to-use-thinkorswim-stock-hacker-scans.284/

Perfect! Thank you so much!

 

[TRADERSAM]

This is one of my first attempts at converting a Pine Script indicator into ThinkScript, and I wanted to start with something relatively simple to get the hang of it. I’ve always been interested in how indicators work under the hood, and working through the conversion process has been a great way to learn. Converting scripts really interests me, and I plan to keep practicing so I can improve my skills and eventually tackle more complex projects.

The original author of this script states:
WaveTrend Oscillator is a port of a famous TS/MT indicator.
When the Oscillator(Cyan line) is above the overbought band (red lines) and crosses down the signal (Yellow dotted line), it is usually a good SELL signal. Similarly, when the oscillator crosses above the signal when below the Oversold band (green lines), it is a good BUY signal.

# -----------------------
# WaveTrend Indicator by LazyBear
# Converted by TraderSam
# 08/30/25
# -----------------------

declare lower;

# === Inputs ===
input EMALength1 = 10;
input EMALength2 = 21;
input wt2Length = 4;
input oblevel1 = 60;
input oblevel2 = 53;
input oslevel1 = -60;
input oslevel2 = -53;
input showcloud = yes;
input showHistogram = no;

# === Basic Calculations ===
def AP = (high + low + close) / 3;  #HLC3
def EMA = Expaverage(ap, emalength1);
def dEMA = Expaverage(absValue(ap - EMA), EmaLength1);
def ci = (ap - ema) / (0.015 * dEMA);
def tci = expAverage(ci, emaLength2);

def wt1 = tci;
def wt2 = simpleMovingAvg(tci, wt2Length);
def diff = wt1 - wt2;

# === Plots ===
plot Zeroline = 0;
zeroline.setDefaultColor(color.gray);
zeroline.setLineWeight(3);

plot OB1 = oblevel1;
ob1.setDefaultColor(color.red);
ob1.setLineWeight(2);

plot ob2 = oblevel2;
ob2.setdefaultColor(color.red);
ob2.setStyle(curve.short_dash);
ob2.setlineWeight(1);

plot os1 = oslevel1;
os1.setdefaultColor(color.green);
os1.setlineWeight(2);

plot os2 = oslevel2;
os2.setDefaultColor(color.green);
os2.setStyle(curve.short_dash);
os2.setLineWeight(1);

plot wavetrend = wt1;
wavetrend.setdefaultColor(color.cyan);
wavetrend.setLineWeight(2);

plot signal = wt2;
signal.setdefaultcolor(color.yellow);
signal.setStyle(curve.short_dash);
signal.setlineweight(1);

# === clouds ===
AddCloud(if showCloud then wt1 else Double.NaN, if showCloud then wt2 else Double.NaN, CreateColor(80,140,255));

# === optional histogram ===
plot Histogram = if showHistogram then diff else Double.NaN;
Histogram.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Histogram.SetDefaultColor(Color.BLUE);
Histogram.SetLineWeight(2);

 

[TRADERSAM]

Just spent an hour reinventing the wheel lol. Turns out @BenTen already converted this indicator

 

[merryDay]

Just spent an hour reinventing the wheel lol. Turns out @BenTen already converted this indicator

Been there, done that; got the t-shirt...
Welcome to the club

 

[Tris.v]

I’m wondering what you’re using WTO with? What kind of indicators complement it best?

 

[useThinkScript]

I’m wondering what you’re using WTO with? What kind of indicators complement it best?

There are three types of behavior that drive price.
You need indicators from all three categories to see the full picture.
WaveTrend handles the local momentum behavior, but you still need tools for trend/structure and market regime to know when those momentum signals matter.

Behavior	Indicators	Description
Local Momentum & Exhaustion	Oscillators (WaveTrend, RSI, Stoch, CCI, MACD Histo)	Measures local force: acceleration, deceleration, exhaustion, and short‑term sentiment flips.
Trend, Structure, and Location	Moving Averages & Key Levels (20/50/200 MAs, HTF MAs, Swing High/Low, VWAPs, PDH/PDL, Support/Resistance)	Defines direction and location. Shows whether a WT signal has support, no support or is just mid-range noise
Regime, Volatility, Liquidity, Participation	Breadth, RS Acceleration, Index Alignment, ATR Exp/Cont, Choppiness Index, RVOL	Determines the environment: whether momentum signals will follow through or fail, and whether trends will be clean or choppy.

CAUTION​

Not all indicators are equal.

You are drawn to WaveTrend because it is forward-looking. It reacts to behavioral pressure, not just historical averages.

WaveTrend, Key Levels, and RS Acceleration are all behavior‑based and predictive in nature.
Most oscillators, moving averages, swings high/low are lagging because they are built entirely from historical data. They confirm what already happened, not what is building underneath the surface.

 

[Tris.v]

There are three types of behavior that drive price.
You need indicators from all three categories to see the full picture.
WaveTrend handles the local momentum behavior, but you still need tools for trend/structure and market regime to know when those momentum signals matter.

Behavior	Indicators	Description
Local Momentum & Exhaustion	Oscillators (WaveTrend, RSI, Stoch, CCI, MACD Histo)	Measures local force: acceleration, deceleration, exhaustion, and short‑term sentiment flips.
Trend, Structure, and Location	Moving Averages & Key Levels (20/50/200 MAs, HTF MAs, Swing High/Low, VWAPs, PDH/PDL, Support/Resistance)	Defines direction and location. Shows whether a WT signal has support, no support or is just mid-range noise
Regime, Volatility, Liquidity, Participation	Breadth, RS Acceleration, Index Alignment, ATR Exp/Cont, Choppiness Index, RVOL	Determines the environment: whether momentum signals will follow through or fail, and whether trends will be clean or choppy.

CAUTION​

Not all indicators are equal.

You are drawn to WaveTrend because it is forward-looking. It reacts to behavioral pressure, not just historical averages.

Great explanation, thank you!
I’ve been testing it along with MA Cloud and RVol, also making sure my trades align with market and sector breadth.
I think I’m on the right pass with this setup but still was curious how the others here use it.

Thanks again!