WaveTrend Oscillator with Signals Indicator for ThinkorSwim

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diazlaz

Well-known member
2019 Donor
VIP
I was just commenting about how the lower actual study when watching it was not doing well and showing the false signals so watching the upper study arrows without watching the whole study is like flying blind for a while at least with this study which I do not know very well yet or if ever ..that is all thanks for the info
I will share an approach on how to trade this when I get back from my travels. it's actually pretty good for intra day trading.
 
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Lambert58

New member
Warehouse
The Wave Trend Oscillator is a great tool. Is there a scan to identify when the Wt2_1 red dot first goes under the Wt1_1 line?
 
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hashy

Member
I will share an approach on how to trade this when I get back from my travels. it's actually pretty good for intra day trading.
Still traveling? :) Curious to hear more about this. Thanks
 
blakecmathis

blakecmathis

Active member
Warehouse
@hashy I use the WTO day in and day out strictly trading ES. If you wanna see how it is utilized in my setup check out this thread man.
 
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hashy

Member
@hashy I use the WTO day in and day out strictly trading ES. If you wanna see how it is utilized in my setup check out this thread man.
Thanks man. I've actually been lurking in your thread already lol. Good stuff man
 
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dolomick

Member
I have been using the following as an upper study and turning off everything but the arrows. The spacing is a little wonky though, obviously because it is a lower study. Can someone help get this as an upper study that only shows the arrows please? It will save space on my charts and others using Blake Mathis's setup.

Thanks!
 
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horserider

horserider

Well-known member
VIP
@dolomick

Code:
#WT_LB Short Name TV

input Channel_Length = 10; #10
input Average_Length = 21; #10
input over_bought_1 = 60;
input over_bought_2 = 53;
input over_sold_1 = -60;
input over_sold_2 = -53;
input show_bubbles = yes;
input show_sec_bbls = no;
input show_alerts = yes;
def ap = hlc3;
def esa = ExpAverage(ap, Channel_Length);
def d = ExpAverage(AbsValue(ap - esa), Channel_Length);
def ci = (ap - esa) / (0.015 * d);
def tci = ExpAverage(ci, Average_Length);
def wt1 = tci;
def wt2 = SimpleMovingAvg(wt1, 4);
#def zero = 0;
plot zero = 0;
zero.SetDefaultColor( Color.GRAY );
zero.Hide();
plot obLevel1 = over_bought_1;
obLevel1.SetDefaultColor(Color.RED);
obLevel1.Hide();
plot osLevel1 = over_sold_1;
osLevel1.SetDefaultColor(Color.GREEN);
osLevel1.Hide();
plot obLevel2 = over_bought_2;
obLevel2.SetDefaultColor(Color.RED);
obLevel2.SetStyle(Curve.SHORT_DASH);
obLevel2.Hide();
plot osLevel2 = over_sold_2;
osLevel2.SetDefaultColor(Color.GREEN);
osLevel2.SetStyle(Curve.SHORT_DASH);
osLevel2.Hide();

plot wt1_1 = wt1;
wt1_1.SetDefaultColor(Color.GREEN);
 wt1_1.Hide();
plot wt2_1 = wt2;
wt2_1.SetDefaultColor(Color.RED);
wt2_1.SetStyle(Curve.POINTS);
 wt2_1.Hide();
plot wt3 = (wt1 - wt2);
wt3.SetDefaultColor(Color.BLUE);
wt3.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
 wt3.Hide();
def signal1 = wt1 crosses above wt2 and wt1 < over_sold_2;
plot Signal = if signal1 then (signal1 * over_sold_2) else Double.NaN;
Signal.SetDefaultColor(Color.GREEN);
Signal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
Signal.SetLineWeight(3);
Signal.HideTitle();
def signal2 = wt1 crosses below wt2 and wt1 > over_bought_2;
plot Signal2_ = if signal2 then (signal2 * over_bought_2) else Double.NaN;
Signal2_.SetDefaultColor(Color.RED);
Signal2_.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
Signal2_.SetLineWeight(3);
Signal2_.HideTitle();
 
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dolomick

Member
Did I just need to remove the lower study declaration? I tried declaring it an upper study but that didn't work? Thanks so much!!!
 
horserider

horserider

Well-known member
VIP
Yes remove " declare lower" and it should default to an upper study. "declare upper" should work. I hide all the plots so none show up on the upper study. Somtimes they will give you vertical lines. Also changed the "arrow up/down" to " boolean arrow up/down".
 
dkny

dkny

New member
It's still early days, but this has been really cool to play with—thanks for sharing @BenTen. My first impression was that this felt similar to the MACD, but without the lag which is awesome. It's noticeably quicker and more responsive which has been great for intraday trading.

I decided to make a few modifications the original script to help reduce some of the cognitive load. I felt as if the colors and setup were a little noisy and hard to read while trading.

For those interested, I've attached an updated version that contains simplified line colors/styles, and also includes a histogram color sequence similar to the MACD—all of which should help to give the relevant information without having to stop and think.

http://tos.mx/2Q2yLvQ

 
horserider

horserider

Well-known member
VIP
Here is a little demo of why chasing the latest greatest indicator is like chasing your tail. Looking at this indicator I thought it resembled others so I randomly chose a few and voila. Match !!!!

 
BenTen

BenTen

Administrative
Staff
VIP
@horserider Who is chasing "the latest greatest indicator"? Was your comment directed toward someone specifically? If I recalled correctly, you have made several comments of this kind before in other threads. I think they're not needed. At the end of the day, it all comes down to preferences.
 
horserider

horserider

Well-known member
VIP
Not directed at anyone. Just a statement of data can be manipulated different ways but it is still the same data and most likely will end up giving the same or very similar result. An understanding of the working of indicators can help in choosing which might be good to use. You may not wish to use more than one of the indicators of this same type as those would be giving you the same information.
 
dkny

dkny

New member
@horserider that's predominantly my point. When it comes to the number of instruments used to provide signals, less is more. Give me a naked chart, a MACD, and a simple MA, and I'd be just as effective.

Without breaking off on too much of a tangent, and to give some context for those that may be lurking, I was drawn to this indicator because of the similarities it seems to have with other more common/traditional indicators out there. People give it stick, but I'm actually a huge fan of the MACD; the WTO almost feels like a slight upgrade.

When it comes to the latest and greatest, I generally like to stay in my lane, while steering clear of the the hype trains. That said, for some, this is all part of the fun. In short, you, do you.
 
Y

yamiyugi

New member
so far not showing well on my CL 5 min chart today.
I think that has to do with the parameter of the indicator...try optimise it and you should see it fits quite well. Try 89 as the average length and you should see the result.
 
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Craighaber71

Member
2019 Donor
Warehouse
VIP
Can anyone turn this onto a TOS script....

Code:
//
// If you use this code in its original/modified form, do drop me a note.
//
study(title="WaveTrend [LazyBear]", shorttitle="WT_LB")
n1 = input(10, "Channel Length")
n2 = input(21, "Average Length")
obLevel1 = input(60, "Over Bought Level 1")
obLevel2 = input(53, "Over Bought Level 2")
osLevel1 = input(-60, "Over Sold Level 1")
osLevel2 = input(-53, "Over Sold Level 2")

ap = hlc3
esa = ema(ap, n1)
d = ema(abs(ap - esa), n1)
ci = (ap - esa) / (0.015 * d)
tci = ema(ci, n2)

wt1 = tci
wt2 = sma(wt1,4)

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

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

tomsk

Well-known member
VIP
@Craighaber71 You might like to check the following link out. @BenTen posted the converted script quite some time ago

 
T

Topas

New member
horserider @ is it possible to share the chart with all indicators and settings on ... thank you
 

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