WaveTrend Oscillator for ThinkorSwim [LazyBear]

[SparkyFlary]

@zeek Yeah I think it might work a slight bit better on lower time frames than True Momentum Oscillator but overall I don't think it's that great. It does look like a better MACD but TMO gives more accurate divergence and a bit more accurate signals on higher times or most perhaps. I think all these types of indicators are lagging no matter how spot on they try to be, they're never always accurate. I find that if you exit before the crossover even happens then you might avoid the red candle that always appears as soon as the crossover happens and possibly come out with a profit by exiting as soon as the difference between the two lines decreases by like 10% or something like that. I guess this trick might be an advantage that it might have over TMO just cause you can kind of see the separation between the lines better, but it seems desperate.

 

[Katsu]

Ben, I cannot get the buy signal to show up on my indicator.

 

[BenTen]

@Katsu On what ticker? Timeframe?

 

[Katsu]

@Katsu On what ticker? Timeframe?

spy, 20 min and 1 hour timeframe

 

[BenTen]

@Katsu Did you try the indicator on another ticker and timeframe? The best way to find out if the script is working or not is to switch between multiple timeframes and tickers.

 

[Katsu]

@Katsu Did you try the indicator on another ticker and timeframe? The best way to find out if the script is working or not is to switch between multiple timeframes and tickers.

Thank you it works on the daily and weekly. Thanks

 

[germanburrito]

Here's an idea, linear regression of the WaveTrend and then std deviation of the WaveTrend, could indicate overbought oversold if std deviation of the WaveTrend get near the linear regression. https://tos.mx/wRS0Urj

#WT_LB Short Name TV
declare lower;
input Channel_Length = 10; #10
input Average_Length = 21; #10

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;




def wt1_1 = wt1;

def wt2_1 = wt2;

plot mean = inertiaAll((wt1+wt2)/2);

def dev1 = (stdevAll(wt1)+stdevAll(wt2))/2;

plot up = wt1_1+ dev1*2;
plot down = wt1_1- dev1*2;

down.SetDefaultColor(Color.green);
down.SetLineWeight(3);

up.SetDefaultColor(Color.red);
up.SetLineWeight(3);

 

[ala]

@germanburrito COOL, but it does not work on all time frames! is there a glitch?

 

[germanburrito]

@ala It should work on all time frames, maybe wait till it loads the regression mean does change based on the amount of data you do input, so the regression(average) will change based on f ou are using a day, week, month, etc. what ticker is it not working on?

 

[ala]

no middle line! I left ur mean line intact. still D, 30m, etc... don't work!

https://tos.mx/jr2L2d4 Newest version, works better

https://twitter.com/i/web/status/1345757151327784960

 

[ala]

THIS scrip is not completed yet, but it works fine so far

 

[ala]

https://tos.mx/VnRwwgD here the newest update

#WT_LB Short Name TV
#DEVIATION
declare lower;
input Channel_Length = 10; #10
input Average_Length = 21; #10

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);
#plot zero = 0;
#zero.setDefaultColor(color.gray);

plot lineaA = 150;
lineaA.setStyle(2);
plot lineaB = -150;
lineaB.setStyle(2);


def wt1_1 = wt1;
def wt2_1 = wt2;

#plot avg = (wt1_1-wt2_1);

plot mean = inertiaAll((wt1+wt2)/2);
mean.setDefaultColor(color.cyan);

def dev1 = (stdevAll(wt1)+stdevAll(wt2))/2;

plot up = wt1_1+ dev1*2;
plot down = wt1_1- dev1*2;

plot avg2 =(up-down/up+down)-mean;
avg2.setDefaultColor(createcolor(200,10,40));

#plot avgA =(up/down-up+down);

plot avg3 = 1.0* (up+down/up+down)-dev1;
avg3.setDefaultColor(color.white);

#plot a23 = (avg2+avg3);


down.SetDefaultColor(Color.RED);
down.SetLineWeight(2);

plot DNSignall = if down CROSSES BELOW -148 then down
                 else Double.NaN;
DNSignall.SetPaintingStrategy(PaintingStrategy.POINTS);
DNSignall.SetLineWeight(4);
DNSignall.SetDefaultColor(Color.YELLOW);



up.SetDefaultColor(Color.GREEN);
up.SetLineWeight(2);


plot UpSignall = if UP CROSSES ABOVE 148  then UP
                 else Double.NaN;
upSignall.SetPaintingStrategy(PaintingStrategy.POINTS);
UpSignall.SetLineWeight(4);
UPSignall.SetDefaultColor(Color.YELLOW);

#..................................................

#........................................................
#DIVERGENCE

input fastPeriod   = 12; #9/18/6 for 5m
input slowPeriod   = 26;
input signalPeriod = 9;
input price        = close;
input show = yes;


def fastEma   = ExpAverage( price, fastPeriod );
def slowEma   = ExpAverage( price, slowPeriod );
def periodOK  = fastPeriod < slowPeriod;
AddLabel( !periodOK, "ERROR: fastPeriod MUST be less than slowPeriod" );
def _ppo      = if periodOK then ((fastEma - slowEma) / slowEma) * 100 else 0;
def _signal   = ExpAverage( _ppo, signalPeriod );

# generic plots wiht colors
def pmain   = _ppo;


def mainEma   = _signal;

#diff as histogram
def diff    = _ppo - _signal;


#mobius divergence calc
def pmainh = CompoundValue(1,
            if pmain < 0 then Double.NaN
            else if pmain crosses above 0  then pmain
            else if pmain > 0 and  pmain > pmainh[1]
            then pmain else pmainh[1], 0);

def Valueh = CompoundValue(1,
             if pmain < 0 then Double.NaN
             else if pmain crosses above 0  then high
             else if pmain > 0 and high > Valueh[1] then high
             else Valueh[1], 0);

plot divLowSignal = if pmain > 0 and  high > Valueh[1] and pmain < pmainh[1] then DOWN
                 else Double.NaN;
divLowSignal.SetPaintingStrategy(PaintingStrategy.SQUARES);
divLowSignal.SetLineWeight(2);
divLowSignal.SetDefaultColor(Color.dark_orange);

def pmainL = CompoundValue(1, if pmain > 0 then Double.NaN
                             else if pmain crosses below 0  then pmain
                             else if pmain < 0 and pmain < pmainl[1] then pmain
                             else pmainl[1], 0);

def ValueL = CompoundValue(1, if pmain > 0  then Double.NaN
                              else if pmain crosses below 0 then low
                              else if pmain < 0 and low < Valuel[1] then low
                              else Valuel[1], 0);

plot ARRSignall = if pmain < 0 and   low < Valuel[1] and pmain > pmainl[1] then UP
                 else Double.NaN;
ARRSignall.SetPaintingStrategy(PaintingStrategy.SQUARES);
ARRSignall.SetLineWeight(2);
ARRSignall.SetDefaultColor(Color.BLUE);


#END

 

[ala]

say thank you to @germanburrito for the original code.

https://twitter.com/i/web/status/1345800757275070464

 

[henry1224]

This indicator repaints when plotted on top of price

 

[germanburrito]

This indicator repaints when plotted on top of price

yeah i notice that the other version made at the end might repaint because the mean is constantly changing. is that what you mean @henry1224

 

[henry1224]

yeah i notice that the other version made at the end might repaint because the mean is constantly changing. is that what you mean @henry1224

It changes when I scroll the chart back and forth, prices that were below ,become above the indicator and vice versa

 

[Piper2808t]

can we put this in a MTF version?

 

[germanburrito]

It changes when I scroll the chart back and forth, prices that were below ,become above the indicator and vice versa

yeah possibly some versions of it might because i seen we are using the average but i dont believe this one does https://tos.mx/4ZOTEp6, check it out you might know better than me but i have been scrolling and i havent had that issue, im not sure.

 

[BenTen]

@Piper2808t Here is the MTF version you requested:

# WT_LB Short Name TV
# Modidied into an MTF version by BenTen at UseThinkScript.com

declare lower;
input aggregationPeriod = AggregationPeriod.DAY;
def close = close (period = aggregationPeriod);
def high = high(period = aggregationPeriod);
def low = low(period = aggregationPeriod);
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 = (High + Low + Close) / 3;
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 );
plot obLevel1 = over_bought_1;
obLevel1.SetDefaultColor(Color.RED);
plot osLevel1 = over_sold_1;
osLevel1.SetDefaultColor(Color.GREEN);
plot  obLevel2 = over_bought_2;
obLevel2.SetDefaultColor(Color.RED);
obLevel2.SetStyle(Curve.SHORT_DASH);
plot  osLevel2 = over_sold_2;
osLevel2.SetDefaultColor(Color.GREEN);
osLevel2.SetStyle(Curve.SHORT_DASH);

plot wt1_1 = wt1;
wt1_1.SetDefaultColor(Color.GREEN);
plot wt2_1 = wt2;
wt2_1.SetDefaultColor(Color.RED);
wt2_1.SetStyle(Curve.POINTS);
plot wt3 = (wt1 - wt2);
wt3.SetDefaultColor(Color.BLUE);
wt3.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
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.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.ARROW_DOWN);
Signal2_.SetLineWeight(3);
Signal2_.HideTitle();

 

[ala]

Here my MTF version with the blue wave+deviation lines...

# WT_LB Short Name TV
#deviation_blue_wave
#MTF

declare lower;
input aggregationPeriod = AggregationPeriod.DAY;
def close = close (period = aggregationPeriod);
def high = high(period = aggregationPeriod);
def low = low(period = aggregationPeriod);

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 = (High + Low + Close) / 3;
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, 3);
#def zero = 0;

def wt1_1 = wt1;
#wt1_1.SetDefaultColor(Color.GREEN);
def wt2_1 = wt2;
#wt2_1.SetDefaultColor(Color.RED);
#wt2_1.SetStyle(Curve.POINTS);
#plot wt3 = (wt1 - wt2);
#wt3.SetDefaultColor(Color.YELLOW);
#wt3.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
#addcloud(wt3, 0, color.yellow);

#........................................


plot mean = inertiaAll((wt1+wt2)/2);
mean.setDefaultColor(color.cyan);

def dev1 = (stdevAll(wt1)+stdevAll(wt2))/2;

plot up = wt1_1+ dev1*2;
plot down = wt1_1- dev1*2;

plot avg2 =(up-down/up+down)-mean;
avg2.setDefaultColor(createcolor(250,10,10));
avg2.setDefaultColor(COLOR.PINK);

plot avg3 = 1.0* (up+down/up+down)-dev1;
avg3.setDefaultColor(color.white);


up.SetDefaultColor(Color.GREEN);
up.SetLineWeight(2);
down.SetDefaultColor(Color.RED);
down.SetLineWeight(2);




AddCloud(0, tci[0], createcolor(20,170,240), createcolor(20,170,240));
AddCloud(0, tci[0], createcolor(20,170,240), createcolor(20,170,240));

AddCloud(0, tci[0], createcolor(20,170,240), createcolor(20,170,240));
AddCloud(0, tci[0], createcolor(20,170,240), createcolor(20,170,240));

AddCloud(WT1, WT2, Color.white, Color.RED);
AddCloud(WT1, WT2, Color.white, Color.RED);

AddCloud(wt1, 0, CreateColor(40, 82, 248), CreateColor(30, 82, 248));
AddCloud(wt1, 0, CreateColor(40, 82, 248), CreateColor(30, 82, 248));

def W1 = if wt1 < wt2 then wt2 else wt1;
def W2 = if wt1 > wt2 then wt2 else wt2;
AddCloud(W1, W2, Color.WHITE, Color.WHITE);
AddCloud(W1, W2, Color.WHITE, Color.WHITE);
AddCloud(W1, W2, Color.WHITE, Color.WHITE);
AddCloud(W1, W2, Color.WHITE, Color.WHITE);

#END