Wolf Waves Trendline Breakouts Indicator for ThinkorSwim

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Learnbot

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@J007RMC in ben's wolf wave indicator posted on page 1, what does S1, S2, S3, R1, R2 and R3, represent? I know Wolf wave is wake 1, 2, 3, 4 and then either bullish or bearish wave 5 depending on the formation.. but Ben's S and R numbers do not make much sense to me as I do not know which one is wave 1 vs wave 5...
 
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OBW

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I've spent a great deal of time exploring this avenue and its damn solid. So I tend to chart only a few indicators, none of which I can share.
One of the indicators on the chart above is the Wolfe Wave. It's the one with the pink 1, 2, 3, 4, 5 chart bubbles. It provided the magenta entry signal @J007RMC is talking about when he says, "if I had taken this MSFT trade off the high wave at around 232.86 I could have banked at around the 196 or pl of around 38.00. major line...boom."

Another one on the chart is the Basic Market Structure indicator. It shows the green swing lines and the Fibonacci levels.

Both indicators may be found through Google searching the following;
1) Bill Wolfe wave indicator thinkscript
2) basic market structure indicator with automatic Fibonacci levles thinkscript
 
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OBW

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@J007RMC in ben's wolf wave indicator posted on page 1, what does S1, S2, S3, R1, R2 and R3, represent? I know Wolf wave is wake 1, 2, 3, 4 and then either bullish or bearish wave 5 depending on the formation.. but Ben's S and R numbers do not make much sense to me as I do not know which one is wave 1 vs wave 5...
Bill Wolfe posted a free manual called "Seeing the Future" on his website several years ago that details his Wolfe Wave strategy. If you read through that manual you will see that Mobius' / Ben's indicator does not follow Bill's rules and is inappropriately named.

The screenshots in this thread that show the 1-5 wave points are from another Wolfe Wave indicator that does follow Bill Wolf's rules. https://usethinkscript.com/threads/...kouts-indicator-for-thinkorswim.66/post-37763
 
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Bill Wolfe posted a free manual called "Seeing the Future" on his website several years ago that details his Wolfe Wave strategy. If you read through that manual you will see that Mobius' / Ben's indicator does not follow Bill's rules and is inappropriately named.

The screenshots in this thread that show the 1-5 wave points are from another Wolfe Wave indicator that does follow Bill Wolf's rules. https://usethinkscript.com/threads/...kouts-indicator-for-thinkorswim.66/post-37763
A question best answered by Ben really. My understanding of the R values are they represent resistance levels in relationship to the wolf channel up trend line and the S values represent support lines for the lower channel trend line. So for instance a stock tends to follow within its channel until a break above or a breach below the channel can alter those lines, stocks are cyclic. Try color-coding your R1, R2, R3, and S1, S2, S3 lines. Great question.
 
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J007RMC

J007RMC

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Bill Wolfe posted a free manual called "Seeing the Future" on his website several years ago that details his Wolfe Wave strategy. If you read through that manual you will see that Mobius' / Ben's indicator does not follow Bill's rules and is inappropriately named.

The screenshots in this thread that show the 1-5 wave points are from another Wolfe Wave indicator that does follow Bill Wolf's rules. https://usethinkscript.com/threads/...kouts-indicator-for-thinkorswim.66/post-37763
A good example is with the SPY it broke above its R1 off the S1 support line.


Now switch to the daily chart spy attempted to break above its wolf channel line on 11/19 and has since retraced to my 23.6 fib and will attempt to retrace and test the 364.38 line.

 
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Andrew39

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@J007RMC thanks for highlighting this strategy.
@OBW thanks for posting the Bill Wolfe manual
 
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A fun thing to do is take all the indicators off your chart but leave Tomsk zig-zag and Ben's wolf wave script up it will show on all time frames.
 
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optionsRS

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@J007RMC I'm trying to find a post where you explained your studies in detail. Can you please point me where can i find more about your chart?

Thank you!
 
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@J007RMC I'm trying to find a post where you explained your studies in detail. Can you please point me where can i find more about your chart?

Thank you!
I can sum everything up by saying I trade the waves I like to be in and out of the trade before the end of the day. I wait for a major wave line to form then follow that line knowing there will be an end or start to a new pattern. I like the 5min chart because the lines form quicker but if I'm uncertain as to where we are I will check 2 charts 15/30min above several times to verify price d.irection to buy/sell. I also use the Laguerre upper chart to help discern where the price point is closest while gauging market direction. and I use wolf wave theory.

today's dis short trade


And I just closed my day with a major yellow line forming could have stayed in the price dictates when this line actually closes and the price reverses so I rely on stochastics, but always check the next higher time frame first. As we know the last 3 min before close price can jump, but really it's the same day for me.

 
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optionsRS

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Thank you for your reply! Do you mind sharing this setup file? :)
 
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Note that with pre-market I try to pick up the lines that have yet to finish out it tends to work out along with the fibs and the 15min

https://tos.mx/lHo9usF
 
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optionsRS

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wow! thank you! Do you have a document or something or a video where you explained what yours indicators mean and how you use? I'm using your old file that you posted on this chain and i'm having hard time to understand what all those indicators mean

 
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No, I do not. The chart I recently posted uses the macd, full stochastic, and the hand full of in chart indicators including the wonderful fib script developed on site. Using Tomsk zig-zags you need to be vigilant at the time of entry and exit it will change to follow the current up or down price. Best to know where you want in and out and have a plan.
 
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optionsRS

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No, I do not. The chart I recently posted uses the macd, full stochastic, and the hand full of in chart indicators including the wonderful fib script developed on site. Using Tomsk zig-zags you need to be vigilant at the time of entry and exit it will change to follow the current up or down price. Best to know where you want in and out and have a plan.
okay, thank you!
 
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Now in the ideal world, you want those major lines to paint. but I cannot share my chart. For instance:

These represent the completed waves within each time frame

 
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I imagine this may be my last posting on wave theory. My hope is that what I post will at some point trickle down the road help to spur interest among the many coders we have here on usethinkscript to delve into the Wolfe Wave theory and design something comparably useful for the community. I am bound not to share the script I use out of respect for its creator. So, here in my mind is a great representation. All but 1 indicator is sharable.

 
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Learnbot

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@J007RMC I really like this indicator for sure...fingers crossed someone can reverse engineer it @BenTen
 
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@Learnbot Contact me my signature i can explain it in greater detail. I want to believe it's just a matter of time.
 

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