OPEN-SOURCE SCRIPT
Updated WaveTrend Signal V2
This is a very basic Wave Trend Oscillator. It is based on the excellent VuManChu Cipher B indicator. It uses two wave trend lines.
WT crosses are significant events. Zero-line crosses are highlighted with either Green or Red triangles and signify trend direction changes.
WT crosses either above 60 or below -60 signify the current trend may be losing momentum.
I recommend changing the source to something smoother, such as a moving average or your favorite smoothing indicator happens to be. This will filter out a lot of false signals and make the WT crosses more meaningful! Happy trading!!
WT crosses are significant events. Zero-line crosses are highlighted with either Green or Red triangles and signify trend direction changes.
WT crosses either above 60 or below -60 signify the current trend may be losing momentum.
I recommend changing the source to something smoother, such as a moving average or your favorite smoothing indicator happens to be. This will filter out a lot of false signals and make the WT crosses more meaningful! Happy trading!!
Release Notes
Changed the name of the indicator to WaveTrend Signal V2Release Notes
Added visual aids to the chart. Showing longs, shorts, and take-profit points.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.