OPEN-SOURCE SCRIPT
Updated WaveTrend [LazyBear] vX by DGT
DGT interpreted version of LazyBear's WaveTrend, visualizing on Price Chart
Original Author : LazyBear
Crosses above or below threshold are emphasized with bigger labels
- crosses above threshold : probable short indications with a bigger label and relativly small label for probable long indications
- crosses below threshold : probable long indications with a bigger label and relativly small label for probable short indications
All rest crosses within threshold boundaries with relatively small labels for both long and short probable indications
Original Author : LazyBear
Crosses above or below threshold are emphasized with bigger labels
- crosses above threshold : probable short indications with a bigger label and relativly small label for probable long indications
- crosses below threshold : probable long indications with a bigger label and relativly small label for probable short indications
All rest crosses within threshold boundaries with relatively small labels for both long and short probable indications
Release Notes
small update : alert condition addedRelease Notes
update thanks to sandyrindal suggestions, special thanks to himadded ability to change the signal length
added ability to compare with other symbols, can be symbols that are directly correlated or inversely correlated symbols
Here is the modified code for the ones who enjoy the WaveTrend Oscillator on separate pane
Release Notes
added a label to display current values of the wavetrend and signal level Release Notes
Update* overlay wavetrand display addition, better interpretation
* enhanced signal customizations
Similar Indicators
Oscillators Overlay w/ Divergencies/Alerts : Oscillators-Overlay-with-Divergencies-Alerts
Elliott Wave Oscillator Signals : EWO-Signals
Release Notes
⯌ WaveTrend vX — Major Evolution ReleaseThis update represents the most substantial evolution of WaveTrend vX since its original publication.
The script has been rebuilt with a modern architecture, enhanced analytical intelligence, and a refined visual experience, transforming it from a traditional oscillator into a context-aware momentum framework while fully preserving the integrity of the original WaveTrend methodology created by LazyBear.
What Makes This Release Important
WaveTrend has long been valued for identifying momentum extremes and potential reversals.
However, effective trading decisions require more than raw crosses — they require context.
This release focuses on delivering:
→ Greater clarity
→ Stronger decision context
→ Reduced interpretation ambiguity
→ Professional-grade usability
The objective was not to change WaveTrend — but to evolve how traders interact with it.
Key Enhancements
◆ Pine Script® v6 Migration
The script has been fully migrated to Pine Script v6, improving execution efficiency, structural clarity, and long-term compatibility with platform updates.
◆ Redesigned Signal System
Cross markers have been completely modernized.
Signals now communicate:
• Direction
• Strength
• Market zone context
• Momentum implication
Clean arrow-based visuals combined with informative tooltips deliver deeper insight without increasing chart clutter.
◆ WaveTrend Analytics Dashboard — NEW
One of the most important additions in this release.
The dashboard transforms raw oscillator data into actionable intelligence by summarizing:
• Oscillator & signal state
• Market zone classification
• Momentum condition
• Cross direction bias
• Divergence presence
• Market regime context
• Extreme warnings
• Composite directional bias
This significantly improves interpretability, especially during fast market conditions.
◆ Integrated Divergence Engine — NEW
WaveTrend now includes native divergence detection:
• Regular Bullish / Bearish
• Hidden Bullish / Bearish
• Configurable pivot sensitivity
This expands the script beyond momentum measurement into structural momentum analysis.
◆ Improved UX & Input Design
Inputs now include structured explanations and practical configuration guidance, making the script easier to understand for both new and experienced users.
Why This Matters
This release shifts WaveTrend from:
Classic Oscillator → Context-Aware Momentum Framework
Traders benefit from:
• Improved signal interpretation
• Greater confidence near extremes
• Faster situational awareness
• Cleaner charts with more information density
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.
SoleMare Analytics | MarketMastery™ Tools | Exclusively on TradingView
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.