OPEN-SOURCE SCRIPT
WaveTrend + RSI MTF [TechnoFunda]
WaveTrend Oscillator with RSI overlay, multi-timeframe cross-reference dashboard, automated
divergence detection, and composite overbought/oversold scoring.
WAVETREND OSCILLATOR — Produces cleaner momentum readings than standard RSI by applying exponential smoothing to a normalized price channel deviation. Effective at filtering market noise while preserving actionable signal clarity.
MULTI-TIMEFRAME DASHBOARD — Displays RSI and WaveTrend values for the current timeframe
alongside two configurable higher timeframes. Enables rapid cross-timeframe confirmation
without switching charts.
DIVERGENCE DETECTION — Automatically identifies bullish and bearish divergences between price action and the WaveTrend oscillator. Divergences at extreme levels carry the highest
predictive value.
COMPOSITE SCORE (-100 to +100) — Weighted combination: WaveTrend (40%), RSI-14 (30%),
Bollinger Band position (20%), RSI-9 (10%). Provides a single normalized reading of market
condition.
Verdict output: OVERBOUGHT / Slightly High / Neutral / Slightly Low / OVERSOLD
Built on the WaveTrend concept originally developed by LazyBear.
Pro version with full integration available — follow for updates.
divergence detection, and composite overbought/oversold scoring.
WAVETREND OSCILLATOR — Produces cleaner momentum readings than standard RSI by applying exponential smoothing to a normalized price channel deviation. Effective at filtering market noise while preserving actionable signal clarity.
MULTI-TIMEFRAME DASHBOARD — Displays RSI and WaveTrend values for the current timeframe
alongside two configurable higher timeframes. Enables rapid cross-timeframe confirmation
without switching charts.
DIVERGENCE DETECTION — Automatically identifies bullish and bearish divergences between price action and the WaveTrend oscillator. Divergences at extreme levels carry the highest
predictive value.
COMPOSITE SCORE (-100 to +100) — Weighted combination: WaveTrend (40%), RSI-14 (30%),
Bollinger Band position (20%), RSI-9 (10%). Provides a single normalized reading of market
condition.
Verdict output: OVERBOUGHT / Slightly High / Neutral / Slightly Low / OVERSOLD
Built on the WaveTrend concept originally developed by LazyBear.
Pro version with full integration available — follow for updates.
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.