WaveTrend [LazyBear] vX by DGT

28 cze 2020

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

5 wrz 2020

Informacje o Wersji

small update : alert condition added

22 maj 2021

Informacje o Wersji

update thanks to sandyrindal suggestions, special thanks to him

added 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

//@version=4
//@author LazyBear, modified by dgtrd

study(title="WaveTrend [LazyBear]", shorttitle="WT_LB vX ʙʏ DGT ☼☾")

n1 = input(10, "Length : Channel ", inline = "LEN")
n2 = input(21, "Average", inline = "LEN")
s1 = input(4 , "Signal Length")

obLevel1 = input( 60, "Over Bought Level 1", inline = "OB")
obLevel2 = input( 53, "Level 2"            , inline = "OB")
osLevel1 = input(-60, "Over Sold Level 1"  , inline = "OS")
osLevel2 = input(-53, "Level 2"            , inline = "OS")

f_getWT(s) => 
    ap = s 
    esa = ema(ap, n1)
    d = ema(abs(ap - esa), n1)
    ci = (ap - esa) / (0.015 * d)
    tci = ema(ci, n2)

    wt1 = tci
    wt2 = sma(wt1, s1)
    
    [wt1, wt2]

plot(0       , color=color.gray )
plot(obLevel1, color=color.red  )
plot(osLevel1, color=color.green)
plot(obLevel2, color=color.red  , style=3)
plot(osLevel2, color=color.green, style=3)

[wt1, wt2] = f_getWT(hlc3)

plot(wt1    , color=color.green)
plot(wt2    , color=color.red  , style=3)
plot(wt1-wt2, color=color.blue , style=plot.style_area, transp=80)

compare  = input(false, "Compare with Symbol", inline = "CPR")
symbol   = input("CBOE:VIX"        , "", type=input.symbol, inline = "CPR")
extSrc   = security (symbol , timeframe.period, hlc3, barmerge.gaps_off, barmerge.lookahead_on)
[wt1x, wt2x] = f_getWT(extSrc)

plot(compare ? wt1x      : na, color=color.aqua)
plot(compare ? wt2x      : na, color=color.yellow, style=3)
plot(compare ? wt1x-wt2x : na, color=color.olive, style=plot.style_area, transp=80)

24 maj 2021

Informacje o Wersji

added a label to display current values of the wavetrend and signal level

7 cze 2022

Informacje o Wersji

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

22 lut

Informacje o Wersji

⯌ WaveTrend vX — Major Evolution Release

This 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