You know, I can sill remember the first time I started tinkering with Pinescript. As I had no prior programming experience, I learned by experimenting with other open-source scripts on TradingViews Marketplace. Tearing apart and combining interesting scripts to see what the output would be. @ChrisMoody was a huge source of inspiration for learning, and I wanted to thank him, as well as @TheLark for the concept behind this script.
Within my experimentation, I found that if I isolate the ppoT & ppoB variables and plot them calculated from extremely small decimals, you can get an extremely fast reacting, mirroring trend detector.
Within the script, you have the ability to plot the background colors based on trend to make it easier to see where crossovers occured, as well as a Mirror Input to view the mirrored version of the script.
It is a great indicator if you place this on an hourly chart as a Primary trend confirmation and trade on a 5 min chart using any MA of your choice in the direction of Trend Wave. Appreciate the upload!
DayTradingOil
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@Chakku,
That’s a great idea Chakku, In the next update I’ll be sure to add a MTF feature to access other timeframes. :)
DayTradingOil
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@Chakku, Just updated the script! Should be able to access MTF directly from the settings for the indicator.
Chakku
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@DayTradingOil, Thanks for the upload. Appreciate that.
Trend Wave Indicator( 120 Mins TF) on a Renko Chart pretty early on. Much quicker than a Mov Avg or Channel Break
Chakku
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@DayTradingOil, I mean to say, Trend Wave Indicator( 120 Mins TF) on a Renko Chart announces change of trend pretty early on :)
i would really like to say thank you so much for amazing indicator it works amazing and allows me to maximize on the markets cheers from canada yours truly cody