Wave Trend Oscillator

Wave Trend Oscillator

The Wave Trend Oscillator is an indicator which combine 2 oscillators: the longer plot gives you a longer timeframe momentum bias, and the shorter plot gives you entries and/or exits.

With the traditional Wavetrend Oscillator there is a simple moving average on the WTO that is to help provide entries and exits. In this version the crossing of the 2 MA are visible with the blue and red dots available at the top and bottom of the oscillator. This MA period is set with the wt1malen setting.

When one of the 2 oscillators crosses the zero line level, there is a background color change according of the direction (blue = up cross while red background color is for down cross).

The use of this indicator is similar to many other oscillators. Buying oversold and selling overbought, but being mindful of the momentum of the market. If the longer WTO is above the center line it’s best to be looking for dips to the center line, or for an overbought signal by the faster WTO, and vice versa if the longer WTO is below the center line. That said, you can also adjust the length of the SMA on the faster WTO to fine tune entries or exits. In this case you have that additional confirmation of market momentum.

(description modified from the original author: @ClassicScott)

Share this

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials

  1. atlante • 258 days ago #

    hi nicolas this indicator have 2 wrong borderline and islalastbarupdate. thank you can you help me

    • Nicolas • 258 days ago #

      That\'”s because you are not using PRT v11? Just remove lines 59 to 62

avatar
Register or

Likes

avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar

+6 more likes

Related users ' posts
Sever
5 months ago
Stenozar Hi Sever, how can I visualize the coloured areas?
Sever Hi Stenozar, You need to add the color zones yourself , just go to Add Color Zone To set ...
Kanamax Hi Roberto, sorry for my confusing previous posts (forget them). My request is very simple,...
robertogozzi Please start a new topic in ProOrder support.
robertogozzi An updated version can be found here https://www.prorealcode.com/topic/conversion-of-pine-sc...
jissey Bonjour Robertogozzi, cet indicateur est interessant mais serait-il possible de marquer la ...
robertogozzi Sure, but you should start a new topic on the Probuilder support forum. Thank you :)
robertogozzi If MagicTrend <> MagicTrend[1] then it's Green or Red
raffa58 Buonasera Roberto, ho provato ad usare questo indicatore inserendo l'istruzione di cui sopr...
Leo_da_Pisa A really nice indicator. Can easily be used as a strategy. I've tried a few trend indicators...
kats Bonjour, j'ai essayé de faire afficher cet indic en temps 5 mn sur le 1 mn et c'est Hiroshim...
Nicolas Il suffit d'ajouter l'instruction TIMEFRAME(5 minutes,updateonclose) en tête du code
diegofe_2000 cordial saludo Nicolas, una pregunta senciLla : Como coloco un STOPS en un maximo o un mini...
Nicolas change the last line with: return v coloured(r,g,b) style(line,2), v+band coloured(168,168,1...
Paolo.B Thanks ... works as i wanted.
Kanamax Bonjour Nicolas, comme Paolo.B je souhaiterais utiliser cette indicateur au sein d'un code. ...
zilliq Thanks @Nicolas. I tried to use it as Trend in a proorder system, but don't know why, it doe...
Suzu Yuk He is right. MT and mavgMT are not defined and causing errors.....
KAMJKAZE Ciao Roberto, the prc built-in indicator can be setted to past MA or future MA. How Can i s...
robertogozzi I don't actually know what they are calculating. As soon as I know, I will post further info.
robertogozzi It's because they calculate future bars, that's why it's not possible to use that indicator ...
Emperor.it "style(line,2)" C'è una guida ai parametri che si possono modificare ? Tipo stile della lin...
IV Mcm https://www.prorealcode.com/programming-with-prorealtime/
Daniele Maddaluno Écrivez-moi où vous préférez you can easily find me on LinkedIn
AK27 C'est payant visiblement sur linkdin je peux pas vous envoyer, discord vous avez ?
Nicolas C'est dans ce sujet: https://www.prorealcode.com/topic/trendline-une-approche-du-trading/ M...
Pensera Bonjour Nicolas, comment est-il possible de backtester cet indicateur? cela fait une erreu...
Nicolas Oui bien sûr, il doit y avoir pas mal de sujets dans le forum à ce propos.
FernetTrader think i found a solution!
monochrome Thanks for the indicator. Very interesting!
monochrome Can you please share how you made it work? I cant seem to make it work in a strategy
Nicolas Il doit s'agir d'un mauvais copier/coller. Je suggère de télécharger le fichier itf contenu ...
Bard Hello @Nicolas, I can get this to display in a separate indicator panel but not on Price as ...
Stenozar Hi @Nicolas, how can I put the bands on price? Thanks, Stefano
Guillaume Mcm I gave the above message fix ;)
Tradingrob Is it possible to put the itf-file in the right way here in Prorealcode? so the right 'trend...
Guillaume Mcm Update link ;) https://www.prorealcode.com/topic/trend-histogramme-cci-mise-a-jour-suite-...

Top