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)
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//PRC_WaveTrendOscillator | indicator //14.10.2021 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //converted from pinescript // --- settings channellen = 8 //Channel Length averagelen = 6 //Average Length wt1malen = 3 //Moving Average Length channellen2 = 13 //Channel Length averagelen2 = 55 //Average Length // --- end of settings src = medianprice esa = average[channellen,1](src) d = average[channellen,1](abs(src - esa)) ci = (src - esa) / (0.015 * d) tci = average[averagelen,1](ci) wt1 = tci wt1ma = average[wt1malen](wt1) R = 10+(200-wt1) G = 10+(200+wt1) esa2 = average[channellen2,1](src) d2 = average[channellen2,1](abs(src - esa2)) ci2 = (src - esa2) / (0.015 * d2) tci2 = average[averagelen2,1](ci2) wt2 = tci2 ////MOMENTUM CHANGE & BACKGROUND COLORS //PRIMARY WTO & SECONDARY WTO momchangelong1 = wt1 crosses over 0 momchangeshort1 = wt1 crosses under 0 momchangelong2 = wt2 crosses over 0 momchangeshort2 = wt2 crosses under 0 if momchangelong1 then backgroundcolor(0,0,255,85) elsif momchangeshort1 then backgroundcolor(255,0,0,85) endif if momchangelong2 then backgroundcolor(0,0,255,85) elsif momchangeshort2 then backgroundcolor(255,0,0,85) endif //MOVING AVERAGE CROSS SIGNALS ON PRIMARY WAVETREND if wt1 crosses over wt1ma then drawtext("●",barindex,-80,dialog,bold,16) coloured(0,0,255) elsif wt1 crosses under wt1ma then drawtext("●",barindex,80,dialog,bold,16) coloured(255,0,0) endif if islastbarupdate then drawrectangle(0,60,barindex,80) coloured(239, 83, 80,85) bordercolor(0,0,0,0) drawrectangle(0,-60,barindex,-80) coloured(33, 150, 243,85) bordercolor(0,0,0,0) endif return wt1 coloured(r,g,0) style(line,4) as "Primary Wavetrend", wt2 as "Secondary Wavetrend", 0 coloured(120, 123, 134) style(dottedline) as "median", 40 coloured(120, 123, 134) style(dottedline) as "40", 20 coloured(120, 123, 134) style(dottedline) as "20", -40 coloured(120, 123, 134) style(dottedline) as "-40", -20 coloured(120, 123, 134) style(dottedline) as "-20", 80 coloured(239, 83, 80) style(dottedline) as "80", 60 coloured(239, 83, 80) style(dottedline) as "60",-80 coloured(33, 150, 243) style(dottedline) as "-80", -60 coloured(33, 150, 243) style(dottedline) as "-60" |
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hi nicolas this indicator have 2 wrong borderline and islalastbarupdate. thank you can you help me
That\'”s because you are not using PRT v11? Just remove lines 59 to 62