OPEN-SOURCE SCRIPT

Double wave-trend Oscillator Buy/Sell signals

Updated

This script attempts to use Wave Trend Oscillator's of different lengths in order to identify trade entries and exits for bullish trades. This indicator is strongly recommended to be used with volatile assets or on large time interval charts. You use this script by entering a trade when it signals a green block and exiting when it signals red although these signals could potentially be used as trend reversal signals instead. The script uses two wave trend oscillator's the lengths of which can be edited in the settings, but the general idea is that one is fast and one is slow and these indicate when to buy/sell when they crossover the overbought/sold lines. In the setting you can choose whether the fast or the slow line will be used for buy signal and the other is then used to signal selling. By default this will be ticked on indicating that the fast line crossing over the oversold level will be used for buy signals, if it is ticked off the slow line will be used. The other tickbox is for whether the line used for selling will signal when it first crosses over the overbought line or whether it should signal then it crosses back under the overbought line after having crossed over it, the default value is off indicating that it will signal when it crosses back under the overbought level. The overbought/sold levels should be tweaked on a per asset basis to get the best quality signals.

The original code for the Wave Trend Oscillator comes from LazyBear and was modified and built on to create this indicator.

Release Notes

Added buy and sell alert conditions.

Release Notes

Added one signal mode where only one signal is displayed at a time and only one signal line is show allowing users to focus more easily on what positions to take
Actually added alerts this time

Release Notes

Added stuff to one signal mode

Release Notes

Whoops

Release Notes

Added way to specify the message sent when an alert for buy and sell signals are triggered allowing for bot integration

Release Notes

Whoops

Release Notes

added freqs o the alerts

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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Mynicknameislion

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