OPEN-SOURCE SCRIPT
Sine Wave
This is John F. Ehlers, Hilbert Sine Wave with barcolor and bgcolor.
When fast line red crosses down slow line blue that is a zone of resistance in the price chart, and when fast line crosses up slow line blue that is a zone of support.
When close of the bar is equal or greater than the zone of resistance there is a trend up mode in place and trending instruments like Hull moving average should be used, and when the close of the bar is equal or greater than the zone of resistance there is a trend down in place and trending instruments should be used too.
When none of the preceeding conditions are valid there is a cycle mode, and cycle instruments like oscillators, stochastics and the Sine Wave itself should be used. Note that the Sine Wave is almost always a leading indicator when in a cycle mode.
Barcolor and bgcolor mean: Green = Trend Up , Red = Trend Down, Yellow= Cycle mode
When fast line red crosses down slow line blue that is a zone of resistance in the price chart, and when fast line crosses up slow line blue that is a zone of support.
When close of the bar is equal or greater than the zone of resistance there is a trend up mode in place and trending instruments like Hull moving average should be used, and when the close of the bar is equal or greater than the zone of resistance there is a trend down in place and trending instruments should be used too.
When none of the preceeding conditions are valid there is a cycle mode, and cycle instruments like oscillators, stochastics and the Sine Wave itself should be used. Note that the Sine Wave is almost always a leading indicator when in a cycle mode.
Barcolor and bgcolor mean: Green = Trend Up , Red = Trend Down, Yellow= Cycle mode
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.