AWR_WaveTrend Multitimeframe [adapted from LazyBear]

28 févr.

I've adapted a script from Lazy Bear (WT trend oscillator)

WaveTrend Oscillator is a port of a famous TS/MT indicator.
When the oscillator (WT1 designed as a line) is above the overbought band (50 to 60) and crosses down the WT2 (dotted line), it is usually a good SELL signal. Similarly, when the oscillator crosses above the signal when below the Oversold band ( (-50 to -60)), it is a good BUY signal.

In this indicator, you can display at the same time, different time frames.
Choice possible are 1 mn, 15 mn, 30 mn, 60 mn, 120 mn, 240 mn, 1D, Week, Month.

Small time frames (1 to 30 mn) are represented by a blue lines (light to dark)
1H is in grey
2H & 4H are in purple (light to dark)
1D is in green
1W is in orange
1M is in black

You can choose which timeframes you want to display for the current period or for the last period closed.

In a few seconds, you perfectly see the selected timeframes trends.

There is also at the bottom right a table summing up all the different values of WT1, WT2 and difference between them.
Positive difference means an upside trend
Negative difference means a downside trend.

Another way of using this indicator is displaying only the difference between WT1 & WT2. It's giving the speed & the direction of all trends. Trends are our friends ...
You can observe the significent times frames and look if they are all positives or negatives or if the speed of lower timeframe cross a longer timeframe of if the speed is decreasing or increasing...
Difference values goes generaly from -20 to 20 (it can exceed a bit but really rare). 12 is already high level of speed.
Many uses possible.

In the exemple posted, I've selected WT1 and WT2 for timeframes 4H, Daily & Weekly.

Marker 1:
Orange lines (WT1) are far below - 50 (-67 here) and cross WT2 pointed lines : weekly buy signal
But this buy signal is balanced by 4H & Daily sell signal = it's marking start of hesitations of main trend !!!!

Marker 2 :
Next buy signal in 4H or daily would normaly confirm the start

Marker 3 :
Sell signal in 4H and daily but weekly has an upside trend ! Start of a counter trend in the trend. To find the perfect timing of that you have to look to lower time frames, because 4H and daily are giving many hesitations signals crossing down & crossing up many times in an overbought zone.

Marker 4 :
End of the counter trend. Most of the time, the countertrend don't go in the "over" zone. That's why if you trading in an counter trend, you have to keep it in mind.

Then a few days later you can see the sell signal. And what a sell signal ! 4H & daily are smashed down really fastly ! Trends change warning !

Marker 5
Long hesitation/change of the trend. Daily WT and 4H are below the weekly trends. Weekly start to go down.
Start of a counter trend inside the trend giving us the best selling signal at her end !

Marker 6 :
Long hesitation/change of the trend.
You have to look in lower time frames to identify the short trend. Difficult to find the best timing to get in. ....

I've add many alerts. When a time frame become positive or negative. When many time frames are positive or negative or above or below 47 level...
Please feel free to explore.

Hope it will help you.
Thanks to Lazybear ! Thousands thanks to Lazybear !

Exemple with difference

15 mars

Notes de version

I have change the table summing up all data. (Smaller)
I added colors to cells.
Time frames cells are displayed with the same colors as they have in the graph.
Green colors when figures are positives
Red colors when figures are negatives

I have also added shapes when WT1 is crossing WT2 (buy or sell signal).

I have also change default settings. (Only WT1 is displayed by default)