As always free and open source as it should be. Do not pay for such indicators! A WaveTrend Indicator or also widely known as "Market Cipher" is an Indicator that is based on Moving Averages, therefore its an "lagging indicator". Lagging indicators are best used in combination with leading indicators. In this script the "leading indicator" component are Daily, Weekly or Monthly Pivots . These Pivots can be used as dynamic Support and Resistance , Stoploss, Take Profit etc. This indicator combination is best used in larger timeframes. For lower timeframes you might need to change settings to your liking.
The general Wavetrend settings are the same that are used in Market Cipher, Market Liberator and such popular indicators.
What are these circles? -These are the WaveTrend Divergences. Red for Regular-Bearish. Orange for Hidden-Bearish. Green for Regular-Bullish. Aqua for Hidden-Bullish.
What are these white, orange and aqua triangles? -These are the WaveTrend Pivots. A Pivot counter was added. Every time a pivot is lower than the previous one, an orange triangle is printed, every time a pivot is higher than the previous one an aqua triangle is printed. That mimics a very common way Wavetrend is being used for trading when using those other paid Wavetrend indicators.
What are these Orange and Aqua Zones? -These are Dynamic Zones based on the indicator itself, they offer more information than static zones. Of course static lines are also included and can be adjusted.
What are the lines between the waves? -This is a Kumo Cloud Implied Volatility indicator. It is color coded and can be used to indicate if a major market move/bottom/top happened.
What are those numbers on the right? -The first number is a Bollinger Band indicator that shows if said Bollinger Band is in a state of Oversold/Overbought, the second number is the actual Bollinger Band Width that indicates if the Bollinger Band squeezes, normally that happens right before the market makes an explosive move.
Please keep in mind that this indicator is a tool and not a strategy, do not blindly trade signals, do your own research first! Use this indicator in conjunction with other indicators to get multiple confirmations.
เอกสารเผยแพร่
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small bugfix, added a pivot threshold that can be adjusted for deleting smaller false signals
เอกสารเผยแพร่
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Bigger update. The BB% Width indicator now shows squeezes. Added on top of the indicator a Bar that is calculated by two Hull Moving Averages, it shows a longer term trend, the Values of these two HMAs can of course be changed to your liking. On the lower bottom of the indicator a Bar was added that shows the Money Flow. Green -> Money-Flow is so low that a major bottom might be near Aqua -> Money-Flow is increasing Orange -> Money-Flow is decreasing Red -> Money-Flow is so high that a major top might be near
เอกสารเผยแพร่
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small update, added some trend continuation signals
เอกสารเผยแพร่
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-Added option for WT VWAP -Added option for alternative calculated Market Cipher style RSI MoneyFlow -Added option for alternative trend calculation based on SAR
เอกสารเผยแพร่
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small update, added a function to show the Moneyflow, SAR and VWAP as own indicators
@gfvix21, woah, thank you for the coins, much appreciated!
jadhav22
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Can you please explain again. Not getting much info from - Orange and Aqua Zones? What are these Orange and Aqua Zones? -These are Dynamic Zones based on the indicator itself, they offer more information than static zones. Of course static lines are also included and can be adjusted.
AdonisWerther
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@jadhav22, well, instead of static values for "overbought" or "oversold" as in this case of Wavetrend indicators "80" and "-80", these dynamic zones are in a constant flux, changing constantly. They are calculated from the standard deviation.
@AdonisWerther this is amazing! I have a question. The colours of the BARS - what do they represent? You have clearly detailed all other elements but not the bars and it is driving me a bit crazy as this indicator is amazing and is helping me a lot. Thank you in advance and for your great work!
KryptoViking77
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Awesome stuff, you've put a lot of work into making this.
binary0x01
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Hands down the most well implemented and useful set of scripts on TV...