OPEN-SOURCE SCRIPT
TREND 123
### TREND - Wave Trend Oscillator (Optimized)
This indicator is an optimized version of the classic Wave Trend Oscillator, a powerful tool for identifying market momentum, overbought/oversold conditions, and potential trend shifts. Built on the foundational work of LazyBear, this script has been refined for clarity and enhanced with key features to provide a more comprehensive trading view.
#### Key Features and Functionality
The indicator plots two primary lines, WT1 (Wave Trend 1) and WT2 (Wave Trend 2), in a separate pane below the price chart.
,
Momentum and Trend Identification:
,
WT1 (Blue Line): Represents the faster-moving component, reflecting immediate market momentum.
,
WT2 (Orange Line): Acts as a signal line, a smoothed version of WT1.
,
Crossovers: A cross of WT1 above WT2 is typically interpreted as a bullish signal, while a cross below WT2 suggests a bearish signal.
,
Overbought and Oversold Zones:
The script includes four configurable horizontal lines to define critical zones: two for ,
Overbought (e.g., +60 and +53) and two for Oversold (e.g., -60 and -53).
When the WT lines enter the Overbought zone, it signals that the asset may be due for a pullback. Conversely, entering the Oversold zone suggests a potential bounce.,
,
Sensitivity Control:
A unique ,
Sensitivity Factor input allows users to fine-tune the oscillator's responsiveness to price changes. A lower factor makes the indicator more sensitive, while a higher factor provides smoother, less volatile readings.
,
Visual Enhancements (Configurable):
,
Histogram: An optional histogram plots the difference between WT1 and WT2. This visual aid helps gauge the strength of the current momentum—the larger the bar, the stronger the trend in that direction.
,
Information Table: An optional, dynamic table is displayed on the chart, providing a quick, real-time summary of the indicator's status, including:
,
Current State: Neutral, Overbought (), or Oversold ().
,
Trend: Bullish () or Bearish (), based on the WT1/WT2 crossover.
The current values of WT1 and WT2.,
#### How to Use It
This indicator is best used as a confirmation tool alongside price action or other trend-following indicators.
This indicator is an optimized version of the classic Wave Trend Oscillator, a powerful tool for identifying market momentum, overbought/oversold conditions, and potential trend shifts. Built on the foundational work of LazyBear, this script has been refined for clarity and enhanced with key features to provide a more comprehensive trading view.
#### Key Features and Functionality
The indicator plots two primary lines, WT1 (Wave Trend 1) and WT2 (Wave Trend 2), in a separate pane below the price chart.
,
Momentum and Trend Identification:
,
WT1 (Blue Line): Represents the faster-moving component, reflecting immediate market momentum.
,
WT2 (Orange Line): Acts as a signal line, a smoothed version of WT1.
,
Crossovers: A cross of WT1 above WT2 is typically interpreted as a bullish signal, while a cross below WT2 suggests a bearish signal.
,
Overbought and Oversold Zones:
The script includes four configurable horizontal lines to define critical zones: two for ,
Overbought (e.g., +60 and +53) and two for Oversold (e.g., -60 and -53).
When the WT lines enter the Overbought zone, it signals that the asset may be due for a pullback. Conversely, entering the Oversold zone suggests a potential bounce.,
,
Sensitivity Control:
A unique ,
Sensitivity Factor input allows users to fine-tune the oscillator's responsiveness to price changes. A lower factor makes the indicator more sensitive, while a higher factor provides smoother, less volatile readings.
,
Visual Enhancements (Configurable):
,
Histogram: An optional histogram plots the difference between WT1 and WT2. This visual aid helps gauge the strength of the current momentum—the larger the bar, the stronger the trend in that direction.
,
Information Table: An optional, dynamic table is displayed on the chart, providing a quick, real-time summary of the indicator's status, including:
,
Current State: Neutral, Overbought (), or Oversold ().
,
Trend: Bullish () or Bearish (), based on the WT1/WT2 crossover.
The current values of WT1 and WT2.,
#### How to Use It
This indicator is best used as a confirmation tool alongside price action or other trend-following indicators.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.