This is similar to regular WaveTrend Oscillator except:
- replaces hlc3 input with a weighted log formula for better stability/performance on high volatility charts
- zero-centered scaling
- SMA crossovers above and below OB/OS thresholds are marked as buy/sell signals
- replaces hlc3 input with a weighted log formula for better stability/performance on high volatility charts
- zero-centered scaling
- SMA crossovers above and below OB/OS thresholds are marked as buy/sell signals
Release Notes:
Use SMA curvature information to filter out buy/sell signals likely to be false positives
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Rename some chart objects
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Long/Short signal now captures some cases of bullish and bearish divergences
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Use extra signal smoothing and extra momentum check for curvature
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improve buy/sell signals
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don't make helper elements editable
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start drawing signal earlier, perform averaging on cross steps for more stable bullish/bearish divergence detection
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use a 1+2 formula for curvature
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Default to lower smoothing to still show something on the chart in the beginning
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switch back to 4 for default SMA length
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Improve sensitivity in the beginning of the chart
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add comment
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Replace final EMA smoother with Ehlers' smoother for higher sensitivity
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Ignore first candle
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reduce default smoothing slightly and allow zero smoothing
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do not count MA cross above overbought level as bottom, and likewise do not count count MA cross below oversold level as top.
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Simplify generation of buy/sell signals
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fix how continues climb/descent is determined
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detect hidden divergences
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Update colors to make this indicator suitable for either light or dark T/V color modes
Release Notes:
quantitatively weigh bullish and bearish signals