dgtrd

WaveTrend [LazyBear] vX by DGT

DGT interpreted version of LazyBear's WaveTrend, visualizing on Price Chart

Original Author : LazyBear

Crosses above or below threshold are emphasized with bigger labels
- crosses above threshold : probable short indications with a bigger label and relativly small label for probable long indications
- crosses below threshold : probable long indications with a bigger label and relativly small label for probable short indications
All rest crosses within threshold boundaries with relatively small labels for both long and short probable indications

Release Notes: small update : alert condition added
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Comments

Had this script as a strategy for a while and been using it actively in an algo. I have changed mine a bit differently using DCA in oversold/bought areas.
If You plot it into an oscillator and mark oversold/bought areas your exit point could be when the oscillator moves onto neutral territory.

I found out lower timeframes gives way better signals. HTF signals could have swings in them > 10-30% moves
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dgtrd tak1ii
hello @tak1ii, as you probaly know the original author is LazyBear of WaveTrend study, and my intention was to keep its logic and only chage the display on top of the price chart.So i did not considered to do further changes but your comment is worth trying and if you had used with succes in algo than even better.

btw, just not to get you wrong, what you meant by DCA exactly

In algo, I was assuming the EWO-S, they provides almost same signals simultaneously

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tak1ii dgtrd
@dgtrd,

Dollar-Cost average which is extremely hard to backtest on tradingview and has to be calculated on each instrument.
Also, my bad - I had lazy bears study as well and changed that one a bit.
Please disregard all the other crosses - had to save some alerts so the same one can be used to long/short exit at the same time.

for example -
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Many thanks, very interesting. I increased the size of the labels as I felt they were a little lost in the chart.

For the Strong labels: size=size.normal
And the standard labels: size=size.small

I use the LazyBear Wavetrend and find it very useful, so thanks again for your take. I'm just wondering if I can include your strong indicator flags/labels in the original Wavetrend....hmmm
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dgtrd gestevens67
@gestevens67, thank you and thank you for your interes in the study

usually i avoid making the labels big so they do not make the chart too messy expecially when other indicators are included as well

unfortunetly, due to pine limitation you can not add labels to the original one. pine is not supporting lables, lines etc to be ploted on top of the price (main) chart if the study is performed to be displied on different pane. the only possibility available with this version of pine is to be able to change the bar colors. so you may modify the original version but insted labels you may use barcolor to change the colors of the bars. for stong and week ones you may decide to use different colors. hope this helps

regards
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Hi how do I access this many thankz
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dgtrd galtyboi12
hello @galtyboi12, just above this comment in the upper right corner of the code section you may click "Add to Favorite Scripts" than from indicators section you may add it to your chart.
hope you enjoy trading with
cheers
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@dgtrd, thank you will let you know how I get on
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hi i like this thanks do you have any input in how to set up the alerts when buy and sell signal green and red dots appear with this signal so i can set this up with somthing like 3comas
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dgtrd olyoly999
hello @olyoly999, thanks for your comment, i have updated the study and added alert condition, please be informed
Reply
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