Oscillator: WaveTrend_Enhanced - GB

Enhanced version of the standard WaveTrend Oscillator, a leading oscillator that measures momentum. Easy-to-use and even more profitable than the standard version.

This script uses a custom calculation formula to measure the momentum of a market.

The new calculation formula allows the script to reduce the noise from false/weak signals and signal Long and Short entries/exits one or two candles earlier (on average) than the standard script using HA candles.

It can be used with high profitabily for scalping on super low timeframes, swing trading on intermediate timeframes and even for position trading on higher timeframes.

If you’d like to test the oscillator on TradingView, send me a PM on TradingView.

Features:

• Custom calculation formula which produces earlier signals with less noise than the standard script.
  
  
• Custom alerts for every signal.
  
  
• Custom alerts for signals that occur in Overbought/Oversold zones.
  
  
• Ability to use different chart resolution for the oscillator and the chart on TradingView. For example, plot the oscillator of 1min timeframe on a 3min timeframe chart. It helps a lot when scalping on super low timeframes.
  
  
• Free support of the script and free guidelines on how to get the best out of it in my free discord here - discord.gg/35d8gS8
  

Upcoming features:

• Add a SAFE mode to the script which allows the user to match signals on different timeframes. For example, if 3min timeframe is bullish, then the script will plot Long signals only on 1min timeframe.
  

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Version 1.01:

• Testing a new layout with the overlay argument set to true.
  

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v. 1.02

• Added alerts for long/short signals below/above the 0 line.
  
  
• Added the version of the script to the script title.
  
  

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v. 1.03

• Reverted back to the old layout with the overlay argument set to false.
  
  
• Fixed an issue with the input settings of OB/OS values.
  

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Version - 1.04

• Updated the calculation formula. Now the signals are more accurate and there is less noise from false signals.
  

Optimal Settings:


Weekly: 8 - 13

Daily: 16 - 13

Timeframes < 4h: 20 -13

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Version 1.05:

• Improved the algorithm for even less noise during high frequency trading/high timeframe trading.
  
  
• Added the respective alerts.
  

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Version 1.06

• Added a feature that indicates possible local bottom areas on the chart based on volume - price analysis.
  
  
• Added alerts for possible local bottom areas.
  
  
• Removed rarely used options from the settings.
  

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Version 1.07

• Added an algorithm that checks for possible (local) tops in the market. Best used on candlestick charts.
  

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Version 1.08

• Added notifications & alerts for Take Profit levels based on the algo that predicts possible tops and bottoms of the market.
  
  
• Added ATR bands that can be used as trailing SL and as support/resistance.
  

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Fixed spelling.

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Version 1.09

• Updated the algo.
  
  
• Removed unused parts of the code
  

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Minor visual updates.

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Minor visual update.

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Version 1.10

• Added TD Setup & Countdown based on Jason Perl's Rules of TD Sequential - www.mysmu.edu/facult...rt/QF206/Week_05.pdf
  
  
• Minor visual updates.
  

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Minor visual update.

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Visual updates.

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Minor visual update.

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VIsual update.

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Improved performance, removed unused code.

Find the Backtesting Report/Strategy script here:

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Visual updates.

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Visual Update.

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Visual update.

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Visual Update.

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Optimal Settings update.

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Optimized settings based on the historical price data from Bitmex from 3/1/2019 - 4/6/2019.

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Pre-monthly update.

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Version 1.14

• Added some extra features.
  

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Optimized the filters & the settings of the algo using price data from BITMEX:XBTUSD 1/4/2019 - 1/7/2019.

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Visual Update.

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Version 1.15

• Re-optimized the settings.filters. The algo now use the price history of May, June, July to live trade in August.
  

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Version 1.16

• Settings update.
  

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Visual update.

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Further settings update.

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Version 1.17

- Added Soft SL Deviations for adding to your positions when the price is x% away from the Soft SL. (+Alerts)
- Added alerts for when the price retests the Soft SL.
- Added separate alerts for bullish/bearish reversal signals for when long and when short.

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Version 1.18

Re-optimized the settings/filters using the historical price data of BitMEX:XBTUSD from 1/6/2019 to 1/9/2019 for living trading in September.

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Version 1.19

- Improved algorithm. (Volatility Filter)
- Added volatility calibrated Hegde/Add signals + alerts. The sensitivity of the signals can be determined by the user.
- Cleaned the codebase by removing old/unused code.

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- Updated default values of Hedge/Add signals.

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Version 1.09

- Re-optimization update.

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Version 1.20

- Re-optimization update.

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Vesion 1.20.b

- Fixed a typo in the settings.

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Version 1.21

- Updated the Hedge/Add signal algorithm (Multi-Timeframe & faster signals by one or two bars without any added lag)
- Updated the rest of the code.

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Version 1.22

- Version 1.22 supports both "MTF" Hedge/Add signals and Hedge/Add signals based on the previous logic.
- Automatically switch between "MTF" and "Old" Hedge/Add signals from the settings menu.

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Version 1.23

- Added Dark/Light mode to the Soft SL.

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Version 1.24

- Default settings update.

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Version 1.25

- Updated settings.
- Visual changes.

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Version 1.26

• Added Take Profit Signals & their respective alerts.
  
• Fixed max_bars_back bug.
  

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Version 1.27

• Optimization udpdate | 01/06/2020 - 21/08/2020
  

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- Settings Update

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Version 1.28

• Settings update.
  

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Version 1.29

- Settings Update.
- Remove unused code.

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Version 1.30

- Changed the calculation formula for the SSL. No more large spikes. Improved performance.
- Re-optimized settings adjusted to the new SSL calculation formula.
- Long-Only Strategy.

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Version 1.31

- Re-optimized Long-Only Settings.

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Version 1.32

- Updated settings parameters.

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Version 1.33

- Settings update.

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Version 1.34:

- FTX re-optimization update.

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- Version 1.06: Updated settings.