OPEN-SOURCE SCRIPT

Wave Trend

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The Wave Trend indicator is based on the Mason’s Line Indicator.
https://fr.tradingview.com/script/mNcGcDvI-Mason-s-Line-Indicator/

This indicator is a sentiment analysis tool designed to help traders understand and analyze market trends. It works by calculating the average investor satisfaction of a group of investors. The results are displayed as colored squares at the bottom of the chart. For more information, read the description of the Mason's Line Indicator.
This indicator is not developed for use on short timeframes. It is an indicator that is best suited for longer timeframes, ideal for swing trading or long-term trading.

There are two main display parameters:

Display the coloured squares according to the distance to the sma (default value).
Display the squares according to the position of satisfaction in relation to the scale of the indicator.

there are two secondary settings for each of these options:

Display the squares by normalizing the values of the dataset between 0 and 1.
Display the squares without normalizing the value of the dataset between 0 and 1 (default value).

Please note that the Wave Trend Indicator is not a guarantee of future market performance and should be used in conjunction with proper risk management. Always ensure that you have a thorough understanding of the indicator’s methodology and its limitations before making any investment decisions. Additionally, past performance is not indicative of future results.

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Updated code formatting.