OPEN-SOURCE SCRIPT
WVF - Oscillator

Another attempt on making use of CM-Williams-Vix-Fix-Finds-Market-Bottoms from Chris Moody - which is arguably one of the best indicator available on pine and tradingview platform. Every time I revisit this, I get new ideas on applying this method.
I have slightly altered formula to
Pine Script®
from the original formula
Pine Script®
Process is simple:
How to use this to find market bottom. Look for one of the below conditions:
Possible exit scenarios
Some examples.

I have slightly altered formula to
highest(source)-source/highest(source)
from the original formula
highest(close)-low/highest(close)
Process is simple:
- Calculate WVF for OHLC values separately
- Calculate momentum on each of the WVF values based on distance from moving average
- Plot the candles based on OHLC momentum.
- Candle color depends on whether close, open and previous close. If close is higher than open and previous close, we get green coloured candles. If close is lower than previous close and open then we get red coloured candles. In all other cases, we will have silver candles.
- High/Low bands are calculated based on median of highest and lowest values of VixFix. We also plot median of close which can be used in some cases.
How to use this to find market bottom. Look for one of the below conditions:
- First red candle above high band - which signals momentum of vix fix is about to fall.
- First red candle above median line - can be used only if upward momentum of wvf candles are trending well.
- Crossunder of wvf candles under high band.
Possible exit scenarios
- Green WVF candle formed above WVF high line
- Entry is taken on first red candle above median line - but, candles turned green before WVF crossing under median line - may signal our thesis is wrong and price may drop further.
Some examples.
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開源腳本
本著TradingView的真正精神,此腳本的創建者將其開源,以便交易者可以查看和驗證其功能。向作者致敬!雖然您可以免費使用它,但請記住,重新發佈程式碼必須遵守我們的網站規則。
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。