[volfgang] WAVE

2023年6月20日

A compass to the financial charts.

The Volfgang WAVE Indicator helps you to decode complex market trends and make informed decisions in your trading.

Quick Summary
The WAVE has a signal line which alternates between Red or Blue.
Red is bearish and Blue is bullish.
It turns Blue when the WAVE line crosses above the signal and holds for 1 bar.
it turns Red when the WAVE line crosses below the signal and holds for 1 bar.
(You can change the signal line’s length in the settings, the default is 3 which is suited towards Day Trading – For Swing Traders I recommend 4 or 5 – For Investors 6 to 9).

The WAVE line will change colour to alert you when price is potentially pivoting.

• When the WAVE is WHITE, the trend is currently Bearish but could flip bullish soon.
  
• When the WAVE is GREEN, the trend is Bullish and there is strong Bullish momentum.
  
• When the WAVE is ORANGE, it means trend is bullish but there is danger of a Bearish Reversal.
  
• When the WAVE is PINK it means there is strong Bearish Momentum.
  
  WAVETrend Scanner
  The WAVETrend Scanner can be enabled in the settings and gives you a quick overview of the current trend across 8 potential timeframes: [3D] [1D] [12H] [8H] [4H] [1H] [15m] [5m]
  You can use this to make sure the trades you are taking on lower timeframes align with the current bias on higher term timeframes, thus ensuring a higher chance of success.
  
  WAVE Colours
  The background colour of the WAVE also changes according to the current trend across multiple timeframes. The scanner is constantly measuring the current trend across 7 timeframes;
  [3D] [1D] [12H] [8H] [4H] [1H] [30m]
  
  
  • When 4 timeframes line up Bullish, the WAVE is LIGHT BLUE (Cyan)
    
  • When 5 timeframes line up Bullish, the WAVE is DARK BLUE (Navy)
    
  • When 6+ timeframes line up Bullish, the WAVE is GREEN
    
  • When 4 timeframes line up Bearish, the WAVE is ORANGE
    
  • When 5 timeframes line up Bearish, the WAVE is RED
    
  • When 6+ timeframes line up Bearish, the WAVE is PINK
    
  Divergence Checker & Buy/Sell Signals
  The BUY and SELL Signals are represented by a BLUE or RED Histogram line that extends from the WAVE to the 0 Line.
  A BUY signal shows when a Crossover occurs & there is a Bullish Diversion Present within the last 50 bars.
  A SELL signal appears when a Crossunder occurs & there is Bearish Diversion present within the last 50 bars.
  You can change the length of the Divergence Checker in the settings, default is 50 bars.
  
  Under The Hood
  The WAVE pulls information from multiple sources within a set period such as;
  
  • Close Price
    
  • Highest Price
    
  • Lowest Price
    
  • EMA
    
  
  
  The script applies a set of complicated algebraic equations. Which essentially measures the [highest high] and [lowest low] of recent price action.
  Then it uses EMA's to measure from the [midpoint to the high] and [midpoint to the low], whilst applying more weight to recent price action.
  The functions then calculate more averages which measure the difference from [high to high] and [low to low].
  
  Next, it uses all of these calculated averages to create a value that represents the current WAVE condition. This calculation will determine whether the WAVE is in a bullish or bearish trend.
  
  This sum is then smoothed out to get one more value, which is used to display the info box content that allows us to see exactly at what price the WAVE will keep rising or keep falling.
  
  One final calculation also predicts the point at which the WAVE will flip trend. It uses similar calculations to the "Keep Rising/Falling" prediction function, but its aim is to predict the exact price at which the WAVE will cross.
  
  What gives the WAVE indicator an edge over most Stochastic Indicators, is how it uses Pinescript's "request.security" function to pull information from multiple timeframes in order to generate plots, info data and colours to add much more relevant information to the chart which you can use to make informed trading decisions. This is what allows the WAVETrend Scanner to work.
  
  The WAVE indicator is designed to work with all markets and asset types.

2023年7月21日

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// version 1.1

The WAVE has updated colours making them appear clearer across all charts and included a white shaded background that will appear when potential reversals are imminent.

2023年7月21日

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Bug Fix

2023年7月29日

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// Updated Divergence Checker to give much more accurate Buy and Sell Signals, they will trigger far less frequently now but have higher hit rate when they do.

2023年8月1日

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// UPGRADED UI

- All WAVE Info shows up in a single label so you can easily see Multi-Timeframe analysis, and current WAVE data. This can be adjusted in the input settings.

- NEW {SCALP} Setting, which shows the { SCALP LONG } or { SCALP SHORT } at the bottom of the label when all lower timeframes are lined up bullish or bearish.

- The WAVE's colours have been adjusted to make them less bright and now the WAVE lights up Green when SCALP LONG is in effect and Pink when Scalp Short is active.

- I recommend pairing the WAVE with the WAVE SCANNER and taking trades on the 1m and 5m timeframe when Scalp mode is active.

- Added Alert Condition to allow you to receive an alert when Scalp Long or Scalp Short is active.

2023年8月17日

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// Major Update

Significant improvements to the Bearish/Bullish Diversion Buy/Sell Signals
Now also added Hidden Bearish and Hidden Bullish Buy/Sell Signals

Hidden Bearish Sell Signal: Orange Line
Hidden Bullish Buy Signal: Blue Line

Hidden Divergence Signals are shown as a thin line whereas Regular Divergence Signals are shown as a thicker line, this can be changed in the settings.

You can now also change the color of the info box in the settings, modifications can be made to the background color and the text color.

Added a WAVE High/Low Line
This shows you the highest and the lowest value of the Wave within a set amount of bars. You can modify the amount of bars back that the indicator will look for the highest/lowest values in the settings.

Good Luck!

2023年8月17日

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// Small Update

- Fixed typos in the settings

- Created a condition so that hidden divergence signals only show up when higher timeframes are in confluence with the signal.

- Hidden Divergent signals need at least 4 of the higher timeframes in confluence with the Buy/Sell signal in order to be plotted on the chart.

2023年8月31日

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Upgraded UI

Easier to see the Golden Long/Short setup, when present the WAVE will have a Green or Pink shadow. This tells you that Higher and Lower timeframes are all in confluence pointing bullish or bearish.

2023年9月23日

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// BIG Update to the WAVE

Added many new features and improved the functionality of existing calculations.

2023年11月9日

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WAVE 2.0

A big update with overall facelift for the indicator and improved statistics in the infoBox.

You now have much more accurate signals and detailed outline of current directional bias.

2023年12月7日

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// WAVE UPDATE

• New Trading Modes Added (Scalp, Daytrade, Swing)
  
• Improved Swing and Scalp scoring system
  
• Optimised User Interface
  
• New Buy and Sell Signals
  

The WAVE now has 3 trading modes in the Input Settings, via a dropdown menu.

This adjusts the sensitivity of the WAVE to price movements, making it more suitable for different trading styles.

The Scoring System now gives more weighting to certain timeframes;
Swing: Daily & 4H
Scalp: 15m & 5m
This ensures more reliable signals across the multiple timeframes.

There is 1 new variation of the Buy/Sell Signal line;
SELL Signal: Pink Line (4px)
BUY Signal: Green Line (4px)
These show for Buy Signals when the price is oversold and for Sell signals when price is overbought across multiple timeframes.

There are also new Alerts that have been added, you can watch my YouTube video to see full details on how to set up alerts.

2023年12月29日

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Improved scoring system and more accurate signals.
Added new alerts to allow you to set an alert for when a 10X LONG/SHORT setup is available.

1月29日

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UI UPDATE and IMPROVED ACCURACY

• Made the WAVE line and the SIGNAL line display its colour more clearly, this alternates between Blue, Red, Green, White and Orange according to the current timeframe's price action.
  
• Improved the algorithm that is used to determine Bullish/Bearish signals, this pulls more data now across a variance of timeframes resulting is more reliable signals.
  
• Better alerts system for use in the #scanner#
  

You can check the Notes below for more details on how to use the indicator and provide feedback.

3月20日

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WAVE Update [March '24]

Various UI updates to clean up the Wave and remove clunky elements that slowed down loading time as well as cluttered up the screen, this version is much more clean and easier on the eyes.

• Increased accuracy when predicting trend over Higher Timeframes with the use of a new algorithm to predict trends more accurately.
  
• Introduced KTF (Key Time Frames) which monitors several KTF's such as; Daily, 6H, 4h and 1H - This complements the LTF and HTF scanner to give more accurate signals to the Scanner and in the Info Box.
  
• Better calculation of 10X LONG and 10X SHORT signals with the introduction of KTF's, these signals will only fire when majority of the Key Time Frames are pointed in the confluent direction.
  

5月22日

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Continued improvements to the WAVE algorithm and the User Interface

• Added visual Green and Red bars to highlight when a 10x LONG or 10x SHORT signal is active.
  
• Added a setting to allow you to change the size of the infoBox.
  
• New alerts give you the ability to scan the WAVE and alert you when your preferred signal is active.
  

To clean up the Interface and make the infoBox simpler yet more informative, I added more variables to the KTF, HTF & LTF signals in the info box. This will give a measure of the strength of each trend according to the new algorithm. Each timeframe has 4 potential outcomes to measure the bullish or bearish trend on that timeframe;
[Neutral, Weak, Regular, Strong]

7月24日

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// WAVE 3.0

Extremely big update adding a ton of new features to increase the reliability, readability and accuracy of the WAVE.

Alert System Upgrade
You can now click to add an alert, select the WAVE from your dropdown menu, and then select "Any Alert Function Call" in order to receive regular alert updates whenever there is a change in the status of your chosen ticker. The alerts will be sent at the timeframe interval upon which you set up the alert on.

9月24日

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|| WAVE by volfgang ||

Updates to the User Interface improving the readability of signals, specifically distinguishing Strong Buy/Sell signals.

Added improved Oversold and Overbought signals to the chart and alert system, split into 3;
1) Overbought / Oversold
2) Xtreme Overbought / Xtreme Oversold
3) Top / Bottom

Important addition of Volatility and Volume metrics to the WAVE
The WAVE now measure Volatility and Volume of the asset, and uses data to enhance the accuracy of Bullish and Bearish readings. These readings are used to add confluence to existing signals from the WAVE.
You can modify the settings for these metrics but it is advised to maintain the default values which have been extensively tested.

+ many more improvements to the algorithm used to generate signals by the WAVE.