True Wave Trend [EWT]

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True Wave Trend [EWT]

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Overview
True Wave Trend is a sophisticated, next-generation trend analysis tool designed to identify the start of new market trends with high precision. Inspired by the foundational principles of the Elliott Wave Principle, this indicator automatically detects the underlying 5-wave motive structures that signal a powerful shift in market direction.

The primary goal of this tool is to help traders spot potential trend changes early, filter out market noise, and align their strategies with the primary trend for more confident decision-making.

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How It Works
At the core of the Elliott Wave Principle is the idea that the market moves in repetitive, predictable patterns. The primary directional move, known as an motive wave, unfolds in a sequence of five distinct waves. These 5-wave patterns form the foundation of any strong, sustainable trend.

Our True Wave Trend indicator employs an advanced, proprietary pattern recognition algorithm to automatically identify these foundational 5-wave sequences on your chart.

When a valid bullish 5-wave impulse is completed, the indicator signals the start of a new uptrend.

Conversely, the completion of a bearish 5-wave impulse signals the beginning of a new downtrend.

By focusing on these core market structures, the indicator provides a clear and objective assessment of the trend, free from the ambiguity of traditional lagging indicators.

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Visual Features
The indicator is designed to be clean, intuitive, and easy to read directly on your chart.

Trend Background
The indicator paints the chart background to provide an at-a-glance view of the current market trend.

🟩 Light Green Background: A confirmed uptrend is in progress. This suggests the market is in a bullish phase.

🟥 Light Red Background: A confirmed downtrend is in progress. This suggests the market is in a bearish phase.

Swing Markers
The small triangles mark the key Swing Highs and Swing Lows. These are the pivotal turning points in price that serve as the building blocks for the indicator's wave analysis.

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How to Use This Indicator
This tool is best utilized as a primary trend-confirmation system.

Identify the Trend: Use the background color as your primary guide. A green background suggests looking for bullish opportunities (e.g., buying on pullbacks), while a red background suggests looking for bearish opportunities (e.g., selling on rallies).

Confirm with Other Tools: For optimal results, combine the signals from True Wave Trend with your existing trading strategy. Use it to confirm your analysis of support and resistance, moving averages, volume, or momentum oscillators like the RSI or Stochastics.

Risk Management: Always use proper risk management. The start of a new trend does not guarantee future price movement.

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Example of an Uptrend Signal


This chart shows the True Wave Trend indicator identifying the end of a downtrend and confirming the start of a new uptrend. After the background turns green, the price begins a sustained move higher.

Example of a Downtrend Signal


Here, the indicator detects a bullish trend losing steam and confirms a new downtrend. After the background turns red, traders could use this signal to manage long positions or look for shorting opportunities.

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Settings & Configuration
The indicator can be fine-tuned to fit your specific trading style and preferred timeframes.

Pivot Lookback Period
This is the most important setting for adjusting the indicator's sensitivity. It controls how the indicator defines a "significant" swing point.

A higher value makes the indicator focus only on major, long-term swing points. This results in fewer but more significant trend signals, ideal for swing or position traders.

A lower value makes the indicator more sensitive to short-term price swings, which may be more suitable for intraday or lower-timeframe trading.

Disallow wave 1 and wave 4 Overlap
This is a powerful filter for traders familiar with Elliott Wave theory. In a classic, strong impulse wave, "Wave 4" should not enter the price territory of "Wave 1". This setting enforces that strict rule.

When checked, the indicator will only signal a new trend if the underlying 5-wave structure is exceptionally strong and meets this "no-overlap" criteria. This can help filter out weaker, corrective patterns and focus only on the highest-quality trend signals.

When unchecked (default), the indicator uses a more flexible definition, allowing it to detect a wider range of trend-defining patterns.

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Disclaimer: This indicator is a tool for technical analysis and should not be considered financial advice. All trading involves risk. Past performance is not indicative of future results.

16 小時前

發行說明

In this update, added alerts option. Now you can know via alerts whenever there is a trend change.