WaveTrend 4h/24m

2021년 11월 28일

WaveTrend 4h/24m is a trading tool based on two WaveTrend timeframes.

For this script the WaveTrend calculations made by LazyBear were used. WaveTrend is a widely used indicator for finding direction of an asset.

The strategy is developed by Youtuber Jayson Casper. The main strategy on the 4 hour and 24 minute timeframes, this will be the default timeframes. Timeframes can be adjusted in the indicator interface.
With Jaysons' we wait for both timeframes to have last printed a green dot for longs, and both timeframes to have last printed a red dot for shorts. When this occurs a green diamond will be printed for longs, a red diamond for shorts.
Make sure to always use the chart from the smallest timeframe you're using, so by defaults use the 24 minute chart.

Features of the indicator:
- WaveTrend Timeframe 1 (Blue/Lightblue wave).
- WaveTrend Timeframe 2 (Blue/Purple line with filled background between the lines).
- VWAP (Yellow wave which is turned off by default)
- Green/Red Diamonds

What to look for?
This script is all about the Green and Red Diamonds.
A Green diamond will be printed when on both the 4 hour and 24 minute timeframe the last printed dot was a green dot.
A Red diamond will be printed when on both the 4 hour and 24 minute timeframe the last printed dot was a red dot.

What are the Green and Red Diamonds based on?
When both VWAP timeframes are ABOVE 0, a green diamond will be printed. This is equivalent to the last dot on both WaveTrend timeframes being a green dot.
When both VWAP timeframes are BELOW 0, a red diamond will be printed. This is equivalent to the last dot on both WaveTrend timeframes being a red dot.

Happy Trading!

2021년 11월 28일

릴리즈 노트

Lookahead usage removed.

2021년 12월 3일

릴리즈 노트

In this update we added an option to use two VWAPs on multiple timeframes. These will be unchecked by default, so nothing changes in case you don't feel like using them.