WaveTrend v2 8-20-2019 corrected tag name error
WaveTrend is a fast moving, sensitive oscillator with smoothing that is quick to react on crossovers and does it's best not to lag price changes.
Not much is known about WaveTrend, but it is very popular in MetaTrader.
It acts like a tight hugging Jurik JMA or Arnaud‐Legoux ALMA running on top of another oscillator.
It is sold as a complete "system indicator" for $3000+. The divergence signals in the oversold/overbought horizontal areas are really quite good and exceedingly clear. The trend following abilities and internal trendlines while within the trading timeframe are excellent. Evaluate for yourself.
It is great at showing momentum divergences near extremes and can be integrated into D3Spotter as a method. Because it is an unbound oscillator it does not excel at revealing Positive / Negative reversals within a trend as pronounced as a bound oscillator like RSI.
I use it in Elliott interpretations instead of Composite Index to warn against RSI failures. The larger oscillator corrections that challenge a preceding support or resistance trendline tend to be accurate and useful in defining the range of a higher timeframe fractal correction. I find it cleaner and obviously much smoother than Composite Index. It is sensitive enough to show internal wave subdivisions cleanly. Elliott corrective degree groupings are very accurate in hindsight at correction‐to‐correction reversal signals ‐ when doing longer term analysis.
I don't mess with the default parameter settings at all between timeframes. It's sensitive, yet smooth enough to adapt visually. To the base indicator I added:
Crossover highlight colored dots (bull and bear)
ZeroLine crossover highlight triangles (over and under)
Signal line coloring above and below
Shared as my way of giving back.
|File Size||7.6 KB|
|# of Downloads||2188|
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