Wave Trend Oscillator

This is a very standard version of the Wave Trend Oscillator.

The Channel and Average values are displayed as lines, most people display them as areas.
The Channel and Average difference is displayed as a histogram, most people display it as a tiny noisy area.

I was unable to find a standard version of the Wave Trend Oscillator.
The colorful hyped up versions of this indicator made me feel like a clown while using them.
I have essentially copied the style of the MACD with this indicator, to keep things professional.

With this WTO, you can change the timeframe and source.
You can also change the histogram average length and multiplier, making it usable.
The typical way that people display the histogram is completely unusable and just for appearance.
Now it does a decent job showing when the momentum of the WTO's downward movement is slowing down, just like how the MACD histogram works.

This indicator is essentially a normalized MACD , though they are calculated differently.

The Wave Trend Oscillator is useful for spotting/monitoring changed in mid-trend momentum.
In my experience, divergence in this indicator is a strong signal.
If the MACD is too slow for you, then this is a great alternative; without all the extra fluff people usually add to it.
版本注释: Quick fix.
版本注释: Added Divergence and circles for the cross, for those who find it helpful.
版本注释: Fixed color editability issue.
版本注释: Another quick color fix in the divergences.

本着真正的TradingView精神,该脚本的作者将其开源发布,以便交易者可以理解和验证它。为作者喝彩!您可以免费使用它,但在出版物中重复使用此代码受网站规则的约束。 您可以收藏它以在图表上使用。