WaveTrend Simple Chart [NinjaDawgz]
This is a chart version of my WaveTrend Simple Oscillator (www.tradingview.com/...cillator-NinjaDawgz/). Its been adapted visualize most of the basic and intermediate interpretations, patterns and signals found in the Oscillator.
Quality of life and simplicity was the goal here... no need to squint at the oscillator and lookup at the bars, now the signals are plotted on the chart for easy interpretation. Additionally, a bunch of alert conditions have been created to help you know when signal occurs as soon as it occurs. I recommend using "on bar close" for any alerts as the signal is not true until the bar closes.
Personally, I only use the "Wave Reset MFI" signals but SMA and a combination of both SMA+MFI variations are coded there as well. Hide the variations you don't use to keep the chart clean.
Use this in conjunction with nearly any other form of analysis, especially Wave Theory, to get a powerful trading strategy. This is inherently biased to trading with momentum as its an easier and safer trade. Wave Bounce signals are reversal signals and can have brilliant timing but as with any attempt at picking tops and bottoms, you do get more false positives. Good money management and trade management will be extraordinarily helpful here, with most signals averaging approximately 1:3 risk/reward.
If you like this script let me know, I'd love to know how you use it with your own strategies :)
Quality of life and simplicity was the goal here... no need to squint at the oscillator and lookup at the bars, now the signals are plotted on the chart for easy interpretation. Additionally, a bunch of alert conditions have been created to help you know when signal occurs as soon as it occurs. I recommend using "on bar close" for any alerts as the signal is not true until the bar closes.
Personally, I only use the "Wave Reset MFI" signals but SMA and a combination of both SMA+MFI variations are coded there as well. Hide the variations you don't use to keep the chart clean.
Use this in conjunction with nearly any other form of analysis, especially Wave Theory, to get a powerful trading strategy. This is inherently biased to trading with momentum as its an easier and safer trade. Wave Bounce signals are reversal signals and can have brilliant timing but as with any attempt at picking tops and bottoms, you do get more false positives. Good money management and trade management will be extraordinarily helpful here, with most signals averaging approximately 1:3 risk/reward.
If you like this script let me know, I'd love to know how you use it with your own strategies :)