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.
ملاحظات الأخبار
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Quick fix.
ملاحظات الأخبار
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Added Divergence and circles for the cross, for those who find it helpful.
Superb, quicker and more accurate than the MACD! One aesthetic request - I'd love to be able to adjust the colour of the Bullish/Bearish Divergence lines!
CRYPTONICS-
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Hi, I love your script ! I modified some settings and now it is very accurate for my use. :) Just a small request: can you add 2 seperate alerts for when the "Cross Up Circles" and "Cross Down Circles" are built ? I tried all possible alert settings but they are not reliable enough. Many thanks !
neerajneeraj
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@CRYPTONICS-BE, sir, what are the settings you modified, if you can pls tell