This indicator simply identifies if the markets are in an up or down trend. You should always use it in combination with other indicators, just as Wavetrends. This indicator is mostly known because of Market Cipher. The script that was published under the name Wolfpack Id is for some reason closed source, but as it turns out there is of course no secret sauce involved, the original indicator goes way back and the thing that was then called Wolfpack Indicator is simply a MACD Signal Line with 3,8 settings. I added a simple divergence hunter for some extra Informations that might help, brought it up to contemporary pinescript standards, added Alerts and made the whole script open source, as it should be and as the original script also once was. Have fun!
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Added a Pivot feature that seems to be quite reliable so far. I can be used as secondary entry signal or maybe as take profit signal. The pivot feature can of course be fully configured
@LeLyonnais, I you feel that the divergence hunter repaints too much, just set "lookback right" to "1".
lead_stick
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@AdonisWerther, ELI5 the "lookback right" I've toyed with it quite a bit on some code like this and I can see how it works but I don't know why. Amateur and self taught coder so sorry if dumb q
BreathingAmplitude
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@lead_stick, because the code relies on the close history of previous candles... repainting happens because of the current active candle fluctuating. The reason a lookback is suggested as it looks at a previous inactive candle.
StaircaseWit
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Is there an explanation of how to use the alerts anywhere?
Flyte-X
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This is excellent - thanks AW!
ccrjared
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Even if you do not use the divergence side of it, the zero line color cross is a great confirmation with some other indicators. Thanks for sharing!