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Wavetrend indicator


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Wavetrend indicator

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  #1 (permalink)
jmp470
San Antonio, TX
 
 
Posts: 78 since May 2019
Thanks: 34 given, 43 received

Hello all,

I have just started using the Wavetrend indicator and I like what Iím seeing. Not that I can trade it very well yet. But, hopefully in time I will get there.

Is anyone else using it? If so, are you pairing it with another indicator, or using it solo?

Right now, Iím running it on MES, and Iím trying to wait for extremes to trade it, which is the hard part.

Today I viewed it on the 500, 5000 and 10000 tick chart and the 5, 15, 60 min charts, which ended up confusing the hell out of me :-) and I donated money to someoneís rent.

Any tips on how your using it would be greatly appreciated.

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  #2 (permalink)
 hedgeplay 
Austin Texas / US
 
Experience: Intermediate
 
Posts: 83 since Dec 2019
Thanks: 77 given, 70 received


jmp470 View Post
Hello all,

Is anyone else using it? If so, are you pairing it with another indicator, or using it solo?

Right now, Iím running it on MES, and Iím trying to wait for extremes to trade it, which is the hard part.

Today I viewed it on the 500, 5000 and 10000 tick chart and the 5, 15, 60 min charts, which ended up confusing the hell out of me :-) and I donated money to someoneís rent.

Any tips on how your using it would be greatly appreciated.


Hi!

Early on I looked at WaveTrend2 but stepped past it then:
What I remember:
- Nice looking
- The way it is written is CPU hungry, a refactoring might help speed it up.
- If you trust all of those crosses/signals you would find WAY too much whipsaw.


Now.. to me WaveTrend2 looks like Slow RSI .. SRSI with the addition of a "can be too fast" shorter term signal line. I have not compared the code but an EMA smoothed SlowRSI might have nearly identical signal turns as the WaveTrend2.

- Slow RSI https://tlc.thinkorswim.com/center/reference/Tech-Indicators/studies-library/R-S/SlowRSI

- Most would use Slow RSI and Stochastics as a oversold / overbought Entry or Exit confirmation signals rather than the primary signal. So this indicator would be one of three or four used in conjunction to determine execute points.

- Good article here.. Second half of this page includes one person's strategies(with good images) on how to trade the Slow RSI. https://sacredtraders.com/the-slow-relative-strength-index-by-vitali-apirine/


- Article about using WaveTrend & Comparison with Awesome Osc https://elitecurrensea.com/education/how-to-use-a-wave-trend-indicator-for-price-swings-wave-patterns/

- Pages on peoples thoughts on deploying WaveTrend alone and in combination with additional tools https://www.tradingview.com/scripts/wavetrend/


UPDATE:

I looked at it for 5 mins on an ES chart.

Can be wildly high on signaling into Chop. For sure when using WaveTrend near default settings COMPLETELY IGNORE all signals when Price is not trending strongly in one direction or the other.

What To Do? Depends on how you want to trade it .. For reversal to the mean trading in timeframes from 1 min to 15 all got more reliable signals reversal to the mean by increasing default lengths from 10/21 3x-4x-5x larger (e.g. 40/84 or 50/105)

============

Take a look at and play with settings to assess reversal from extreme signals ...

In addition to the longer lengths in the WaveTrend Indicator when using shorter time frame bars (30 second, 1 min or2 min) add Volume and Cumulative Delta bursts/impulse/spikes. So when WaveTrend reverses from an extreme OverBought or OverSold AND Volume AND short term delta Also spiking unsually high in the same direction take actoin in that direction (action could be Exit, Enter or both).

Just a few thoughts to play with.




HedgePlay

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The following 2 users say Thank You to hedgeplay for this post:
 
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  #3 (permalink)
jmp470
San Antonio, TX
 
 
Posts: 78 since May 2019
Thanks: 34 given, 43 received



hedgeplay View Post
Hi!

Early on I looked at WaveTrend2 but stepped past it then:
What I remember:
- Nice looking
- The way it is written is CPU hungry, a refactoring might help speed it up.
- If you trust all of those crosses/signals you would find WAY too much whipsaw.


Now.. to me WaveTrend2 looks like Slow RSI .. SRSI with the addition of a "can be too fast" shorter term signal line. I have not compared the code but an EMA smoothed SlowRSI might have nearly identical signal turns as the WaveTrend2.

- Slow RSI https://tlc.thinkorswim.com/center/reference/Tech-Indicators/studies-library/R-S/SlowRSI

- Most would use Slow RSI and Stochastics as a oversold / overbought Entry or Exit confirmation signals rather than the primary signal. So this indicator would be one of three or four used in conjunction to determine execute points.

- Good article here.. Second half of this page includes one person's strategies(with good images) on how to trade the Slow RSI. https://sacredtraders.com/the-slow-relative-strength-index-by-vitali-apirine/


- Article about using WaveTrend & Comparison with Awesome Osc https://elitecurrensea.com/education/how-to-use-a-wave-trend-indicator-for-price-swings-wave-patterns/

- Pages on peoples thoughts on deploying WaveTrend alone and in combination with additional tools https://www.tradingview.com/scripts/wavetrend/


UPDATE:

I looked at it for 5 mins on an ES chart.

Can be wildly high on signaling into Chop. For sure when using WaveTrend near default settings COMPLETELY IGNORE all signals when Price is not trending strongly in one direction or the other.

What To Do? Depends on how you want to trade it .. For reversal to the mean trading in timeframes from 1 min to 15 all got more reliable signals reversal to the mean by increasing default lengths from 10/21 3x-4x-5x larger (e.g. 40/84 or 50/105)

============

Take a look at and play with settings to assess reversal from extreme signals ...

In addition to the longer lengths in the WaveTrend Indicator when using shorter time frame bars (30 second, 1 min or2 min) add Volume and Cumulative Delta bursts/impulse/spikes. So when WaveTrend reverses from an extreme OverBought or OverSold AND Volume AND short term delta Also spiking unsually high in the same direction take actoin in that direction (action could be Exit, Enter or both).

Just a few thoughts to play with.




HedgePlay

Thank you for investigating it for me. Now I need to get stock trading out my mind!!! I realize I cannot trade futures like stocks. If I do, itís painful!

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  #4 (permalink)
 hedgeplay 
Austin Texas / US
 
Experience: Intermediate
 
Posts: 83 since Dec 2019
Thanks: 77 given, 70 received


jmp470 View Post
Thank you for investigating it for me. Now I need to get stock trading out my mind!!! I realize I cannot trade futures like stocks. If I do, itís painful!

Good Luck!

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The following user says Thank You to hedgeplay for this post:
 
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  #5 (permalink)
jmp470
San Antonio, TX
 
 
Posts: 78 since May 2019
Thanks: 34 given, 43 received


hedgeplay View Post
Good Luck!


I already wrote it off. Itís not bad, but it wasnít what Iím looking for. I like data, and certain type of dataÖ. I just have to find it, I think I did, but we will see.

But, thank you for what you did.

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