INVITE-ONLY SCRIPT
[volfgang] WAVE Scanner
Updated
The Wave Scanner helps you make more informed decisions about when to buy and sell.
This indicator operates on a series of inputs and global variable declarations. Based on the same parameters as the [volfgang] WAVE Indicator. It uses different parameters such as the closing price, Stochastic Momentum Index, and smoothing factors such as the EMA to calculate the potential trade signals.
The scanner allows you to adjust the thresholds for bullish and bearish counts, which can be tailored to your personal trading strategy.
The minimum value is 4 and maximum is 8.
In total you can use 8 different timeframes for your signals from the following;
The scanner's unique ability to scan across multiple timeframes is what makes this indicator unique. This multi timeframe analysis can be incredibly useful for identifying broader trends in the market.
The Wave Scanner settings also includes inputs for you to enter risk management settings, including your total capital and the risk percentage you are willing to take per trade. It uses this information to display data in a label on the chart including;
On your chart, the WAVE Scanner will plot the ideal Entry Levels, Stop Loss and Take Profit Levels by calculating Fibonacci Levels, which is a popular tool for identifying potential support and resistance levels.
These are marked as follows;
So, if you're a trader looking to level up your strategy, the Wave Scanner is a tool you won't want to miss out on.
This indicator operates on a series of inputs and global variable declarations. Based on the same parameters as the [volfgang] WAVE Indicator. It uses different parameters such as the closing price, Stochastic Momentum Index, and smoothing factors such as the EMA to calculate the potential trade signals.
The scanner allows you to adjust the thresholds for bullish and bearish counts, which can be tailored to your personal trading strategy.
The minimum value is 4 and maximum is 8.
In total you can use 8 different timeframes for your signals from the following;
- 3D
- 1D
- 12h
- 8h
- 4h
- 1h
- 15m
- 5m
The scanner's unique ability to scan across multiple timeframes is what makes this indicator unique. This multi timeframe analysis can be incredibly useful for identifying broader trends in the market.
The Wave Scanner settings also includes inputs for you to enter risk management settings, including your total capital and the risk percentage you are willing to take per trade. It uses this information to display data in a label on the chart including;
- Position Size
- Stop Loss Level
- Potential Profit
- Risk Reward Ratio
On your chart, the WAVE Scanner will plot the ideal Entry Levels, Stop Loss and Take Profit Levels by calculating Fibonacci Levels, which is a popular tool for identifying potential support and resistance levels.
These are marked as follows;
- GREEN Lines: Entry Levels
- PINK Line: Stop Loss (can be customized in the settings)
- GREY Line: Breakeven Level (move SL to breakeven at this level)
- BLUE Line: Take Profit Level
So, if you're a trader looking to level up your strategy, the Wave Scanner is a tool you won't want to miss out on.
Release Notes
// version 1.1Plot Display Option: Added a checkbox input to control the display lines on the chart.
Risk Management: Added a more sophisticated risk management system. Specifically, setting the stop loss as a multiple of the ATR, thus increasing potential RR.
Stop Loss Multiplier Input: You can modify the multiple of ATR that the Stop Loss is calculated with inside the settings. This is set to 0.618 as default but can be increase up to a maximum of 2.
IMPORTANT NOTE: The WaveScanner is designed for lower timeframes. I've performed extensive backtesting which showed it to be quite inaccurate across the medium timeframes so I've decided to disable it on those and made it available only on the following timeframes, on all other timeframes the indicator will be hidden from your chart.
Available Timeframes: 1m, 5m, 10m, 15m, 20m, 30, 1H, Daily, 3D, 5D, Weekly
Release Notes
// MAJOR UPDATE- The Scanner now uses the ATR to more accurately map out Entries, Stop Loss and Take Profit levels.
- The label also shows Higher Time Frame [HTF] and Lower Time Frame [LTF] bias according to the WAVE.
- The label will also tell you how much profit you will make if you close your trade at the BE level or at the TP level, this is calculated according to the amount you risk which is entered in the input settings.
- Added support for Hidden Bullish/Bearish Divergence Buy/Sell signals.
Release Notes
// Huge update! Greatly improved signals from the scanner now.Release Notes
// UPDATEInstead of showing 3 Entry Levels, the Scanner now shows 2 Entry Levels and 2 different Stop Loss levels, this gives the user two possible trade ideas. One being the aggressive entry and the other a more conservative entry.
One should use the WAVE indicator in conjunction with the Scanner to time the best entries and exits.
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Volfgang for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″Visit http://www.thevolfgang.com/wave - to get access to the indicator. You can get a free 1 month trial.
Join the Discord; https://discord.gg/kWvytyQG
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Warning: please read before requesting access.
Disclaimer
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