OPEN-SOURCE SCRIPT
Wave Trend w/ VWMA overlay
Updated
This is a trend-following strategy and indicator which combines the Wave Trend Strategy (Lazy Bear) by thomas.gigure with the cRSI + Waves Strategy with VWMA overlay by Dr_Roboto.
You may update the parameters of the Wave Trend oscillator or the VWMA indicator to match your own preferences. You may also adjust the Base Quantity used for determining trade size (as described below) to suit your account size and risk tolerance.
The strategy identifies potential signals based on the on the Wave Trend oscillator, originally ported to TradingView by LazyBear. When a signal is produced by the Wave Trend oscillator, trade size is determined by the VWMA.
The strategy includes the ability to limit trade signals to certain defined periods of time ("Sessions") during the trading day and, optionally, to close any open position at the end of either or both "Sessions." This may be enabled/disabled via the Limit Signals to Trading Sessions? option on the "Inputs" tab of the strategy's "Settings" window.
If you are trading on a daily chart (or longer) you must disable the Limit Signals to Trading Sessions? in order for the strategy to produce signals.
You may update the parameters of the Wave Trend oscillator or the VWMA indicator to match your own preferences. You may also adjust the Base Quantity used for determining trade size (as described below) to suit your account size and risk tolerance.
The strategy identifies potential signals based on the on the Wave Trend oscillator, originally ported to TradingView by LazyBear. When a signal is produced by the Wave Trend oscillator, trade size is determined by the VWMA.
- When the VWMA is trending against the direction of the Wave Trend signal, Base Quantity x 1 is used
- When the VWMA is trending neutral, Base Quantity x 2 is used
- When the VWMA is trending with the direction of the Wave Trend signal, Base Quantity x 4 is used
The strategy includes the ability to limit trade signals to certain defined periods of time ("Sessions") during the trading day and, optionally, to close any open position at the end of either or both "Sessions." This may be enabled/disabled via the Limit Signals to Trading Sessions? option on the "Inputs" tab of the strategy's "Settings" window.
If you are trading on a daily chart (or longer) you must disable the Limit Signals to Trading Sessions? in order for the strategy to produce signals.
Release Notes
Updated screenshotOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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