Waves MultiTimeframe AlfredThe price on the charts moves quite chaotically, but when we look at a given interval (and eliminate the noise created on the lower interval), we can distinguish trend price movements up and down. They are almost never a straight line, but the price reaches higher and higher lows - we have up trend or lower and lower highs when we have a down trend.
There are many theories trying to describe trend movements, and many trend change detectors have been created on their basis.
In last centry we we had few famous researchers of investment theories, one of them was the Japanese journalist and investor Goichi Hosoda, creator of Ichimoku trading theory.
Goichi Hosoda proposed a trend change detector called Kyushu Legs. This detector compares the values of the current price with the price from 9 weeks ago and illustrates them using a candlestick chart. Than on the chart we can distinguishes B, P, Y formations that allow us to determine the trend and notify about trend change moment. This idea was developed further. The set of Kyushu Legs formations (B, P, Y) has been transferred to raw price chart and transformed into a set of rules detecting trend changes on the current price chart. A unique feature this method is the comparison of the parameters of neighboring candles in order to dynamically determine the values beyond which the trend changes. This eliminate the need of predefined threshold values and adjusting it to different price ranges.
Described trend detector is available on TradingView under the name "Waves" and was a starting point of a whole package of "Waves" scripts built around this detector.
"Waves MultiTimeframe Alfred" is part of the "Waves" package. It is an extension of trend detector with the ability to analyze in parallel candle data taken from higher intervals. Thanks to that this detector detects moments of trend changes on many intervals at once.
In top-right corner it displays a window with basic informations about trend (and potencial trend change moment) at higher intervals, such as:
- Trend direction confirmed on last closed candle
- In real time trend direction with the assumption that candle will be closes at current price level.
- Time to current candle close
- Price change done by the current candle
- Price's distance to the trend change threshold
Trend direction and potencial trend change are shown with a symbols:
↗ - Continuation of up trend
↘ - Continuation of down trend
↺ - Trend change to up trend
↷ - Trend change to down trend
This script supports 2 trend detection rulesets:
- Low - More sensitive trend detection ruleset, detects changes faster and more often than Medium, announcing potential changes in the Medium trend
- Medium - Less sensitive trend detection ruleset detecting trends on the chart.
Remember, until candle is not close price can move and trend indication can change. All trend indicators have a delay and are describing past till now. Future prediction cannot be done by software.
This script can be used alone, but the creator's intention was to use it together with other scripts from the "Waves" package. e.g. It can be used with the "Waves" script which draw trend lines and trend change moments on the current interval and we can use "Waves MultiTimeframe Alfred" as an assistant showing basic trends situation on up to 3 higher intervals.
Script settings:
Timeframe 1,2,3 - Option to pick 3 higher timeframes with text and background color settings.
Timer - Showing count down timer to the end of current bar on that interval
Candles - Showing candle symbol with current price change done on that interval. A separate candle color can be picked for price up and down candles.
Low wave row - Row with low trend symbol and price distance to the current low trend threshold (trend change price).
↗ - Continuation of up trend
↘ - Continuation of down trend
↺ - Trend change to up trend
↷ - Trend change to down trend
Low wave last bar symbol - Symbol of trend confirmed by previous bar. Drawn in the first line before interval symbol:
↗ - up trend
↘ - down trend
Mid wave row - Row with mid trend symbol and price distance to the current mid trend threshold (trend change price).
↗ - Continuation of up trend
↘ - Continuation of down trend
↺ - Trend change to up trend
↷ - Trend change to down trend
Mid wave last bar symbol - Symbol of trend confirmed by previous bar. Drawn in the first line after interval symbol:
↗ - up trend
↘ - down trend
Warnings - Showing explanation messages when interval data are not available.
Signal change - Experimental option to signal trend change with a different color.
Troubleshooting:
In case of any problems, please send error details to the author of the script.
Faleszejka
Waves CorrectionsWave theory tool for tracking waves relations and their corrections. It filters out a sets of formations and count how often correction from them are reaching characteristic correction levels marked on the chart as CL1, CL2, CL3.
It supports 2 rulesets/wave variants:
Low - Based on more sensitive trend detection.
Medium - Based on less sensitive trend detection.
Script settings:
| SCANNER |
Trend type - Trend used by scanner to detect sets of waves.
L - Low
M - Medium
<= W1/W2 * 100% <= - Tresholds describing proportions between 1 and 2 wave in the set.
<= W3/W1 * 100% <= - Tresholds describing proportions between 3 and 1 wave in the set.
<= W3/W2 * 100% <= - Tresholds describing proportions between 3 and 2 wave in the set.
Show potencial areas - Showing underway sets
Show Arrows - Showing arrows with possible correction on underway set.
Correction from trend UP - Background and border colors for found sets in up trends
Correction from trend Down - Bakcground and border colors for found sets in down trends.
History - Showing sets in historic data.
Stats - Type of statistic table shown on the screen:
H - Hide
% - Statistics with normal font
%s - Statistics with small font
Wn n= - Picking how many waves are taken into account when calculating statistics .
| TREND VISUALIZATION |
Type - Trend visualization types:
H - Hidden
L - Low
M - Medium
B - Both
Alfred - AI assistant that informs about wave confirmation or trend changes (With "Both" type Alfred will monit only Medium wave).
Shadow - Showing second reprezentation of the trend with drawing with the use of minimal and maximal values. It's usefull to determine the delay between the peak and a wave change signal.
Low/Med Line width/color - Width/color of drawn line. Separate setting for Low and Medium trend type.
| IMPULS VISUALIZATION |
Impuls - Drawing impuls modes:
H - Hidden
F - First
S - Second
A - Auto
Impuls color - Color of the first bullish arrow.
Draw arrow - Drawing arrow at the end of the first bullish arrow.
Troubleshooting:
In case of any problems, send error details to the author of the script.
