From my observations, it seems like you can use this indicator in the similar way to "oscilators" as well.
So the idea is to use the signal and run in trough: 1) WaveTrend - to produce "green" and "red" dots. 2) TSI Both oscillators produce two signals that when crossed might be a buy/sell signal.
Hope you like the idea.
WARNING: Use the indicator for your own risk, it was released for educational purposes.
* Improved default settings * More settings: including separated long and fast settings - feel free to adjust it to the timeframe you are using * More settings: color customization
Although the description is somewhat complicated, it can be summarized to this form: There are two signals - a long one and a shorter one. As is the case with many indicators, such as MACD. If the short signal is above the long signal, we have an upward trend, if the short signal falls below the level of the long signal - the trend begins to fall.
Although the description is somewhat complicated, it can be summarized to this form: There are two signals - a long one and a shorter one. As is the case with many indicators, such as MACD. If the short signal is above the long signal, we have an upward trend, if the short signal falls below the level of the long signal - the trend begins to fall.
In the case of TSV, the zero level is also of great importance. If the TSV is above zero, we have more buying than selling. Conversely, if the TSV is below zero, we have a bearish trend.
Let's consider a situation where the TSV is below zero, but the short signal breaks through above the long one. This may indicate a trend reversal. However, not every trend reversal is successful, so I mark such unsuccessful attempts with an "X" on the chart.
It should be borne in mind that TSV based on volumen is a "leading" indicator. This means that sometimes it should be approached with caution, as it can sometimes give a signal too quickly and, in the case of scalping, it will not be the most accurate entry.
Therefore, it is good to treat TSV as a confirmation of the direction of the trend, and to optimize the entry - use the momentum indicator.
That's why my indicator combines "leading indicator" with "momentum indicator".
Basically it prints "momentum wave" with green and red dots. Red dot means it's end of the uptrend momentum, green dot means it's end of downtrend momentum. The indicator is called "WaveTrend" and was invented by LazyBear. It takes the price as a source of data.
So, knowing all of this my indicator cosists of 3 elements:
1) Original TSV: long signal is yellow/red columns; short signal is yellow/red line around the long signal. 2) Original WaveTrend - based on price; it's the green wave with light and dark green parts. 3) My idea: the blue wave - it's a mix of WaveTrend algo, but instead of price as an source it takes TSV long signal. This helps to spot the changes in TSV more quickly.
cipher69
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Great work, sir.
NGLEEE
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where is the coloured line that was on it before, sir ?
Sunny329
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Hello, Can you update the description with a pic of the indicator explaining what is what exactly. So many colours, so much going on with the indicator. Makes it difficult to read. Visual explanation with a pic would be really helpful. Thank you