TradingView Indicators
Battle-tested Pine Script indicators built by AlphaScala. Free for non-commercial use. Copy the code and paste it into TradingView's Pine Editor.
Wave trend momentum oscillator designed for identifying overbought and oversold conditions with clear visual entry signals.
Key Features
- -Smoothed wave trend using a two-stage EMA process on the close price
- -Green/red crossover dots mark potential entry and exit points
- -Overbought zone above 65, oversold zone below -65
- -Secondary zones at 50 and -53 for early warnings
- -Filled area between WT1 and WT2 shows momentum strength and direction
- -Works on any timeframe and any instrument
Pine Script Code
// // Alpha Scala X - Wave Trend Momentum Oscillator // Copyright (c) Alpha Scala (alphascala.com) // License: Free for non-commercial use only. // Commercial use, redistribution, or resale is prohibited // without written permission from Alpha Scala. // // @author Alpha Scala // //@version=5 indicator(title='Alpha Scala X', shorttitle='Alpha Scala X') n1 = input(10, 'Channel Length') n2 = input(21, 'Average Length') obLevel1 = input(65, 'Over Bought') obLevel2 = input(50, 'Highly Bought') osLevel1 = input(-65, 'Over Sold') osLevel2 = input(-53, 'Highly Sold') //ap = hlc3 ap = close esa = ta.ema(ap, n1) d = ta.ema(math.abs(ap - esa), n1) ci = (ap - esa) / (0.015 * d) tci = ta.ema(ci, n2) wt1 = tci wt2 = ta.sma(wt1, 4) plot(0, color=color.new(color.gray, 0)) plot(osLevel1, color=color.new(#00ff00, 0)) plot(osLevel2, color=color.new(#00ff00, 50)) plot(obLevel1, color=color.new(#ff0000, 0)) plot(obLevel2, color=color.new(#ff0000, 50)) plot(wt1, color=color.new(#00ff00, 0)) plot(wt2, color=color.new(#ff0000, 0)) plot(wt1 - wt2, color=color.new(#ff6f00, 40), style=plot.style_area) plot(ta.cross(wt1, wt2) ? wt2 : na, color=color.new(color.black, 0), style=plot.style_circles, linewidth=3) plot(ta.cross(wt1, wt2) ? wt2 : na, color=wt2 - wt1 > 0 ? color.red : color.lime, style=plot.style_circles, linewidth=2) //barcolor(ta.cross(wt1, wt2) ? wt2 - wt1 > 0 ? color.aqua : color.yellow : na)
Default Settings
| Parameter | Default |
|---|---|
| Channel Length | 10 |
| Average Length | 21 |
| Overbought | 65 |
| Highly Bought | 50 |
| Oversold | -65 |
| Highly Sold | -53 |
How to Trade
Look for green dots (bullish crossover) in the oversold zone below -65 for long entries. Look for red dots (bearish crossover) in the overbought zone above 65 for short entries or exits. The filled area between the lines confirms momentum direction. Combine with price action and support/resistance for best results.
License
Free for non-commercial, personal use only. You may use this indicator on your own charts and for your own trading. Commercial use, redistribution, resale, or inclusion in paid products or services is prohibited without written permission from Alpha Scala.
This indicator is for educational purposes only and does not constitute financial advice. Trading involves substantial risk of loss. Past performance does not guarantee future results. Full disclaimer.