[Vold] TD D-Wave

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Tom Demark's TD D-Wave is an indicator is Demark's take on Elliot Waves. For more information, I suggest you to read about it in Demark Indicators by Jason Perl .

Notas de Lançamento: - Fixed reset of wave 2 when going under wave 1, now it compares the value correctly with the origin of wave 1.
- Added an input to change the source that is used to compare the candles to determine the waves, by default is the close, and the new option is the high/low (wicks).
- Modified the mode input, now can be seen bull and bear mode at same time (The overlap of the indicators will be fixed for the next release).
- Modified the color of the wave, by default blue is for bull and red for bear.

Let me know if you want me to add new features of this indicator, like wave extensions.
Notas de Lançamento: - Fixed an issue with the bear waves (introduced in the last update). :p
Notas de Lançamento: + A Wave C can count as a starting point of a brand new impulsive set of waves. Before if there was a Wave C that qualified as a 0 point, the next wave was still 5 not 1.
+ After a Wave C (not qualified as a 0), if there's not a 0 point the price afterwards and the price violates previous 5th wave, it will count as a wave 1, not 5.

As requested I will add projections of waves C and 5, in the future. For now just use fib projection tools. :P
Notas de Lançamento: - Fixed Bear Waves (it was totally broken, I guess everyone using the indicator was bullish!).
Notas de Lançamento: The waves now reset properly when a candle violates a wave 2 or wave 0 bottom/top (for instance, before in a bull wave you could see a wave 4 if the price fell sharply below wave 2, now this does not happen).
Notas de Lançamento: " if TD D-Wave 2 closes below the low close of TD D-Wave 1, then TD D-Wave 1
will disappear, and the count must begin anew. (Similarly, if the low close of
TD D-Wave 4 closes below the low close of TD D-Wave 2, then TD D-Wave 2 will
shift to where TD D-Wave 4 would otherwise have been.) " - Tom Demark TD D-Wave by Jason Perl, page 77.

This was happening with wave A and C as well, so it was a bug.

Please, if you find a bug let me know.
Notas de Lançamento: Bullish: After wave A if a single candle breaks above wave 5 top, it gets labeled as wave 5 instead of wave b.
Bearish: After wave A if a single candle breaks below wave 5 bottom, it gets labeled as wave 5 instead of wave b.
Notas de Lançamento: Fixed a bug where a wave 2 would be printed in the first candle that qualified as a wave 2 start and violated the wave 1 bottom(bull)/top(bear).
Notas de Lançamento: Added optional features:

1. Show Projections (deactivated by default): Displays wave 3 and 5 projections.

2. Invalidate A Waves (deactivated by default): Invalidates wave a if it falls below wave 4 or wave 2 (this is not in the book, and is something that I totally made up, so don't use it, lol. Joke aside, I prefer it this way, but don't use it if you want to stick to what the book says, which is probably wise).

3. Highlight Invalidations (deactivated by default): It highlights invalidations of waves of both modes at any mode. I find it useful to figure out wether the bears or bulls are in control, hence which mode should be used.

4. Display At Inception (deactivated by default): Removes additional wave counts, for those that like the charts cleaner. It only shows the inception of each wave, not the top or bottom so keep this in mind because it may look awkward.

If you find a bug please let me know, thanks.
Notas de Lançamento: Improved performance and cleaned up the code.
Notas de Lançamento: Fixed "Use wicks" option (I broke it in the last version).
Notas de Lançamento: Removed optional feature to reduce number of dwave counts (I will implement something better in the future)
Modified the color by default of dwave counts for a tone that is easier to be seen.
Improved performance reducing redundant code, not it loads faster.
Notas de Lançamento: Added alert conditions (thanks to @gmmm, for the suggestion!)
Script de código aberto

No verdadeiro espírito TradingView, o autor deste script o publicou com código aberto, para que os traders possam compreendê-lo e verificá-lo. Um brinde ao autor! Você pode usá-lo gratuitamente, mas a reutilização deste código em uma publicação é regida pelas Regras da Casa. Você pode favoritá-lo para utilizá-lo em um gráfico.

Quer usar esse script no gráfico?


Wow, I just read this chapter in Perl's book and thought I'd have to code it myself... but here you are, posting this just days ago. Many thanks
+2 Resposta
Vold316 Gorgias-The-Sophist
@Gorgias-The-Sophist, You are welcome. :)
good job
Thank you for coding this! May I know if we should use it in the D timeframe?
Vold316 heavenblue23
@heavenblue23, You're welcome. According to the book in which this script is based, it can be used in any timeframe. To me, the daily is the most important one but that's just my opinion.
@Vold316, Thanks!
is it more accurate if "Use Wicks" is turned on?
Vold316 dreadnought11
@dreadnought11, I prefer to use candle closes, also it's the suggested way to do it by J. Pearl's Book. Wicks are an alternative way which I thought was the suggested way by tom demark, but actually, it's not and turns out I was wrong. Tom demark uses wicks for some waves and combination of candle closes and wicks for other waves, I will improve this in the future, for now better not to use it.
Are there some pointers on how to set the alert? For example, if wave one is confirmed at the inception, what's the syntax for that?