INVITE-ONLY SCRIPT
WaveTrend [LazyBear] Backtestable
Written as a custom script for WillStar44
The underlying indicator is written by LazyBear and a visual update was previously written by @LoneStar108. I did try to reach out to LazyBear, but as you know he has not been active on TV for years... The indicator is an oscillator, tends to give lots of false positives, so additional conditions need to be used (probably simply using crosses alone is not a good idea).
Style 1 makes the backtest of Enter Long on every green cross, and Enter Short on every red cross. Style 2 however only uses green crosses when the oscillator is in oversold zone and red crosses in the overbought zone. That way, as you can see there are some amazing entries and exits. BUT at the same time, that way you can stay against the trend for a long time, there is no innate "get me out" mechanism, so if you use Style 2, a Stop-Loss is a MUST!
Additionally, from my side %-based Stop-Loss, Take Profit and Trailing Stop are added.
If you wish to use this, drop a PM.
Thanks, LazyBear and LoneStar108
__________________________________________________________________________
To opt NOT to use take profit or stop loss or trailstop just set the corresponding % to 0
Be careful of TradingView's way of calculating Trailing Stop Loss that always assumes the price inside the candle always moved in the direction that favors the trade in the backtest
More here: backtest-rookies.com/2018/06/08/...
__________________________________________________________________________
If you are an authorized user of this script and something is not working/looks wrong please PM me.
The underlying indicator is written by LazyBear and a visual update was previously written by @LoneStar108. I did try to reach out to LazyBear, but as you know he has not been active on TV for years... The indicator is an oscillator, tends to give lots of false positives, so additional conditions need to be used (probably simply using crosses alone is not a good idea).
Style 1 makes the backtest of Enter Long on every green cross, and Enter Short on every red cross. Style 2 however only uses green crosses when the oscillator is in oversold zone and red crosses in the overbought zone. That way, as you can see there are some amazing entries and exits. BUT at the same time, that way you can stay against the trend for a long time, there is no innate "get me out" mechanism, so if you use Style 2, a Stop-Loss is a MUST!
Additionally, from my side %-based Stop-Loss, Take Profit and Trailing Stop are added.
If you wish to use this, drop a PM.
Thanks, LazyBear and LoneStar108
__________________________________________________________________________
To opt NOT to use take profit or stop loss or trailstop just set the corresponding % to 0
Be careful of TradingView's way of calculating Trailing Stop Loss that always assumes the price inside the candle always moved in the direction that favors the trade in the backtest
More here: backtest-rookies.com/2018/06/08/...
__________________________________________________________________________
If you are an authorized user of this script and something is not working/looks wrong please PM me.
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