As always free and open source as it should be. Do not pay for such indicators!
A WaveTrend Indicator or also widely known as "Market Cipher" is an Indicator that is based on Moving Averages, therefore its an "lagging indicator". Lagging indicators are best used in combination with leading indicators. In this script the "leading indicator" component are Daily, Weekly or . These can be used as dynamic , Stoploss, Take Profit etc.
This indicator combination is best used in larger timeframes. For lower timeframes you might need to change settings to your liking.
The general Wavetrend settings are the same that are used in Market Cipher, Market Liberator and such popular indicators.
What are these circles?
-These are the WaveTrend Divergences. Red for Regular-Bearish. Orange for Hidden-Bearish. Green for Regular-Bullish. Aqua for Hidden-Bullish.
What are these white, orange and aqua triangles?
-These are the WaveTrend . A counter was added. Every time a is lower than the previous one, an orange triangle is printed, every time a is higher than the previous one an aqua triangle is printed. That mimics a very common way Wavetrend is being used for trading when using those other paid Wavetrend indicators.
What are these Orange and Aqua Zones?
-These are Dynamic Zones based on the indicator itself, they offer more information than static zones. Of course static lines are also included and can be adjusted.
What are the lines between the waves?
-This is a Kumo Cloud Implied indicator. It is color coded and can be used to indicate if a major market move/bottom/top happened.
What are those numbers on the right?
-The first number is a indicator that shows if said is in a state of Oversold/Overbought, the second number is the actual Width that indicates if the squeezes, normally that happens right before the market makes an explosive move.
Please keep in mind that this indicator is a tool and not a strategy, do not blindly trade signals, do your own research first! Use this indicator in conjunction with other indicators to get multiple confirmations.
Green -> Money-Flow is so low that a major bottom might be near
Aqua -> Money-Flow is increasing
Orange -> Money-Flow is decreasing
Red -> Money-Flow is so high that a major top might be near
-Added option for alternative calculated Market Cipher style RSI MoneyFlow
-Added option for alternative trend calculation based on SAR