where source is hl2, fast-period is 5 and slow-period is 35.
if price is in an uptrend, and this uptrend has been stronger over the previous five candles relative to the previous 35, then the EWO will be positive. If price is in an uptrend, but price has been in a stronger overall uptrend over the past 35 candles relative to the previous five, the EWO will be negative. Likewise, we can apply this to downtrends.
The Oscillator Break Out Bands provide an Up Band and a Low Band. In a Wave Three, the EWO needs to be above the Break Out Band. The default strength of the band is 100%, but 80% could be also a good configuration.
Hint: Use together with the XTL[Giskard] indicator
Excelente indicador, gracias!. como podría hacer para poder verlo en multiples timeframes?. ejemplo: si estoy en velas de 1 minuto que el ewo esté en 30min
RICARDOSANTANA06
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hola como se confirma una señal con ewo?
Black-Hawk2024
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this is the best indicator on tradingview to filter out bad alerts during chop/sideways. Thank you so much
GDossous
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Sgaravano, I don't know anything about programing or repaint indicators. However, you make it very easy to apprehend. Thanks for a job well done
Hredil91
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Hello, I am programming an EWO but it is slightly different in the calculation of the oscillator, the problem is that I cannot make it calculate the escape bands, in another trading platform that I have it works for me but in pine I cannot make it work. Could you give me a hand or an idea of how you do to encode the bands in pine?
sorry for my english, i'm using google translator.
sgaravano
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@Hredil91, you can write on Spanish as well =D. Maybe some hint, the upper and lower bands initial value is the one of the ewo at the beggining, and the bands can be calculated only when the bar index reach the slow moving average you are using. I replied how to calculate the ewo in a previous comment.
Hredil91
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@sgaravano, seria genial que pudieras responder en español en ese caso, porque la verdad con el traductor no entendi lo que me respondiste jajaja Yo el oscilador logre hacerlo funcionar. Mi problema es con las bandas por alguna razon la formula la hace sin ningun problema osea no tira errores de consola ni nada, pero no las plotea.
sgaravano
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@Hredil91, el ewo es simplemente la diferencia entre una media simple rápida (5 barras) y una lenta (35 barras). Las bandas no las podes calcular hasta que el bar_index no alcanza la media mas lenta (35). Puede ser que ese sea tu error, por lo que el valor inicial de las bandas debería estar condicionado ( band = (bar_index > smaSlowlLength)? ewo : 0 )
Hredil91
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@sgaravano, ahora si te entendi, es posible lo voy a revisar! gracias