WaveTrend Oscillator Indicator MT5
- Indicators
- Biswarup Banerjee
- Version: 1.0
- Activations: 20
Enhance your trading precision with the WaveTrend Oscillator Indicator MT5, a momentum-based tool adapted from LazyBear's iconic 2014 TradingView script, renowned for its accuracy in spotting market reversals and momentum shifts. Widely celebrated in the trading community for over a decade, this oscillator combines elements similar to RSI and MACD to detect overbought/oversold conditions, making it a staple for traders in forex, cryptocurrencies, stocks, and commodities. Its popularity stems from reliable crossover signals that filter noise in volatile markets, helping users capitalize on trend reversals and strength while minimizing whipsaws—ideal for scalpers, day traders, and swing strategies seeking high-probability entries.
The WaveTrend Oscillator Indicator MT5 visualizes momentum through a dynamic line (green for the main oscillator) that interacts with a signal line (red dotted), overbought bands (red at 60/53), and oversold bands (green at -60/-53), supplemented by a histogram for divergence spotting and arrows for clear buy/sell cues. Green arrows signal potential buys when the oscillator crosses above the signal below oversold levels, while red arrows indicate sells on downside crosses above overbought zones. Benefits include early reversal detection to lock in profits, momentum assessment for trend confirmation, and customizable alerts to act swiftly without screen time. Non-repainting and optimized for MT5, it exposes buffers for EA integration, enabling automated strategies in fast-moving environments like crypto or forex pairs.
Also available for MT4: WaveTrend Oscillator Indicator MT4
Installation Guide for MQL Products | Updating Purchased MQL Products on MT4/MT5
Key Features
- Momentum Oscillator Line: Main WT1 buffer (chartreuse green, default channel length 10) tracks price momentum for intuitive trend strength visualization.
- Signal Line Crossover: WT2 buffer (red) acts as a dotted signal for precise buy/sell triggers, enhancing reversal detection.
- Overbought/Oversold Bands: Customizable levels (default OB 60/53, OS -60/-53) highlight extreme conditions, aiding in divergence and pullback strategies.
- Histogram Display: Sky blue histogram (average length 21) emphasizes momentum shifts, perfect for spotting weakening trends or hidden divergences.
- Buy/Sell Arrows: Lime green up arrows for buys and red down arrows for sells, providing visual cues on crossovers beyond OS/OB thresholds.
- Lookback Optimization: Analyzes up to 1000 candles (default) for historical context, ensuring reliable performance in backtesting without excessive lag.
- Multi-Alert System: Terminal pop-ups, push notifications, and email alerts (all default enabled) for real-time signals on crossovers or band exits.
- EA Compatibility: 7 buffers expose oscillator values, signal, histogram, and arrow data for seamless integration into automated trading systems.
- High Customization: Adjust channel/average lengths, OB/OS levels, and alert preferences to fit any timeframe or asset, from M1 scalping to D1 swings.
- Efficient Design: Lightweight code delivers smooth, lag-free operation on MT5, suitable for multi-chart setups and live trading across markets.
The WaveTrend Oscillator Indicator MT5 empowers traders to navigate momentum waves with confidence, leveraging LazyBear's proven formula for superior reversal timing and trend analysis. Its timeless appeal lies in versatile applications—from forex volatility to crypto breakouts—delivering an edge in identifying high-reward setups while managing risk effectively.
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#tags wavetrend oscillator indicator mt5 lazybear momentum overbought oversold trend reversal buy sell signals crossover alerts forex crypto ea integration