Zalen Wave Oscillator

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$12/Month

The subscription will be paid monthly. Cancel anytime

Zalen Wave Oscillator is a momentum pane built around an adaptive wave engine. It is designed as the companion of Zalen WaveTrend Overlay: with Auto settings on, both use the same engine, so the dots in this pane land on the same candles as the Overlay's white dots.

WHAT YOU SEE

Wave: a fast wave drawn as a blue area and a dark signal line. Lengths adapt automatically to the chart timeframe (manual mode available).
Edge dots: red dots along the top edge mark bearish signals, green dots along the bottom edge mark bullish signals. A dot requires a wave cross from an extreme zone, an optional reversal candle and a cooldown.
Confluence (larger orange dot): a dot that appears shortly after a regular divergence and does not go against the higher-timeframe bias. This is the most selective signal.
Volume flow: a green/red area based on real traded volume (volume-weighted close location).
RSI (turns green when oversold, red when overbought; levels configurable) and Stoch RSI.
Higher-timeframe bias strip: teal or red depending on the wave of the next higher timeframe.

OPTIONAL (off by default): momentum histogram, TP bands and TP marks, extreme lines, regular and hidden divergence markers, Schaff Trend Cycle, and a filter that hides signals against the higher-timeframe bias.

ALERTS Every signal has its own alert output (crosses, dots, TP, regular and hidden divergences, confluence). Create a platform alert on the output with "greater than 0.5".

REPAINTING AND LIMITATIONS

Signals are evaluated on closed candles by default.
Divergences are confirmed 2 bars after the pivot (configurable). The marker is drawn back on the pivot candle, but it only appears, and its alert only fires, after confirmation.
The higher-timeframe bias reads only the last closed higher-timeframe candle, so it does not repaint. It is unavailable above the daily chart.
Volume flow needs volume data; on instruments without volume it stays flat.