The ( EWO ) helps identifying where you are in the 5 / 3 , mainly the highest/lowest values of the oscillator might indicate a potential / Wave 3. Mathematically expressed, EWO is the difference between a 5 period and 35 period moving average. In this study instead 35-period, Fibonacci number 34 is implemented for the slow moving average and formula becomes ewo = ( HL2 , 5) - ( HL2 , 34)
The enables traders to track counts and divergences. It allows traders to observe when an existing wave ends and when a new one begins. Included with the EWO are the breakout bands that help identify strong impulses.
The Expert Trend Locator ( XTL ) was developed by Tom Joseph (in his book Applying ) to identify major trends, similar to 3 type swings.
Blue bars are and indicate a potential upwards impulse.
Red bars are and indicate a potential downwards impulse.
White bars indicate no trend is detected at the moment.
Added "TSI Arrows". The arrows is intended to help the viewer identify potential turning points. The presence of arrows indicates that the TSI indicator is either "curling" up under the signal line, or "curling" down over the signal line. This can help to anticipate reversals, or moves in favor of trend direction.
Now you can change the source type for the EWO and the TSI.
The XTL can be customized since the type of source and the type of moving average can be modified, by default the CCI is calculated by ALMA (HLC3, 35) instead of the SMA(Close, 35). Added to this version an option to use Traditional CCI calculations according to user @JustUncleL
Remember to try different settings to find the right one for each instrument.
Added Double Volume-Weighted Moving Average (DVWMA)
In TSI, the default CLOSE source was replaced by AVERAGE( vwap (H, L) )
Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con las Normas internas. Puede marcarlo como favorito para usarlo en un gráfico.