Wave Trend

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © jonico

//@version=5
indicator('Wave Trend', shorttitle='WT')

// Input
src = input(title='Source', defval=hlc3)
chanlen = input.int(10, title='Channel Length', minval=1)
avglen = input.int(21, title='Average Length', minval=1)
smoothing = input.int(4, title='Signal Smoothing', minval=0)

obupper = input(60, title='Over Bought Upper')
oblower = input(53, title='Over Bought Lower')
osupper = input(-53, title='Over Sold Upper')
oslower = input(-60, title='Over Sold Lower')

bullColor = #2e8b57
bearColor = #cd5c5c
normalColor = #BBBBBB

// Calculation
srcEMA = ta.ema(src, chanlen)
diff = math.abs(src - srcEMA)
diffEMA = ta.ema(diff, chanlen)
CI = (src - srcEMA) / (0.015 * diffEMA)

Fast = ta.ema(CI, avglen)
Slow = ta.sma(Fast, smoothing)

// Plot
cc = Fast > Slow ? bullColor : Fast < Slow ? bearColor : normalColor

plot(Fast, title='Wave Trend', color=cc, linewidth=2)
plot(Slow, title='Signal Line', color=color.new(color.silver, 40))

plot(0, title='zero line', color=color.new(color.white, 80), style=plot.style_cross)

obLine1 = plot(obupper, display=display.none, editable=false)
obLine2 = plot(oblower, display=display.none, editable=false)
fill(obLine1, obLine2, title='Over Bought band', color=color.new(color.red, 90))

osLine1 = plot(osupper, display=display.none, editable=false)
osLine2 = plot(oslower, display=display.none, editable=false)
fill(osLine1, osLine2, title='Over Sold band', color=color.new(color.blue, 90))