SuperTrend + WaveTrend Strategy

SuperWaveTrend.pine

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// From Network Lag Trading Teams
// © bouroo

//@version=5
strategy("SuperTrend + WaveTrend Strategy", overlay=true)

// SuperTrend Parameters
atrLength = input(10, title="ATR Length")
factor = input(3.0, title="Factor")
[supertrend, direction] = ta.supertrend(factor, atrLength)

// WaveTrend Parameters
channelLength = input(10, title="Channel Length")
averageLength = input(21, title="Average Length")
obLevel1 = input(60, title="Over Bought Level 1")
osLevel1 = input(-60, title="Over Sold Level 1")
ap = hlc3
esa = ta.ema(ap, channelLength)
d = ta.ema(math.abs(ap - esa), channelLength)
ci = (ap - esa) / (0.015 * d)
tci = ta.ema(ci, averageLength)
wt1 = tci
wt2 = ta.sma(wt1, 4)

// Buy and Sell Conditions
longCondition = (direction < 0) and (wt1 > wt2 and wt1 < obLevel1) and not bool(strategy.position_size > 0)
shortCondition = (direction > 0) and (wt1 < wt2 and wt1 > osLevel1) and not bool(strategy.position_size < 0)

// Plotting the Buy and Sell Signals
plotshape(series=longCondition, title="Buy Signal", location=location.belowbar, color=color.green, style=shape.labelup, size=size.small)
plotshape(series=shortCondition, title="Sell Signal", location=location.abovebar, color=color.red, style=shape.labeldown, size=size.small)

// Executing the Strategy
if (longCondition)
    strategy.entry("Long", strategy.long)
if (shortCondition)
    strategy.close("Long")

if (shortCondition)
    strategy.entry("Short", strategy.short)
if (longCondition)
    strategy.close("Short")