All indicators / WaveTrend Oscillator

WaveTrend Oscillator
review & score

By · checked 2026-11-03

Free open-source · Momentum · by LazyBear

80 Provisional out of 100

Last reviewed 2026-11-03 · Updated 2026-11-03: pros, cons and verdict re-sourced

Risk warning: Trading involves substantial risk of loss. Past or backtested performance does not guarantee future results. Scores rate the product, not trade outcomes. Risk disclaimer

Best forOscillator traders who want WaveTrend crossovers and overbought/oversold levels in a tiny script they can read in a minute.

View WaveTrend Oscillator script

Repaint check

Code review of the published script (32 lines): only ema()/sma() on hlc3 (lines 15-21) and plain plot() calls. No other-timeframe requests, offsets or pivots. The open bar updates until close. (source)

Score breakdown

FactorPointsMax
Repaint risk (code review done, live test pending)22/ 25
Source transparency20/ 20
Price value15/ 15
Backtest / claim honesty10/ 15
Vendor transparency8/ 15
Platform reach + alerts5/ 10

See the methodology. Code review done, live test pending.

Pros and cons

Pros

  • 32 lines of EMA/SMA maths on hlc3; nothing reads future bars (our code review)
  • Two adjustable overbought and oversold levels (±60 and ±53)

Cons

  • No alert conditions or buy/sell markers, so crosses are visual only
  • Old Pine v1 code, so changes need a conversion first

From the script’s public page and our code review (source). Not from trading tests.

Runs on TradingView: open TradingView.

TradingView link is an affiliate link: we may earn a commission at no cost to you. It never changes the score.

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Affiliate disclosure: some links on NextCandle are affiliate links (currently TradingView, AlgoAlpha, TrendSpider and TradersPost). We may earn a commission at no cost to you. Vendors never pay for placement or score. Scores are provisional until our repaint audit is complete. Not financial advice: indicators do not guarantee profits. Data checked 2026-11-03. Full disclosure