OrangeCandle Multi-Wave Trend Analyzer

This script, titled "OrangeCandle Multi-Wave Trend Analyzer", combines three widely used technical analysis indicators to help traders analyze trends, overbought/oversold conditions, and volume. Below is a breakdown of the components of this multi-indicator system:

1. Elliott Wave Oscillator (EWO):
Purpose: To measure the strength of the trend by comparing two simple moving averages (SMAs) of different lengths.
Parameters:
SMA Short: The shorter SMA (default length is 5).
SMA Long: The longer SMA (default length is 35).
Show Dif as Percent: Option to display the difference as a percentage of the current candle.
Calculation:
The difference between the short-term SMA and the long-term SMA is plotted as a histogram.
If the result is positive, the plot is green (indicating upward momentum), and if it's negative, the plot is red (indicating downward momentum).
Plot: A histogram representing the difference between the two SMAs, indicating trend strength.
2. WaveTrend Indicator:
Purpose: To detect overbought and oversold conditions in the market.
Parameters:
WT Channel Length: The length for the calculation of the WaveTrend channel (default is 10).
WT Average Length: The length for the WaveTrend smoothing (default is 21).
Calculation:
The script uses a series of exponential moving averages (EMAs) and absolute deviations to calculate the WaveTrend values.
WT1 and WT2 are calculated with different smoothing factors to create a channel.
WaveTrend Diff (the difference between WT1 and WT2) is also plotted as an area chart.
Crosses: When WT1 crosses above WT2, it’s a potential buy signal (represented by a black circle on the plot). When WT1 crosses below WT2, it’s a potential sell signal.
Bar Colors: The bars on the chart change color to indicate bullish (aqua) or bearish (yellow) momentum when a crossover occurs.
Plot:
WT1 and WT2 are plotted as lines.
The difference between WT1 and WT2 is plotted as an area chart.
A black circle marks the crossovers.
3. Volume-Supported Linear Regression Trend:
Purpose: To analyze the trend of price and volume by comparing short-term and long-term slopes.
Parameters:
Short-Term Length: Length of the short-term trend (default is 20).
Long-Term Length: Length of the long-term trend (default is 50).
Calculation:
Slope Price: Measures the linear regression of the price for both short-term and long-term periods.
Slope Volume: Calculates the linear regression of volume based on buying and selling volume, considering whether the price is closing up or down.
Trend Detection: The script calculates the slope of the price and volume for both short and long periods, with positive slopes indicating an uptrend and negative slopes indicating a downtrend.
Plot:
Short-Term Trend: Plots a green/red column for short-term price trends, where green indicates upward momentum and red indicates downward momentum.
Long-Term Trend: Plots a blue/orange line for long-term price trends, with blue indicating an uptrend and orange indicating a downtrend.
Summary:
This script provides a multi-faceted analysis tool by combining the following:

Elliott Wave Oscillator (EWO): Measures trend strength based on short-term and long-term SMAs.
WaveTrend Indicator: Identifies overbought and oversold conditions, with buy and sell signals indicated by crossovers of WT1 and WT2.
Volume-Supported Linear Regression Trend: Analyzes the trend direction of price and volume for both short-term and long-term periods.
Visualization:
The EWO is shown as a histogram that shifts color based on trend direction.
The WaveTrend Indicator is represented with two lines (WT1 and WT2), an area chart for the difference, and visual signals for crossovers.
The Volume-Supported Linear Regression Trend shows short-term and long-term price trends with colored bars for short-term trends and lines for long-term trends.
This indicator is designed to help traders identify trends, overbought/oversold conditions, and volume-driven price movements, providing a comprehensive view of the market.