Scan for Identifying Stocks with TTM_Wave C in Cyan Color (indicating expansion)

First things first. That code you are using for squeeze is not an exact match to the way it’s done by the version from TTM. It’s close, but not exact. it is a pretty simple matter to reference the actually TTM_Squeeze from within a custom study or scan. In fact, my solution to your Wave C question uses this very technique. If you would like to see an example of how to do this using the built in TTM_Squeeze you can view it here: https://www.hahn-tech.com/ans/ttm-squeeze-scan-that-looks-the-number-of-red-dots-in-a-row/

I have attached a screenshot showing how this scan code changes from zero to 1 when Wave C changes from blue to cyan. The code can be used in a chart study or a custom scan criteria.

Here is the code:

declare lower;
def cWaveUpper = TTM_Wave().Wave2High;
def cWaveLower = TTM_Wave().Wave2Low;
def cWaveDiff = cWaveUpper - cWaveLower;
def changesToCyan = cWaveDiff > cWaveDiff[1];
plot scan = changesToCyan;

Thank you very much Pete! I used the code and it works exactly as I wanted. I was wondering if there is a way to create a scan with the additional condition that the value of Wave C is +/-2 or more. How can I adjust the code to focus on stocks whose Wave C is above or below the value of 2 (or any other value for that matter)?

First, it’s important to understand the C Wave is actually made up of two separate lines. It’s plotted like a histogram but there are two components. In the code, these lines are:

def cWaveUpper = TTM_Wave().Wave2High;
def cWaveLower = TTM_Wave().Wave2Low;

So when you say you want a condition for when the C Wave is plus or minus some value. It’s important to realize that with two lines, it can be both plus and minus at the same time. In fact for most of the time these two lines are straddling the zero line.

But to express what you describe in the code. It’s pretty simple:

def upperWaveGreaterThan = cWaveUpper > 2;

or

def lowerWaveLessThan = cWaveLower < 2;

But as I mentioned, both of these conditions will be true most of the time. So you will need to consider these two lines and decide how you want to address this.

You can get a clearer picture of this if you change the indicator to plot the lines individually instead of as a histogram. See attached screenshot for a demonstration. This is a daily chart of /YM. Go ahead and compare this to the way it normally prints and you will see the histogram hides the true nature of this indicator.