I really like the way you've described this! I had to steal it and use it in today's Daily Downloads post
By leaving this indicator in it's default settings but switching the DSL levels to Anchored DSL EMA Levels it wants to bounce you back towards the overall trend and highlights really good continuation opportunities inline with the wave (so to speak).
Even with a not so volatile pair like AUD/USD, the trend is up and the Wave Trend Oscillator will only really highlight the areas where it's time to counter-trend back into the real trend (seen below in SandyBrown color). It's quite reliable with it's continuation signals in the 1H and above timeframes.
What a superb code. Thank you coder Kvak!
