LazyBear

Indicator: Weis Wave Volume [LazyBear]

This indicator takes market volume and organizes it into wave charts, clearly highlighting inflection points and regions of supply/demand.

Try tuning this for your instrument (Forex not supported) by adjusting the "Trend Detection Length". This "clubs together" minor waves. If you like an oscillator-kind-of display, enable "ShowDistributionBelowZero" option.

Note: This indicator is a port of a clone of WeisVolumePlugin available for another platform. I don't know how close this is to the original Weis, if any has access to it, do let me know how this compares. Thanks.

More info:
http://weisonwyckoff.com/weis-wave/

Complete list of my indicators:
הסר מסקריפטים מועדפים הוסף לסקריפטים מועדפים
//
// @author LazyBear 
// List of all my indicators: https://www.tradingview.com/v/4IneGo8h/
//
study("Weis Wave Volume [LazyBear]", shorttitle="WWV_LB")
trendDetectionLength=input(2)
showDistributionBelowZero=input(false, type=bool)
mov = close>close[1] ? 1 : close<close[1] ? -1 : 0
trend= (mov != 0) and (mov != mov[1]) ? mov : nz(trend[1])
isTrending = rising(close, trendDetectionLength) or falling(close, trendDetectionLength) //abs(close-close[1]) >= dif
wave=(trend != nz(wave[1])) and isTrending ? trend : nz(wave[1])
vol=wave==wave[1] ? (nz(vol[1])+volume) : volume
up=wave == 1 ? vol : 0
dn=showDistributionBelowZero ? (wave == 1 ? 0 : wave == -1 ? -vol : vol) : (wave == 1 ? 0 : vol)
plot(up, style=histogram, color=green, linewidth=3)
plot(dn, style=histogram, color=red, linewidth=3)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

תגובות

If anyone is looking for a profitable cryptocurrency trading strategy using this indicator:

+27 השב
@wjsharples1, do you still play like this? Would you suggest only WWV_LB (5) is good for daily chart or are there other good lengths you discovered?

Thanks
השב
Alecto wjsharples1
@wjsharples1, how can find it?
השב
Hi, LazyBear.
I am Wyckoff Trader and the Weis Wave indicator that you provided on trading view is really useful.

I would ask you kindly, to complete this indicator adding also the ZigZag line with the cumulated volume on the reversal points.

The Weis Wave Indicator shows also this particular features.

You can see these features in this Webinar that David Weis hosted some years ago: https://www.youtube.com/watch?v=uzISUr1itWg&%3Bt=3439s

Please, could make it for us?

Kind regards

G. Aloe
+21 השב
modhelius girolamoaloe
@girolamoaloe, you can find an implementation that make use of a zig zag-line here .
+10 השב
girolamoaloe modhelius
@modhelius, Thank you very much for your work :) . Your work was great in the making of this tool.

I don't use the Weis Wave. I was just testing the tool. I am sharing your indicators with my trading students, in the case, someone of them wants to use it.
+5 השב
This is a fantastic indicator. Thanks so much LazyBear. Appreciate your contributions.
+8 השב
Is it possible to ad zigzag with volume on end of each swing here? like on weis charts.
+7 השב
//@version=3
study("Weis Wave Volume ", shorttitle="WWV_LB")
// Umur Ozkul: This version is suitable for the security function. So that it can be used in multi time frame strategies

trendDetectionLength=input(2)
showDistributionBelowZero=input(false, type=bool)

weissWave(trendDetectionLength, showDistributionBelowZero, cls, vlm) =>
mov = cls>cls ? 1 : cls<cls ? -1 : 0
trend = 0
trend := (mov != 0) and (mov != mov) ? mov : nz(trend)
isTrending = rising(cls, trendDetectionLength) or falling(cls, trendDetectionLength) //abs(cls-cls) >= dif
wave = 0
wave := (trend != nz(wave)) and isTrending ? trend : nz(wave)
vol = vlm
vol := wave==wave ? (nz(vol)+vlm) : vlm
up=wave == 1 ? vol : 0
dn=showDistributionBelowZero ? (wave == 1 ? 0 : wave == -1 ? -vol : vol) : (wave == 1 ? 0 : vol)


weissWaveWave(trendDetectionLength, showDistributionBelowZero, cls, vlm) =>
= weissWave(trendDetectionLength, showDistributionBelowZero, cls, vlm)
wave
weissWaveVol(trendDetectionLength, showDistributionBelowZero, cls, vlm) =>
= weissWave(trendDetectionLength, showDistributionBelowZero, cls, vlm)
vol
weissWaveUp(trendDetectionLength, showDistributionBelowZero, cls, vlm) =>
= weissWave(trendDetectionLength, showDistributionBelowZero, cls, vlm)
up
weissWaveDn(trendDetectionLength, showDistributionBelowZero, cls, vlm) =>
= weissWave(trendDetectionLength, showDistributionBelowZero, cls, vlm)
dn

wave = weissWaveWave(trendDetectionLength, showDistributionBelowZero, close, volume)
vol = weissWaveVol(trendDetectionLength, showDistributionBelowZero, close, volume)
up = weissWaveUp(trendDetectionLength, showDistributionBelowZero, close, volume)
dn = weissWaveDn(trendDetectionLength, showDistributionBelowZero, close, volume)

plot(up, color=green, style=histogram)
plot(dn, color=red, style=histogram)
+6 השב
umur.ozkul umur.ozkul
@umur.ozkul, Sorry, posting as a comment removed the tabs.
+3 השב
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