This indicator is similar to the Weis Wave Volume indicator in that it shows cumulative volume for each up and down price wave. However it is calculated differently, using the Jurik moving average to determine turning points. Use this in conjunction with the R100 Wave indicator to determine the best fit Jurik length and power settings.
A great indicator to help analyse the strength of pullbacks, continuation moves and changes in behaviour.
I hope you get some value out of it. Only conditions of use are that if you improve it, let me know and if you publish something that uses it, don't hide the code! Enjoy!
Code pinched and modified from Zero Lag ZigZag by Duyck - thankyou Jurik Moving Average (for turning points) by Everget - thankyou and Weis Wave by Modhelius - thankyou
Is it possible to use this for live trading or only to look back on the Market? The backtesting looks unreal. Does it redraw?
Rooster100
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Hi @xyse, not sure what sort of back-testing you've done but on its own this is not meant to be a buy/sell trigger- no better than the Jurik MA that the turning points for this indicator are based on anyway. It's value lies in identifying changes in trading behaviour and applies to any timeframe and live trading. There is no re-painting once a turning point has been identified, but the last leg or bar will move about/change colour until the next turning point is established.
THEVICKY05
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@Rooster100, Thanks for this awesome indicator,i have one question that is it possible to stop changing last bar colour before next turning point established?
Rooster100
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HI @THEVICKY05. Not without changing the code. I have intentionally left the last column "live" so you can see a potential turning point develop as it happens- I just prefer it that way. As long as you are aware of what is happening you can either ignore it until it is locked in, or make a read on what is happening a bit earlier if you are confident in the close and direction of the current bar. The alternative would have been to not paint the last column at all until the close of the current bar, which is what some other similar indicators do, but as I said I just prefer it this way!
THEVICKY05
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@Rooster100, Thanks for reply I got it what you wanna say.I was expecting too early confirmation entry and exit point from this indicator.For trending market this indicators works very well but for volatile market Sometimes it gives too late confirmation.For Intraday it's ok,for long term it's great indicator. Thanks for making this awesome indicator based on Jurik MA👌
BillionaireLau
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How would you use this chart to help your entry and exit? Chaikin money flow?
koriblion
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Please, do not change this indicator!
thampiya
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I'm looking at a weekly timeframe live chart and notice that the wave doesn't get plotted until the week is completely over.
Is there anyway to predict the wave colour before the week is completely over? May be one day/ one hour before the week is completely over?
Thanks!
MDijcks
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Unfortunately it repaints.
Rooster100
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No, if you are watching the live chart what you are seeing is the last column live updating as the bar/candle is being formed- this is different to repainting. Once the bar closes the column is locked in and does not repaint. To explain, regardless of your terminology, this is what is happening: Say you are watching live on a 30 minute chart and it is 15 minutes in to the current bar. A standard candle or bar will change colour from red to green while it is being formed depending on whether price moves above or below the previous 30 minute close, but at the close will remain fixed red or green and a new bar/candle begins. This is similar to what happens on the Wave Volume on the current/last column when price hits the turning point for an up or down wave. Once the bar on that time frame closes/completes, the column is locked in and does not repaint.
I had the choice of having the indicator show the last column as it was being formed, or only drawing it at the close of the bar. I prefer to see it being drawn live as it gives me bit of extra information earlier- that is the exact trigger point for a (potential) new up or down wave as it happens.