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:
Usuń z Ulubionych Skryptów Dodaj do Ulubionych Skryptów
//
// @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)
Is there a documentation on how to interpret this script? Can someone explain please? This looks amazing.
Odpowiedź
//@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)
+1 Odpowiedź
umur.ozkul umur.ozkul
@umur.ozkul, Sorry, posting as a comment removed the tabs.
+3 Odpowiedź
Hello! Thanks for sharing this.

Does this indicator repaint? Also what would you recommend the trend detection length should be for using this on the 5m chart for day trading? The default setup is 2, and I noticed on the description that it says it should be modified to best fit your trading.

Thanks a lot and happy trading!
+2 Odpowiedź
Great Script ;thank you ;i could improve the accuracy with the help of this indicator thank you.


+2 Odpowiedź
luciferlx MarxBabu
@MarxBabu, wow :D
Odpowiedź
How would you convert this to version 3 ? I am trying to add it to a script I already use.
+3 Odpowiedź
braincipher braincipher
@braincipher, Never mind... just had to declare variable first as 0:0 then put a ":" before "=" variable on next line like

mov = 0.0
mov := close>close ? 1 : close<close ? -1 : 0
Odpowiedź
masa_crypto braincipher
@braincipher,

This comment helped me, thanks!!
Odpowiedź
milenkobro masa_crypto
@masa_crypto, @braincipher

Still can't figure it out...can some of you send me a full script that works, please?
Odpowiedź
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