LazyBear

Indicator: Weis Wave Volume [LazyBear]

12449 46 1471
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:
Master Index: List of all my indicators
Remove from Favorite Scripts Add to Favorite Scripts
//
// @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

SKILLZ...Many People Will Be Happy About This One....
Reply
LazyBear PRO ChrisMoody
2 years ago
Thanks Chris.
Reply
ChrisMoody PRO LazyBear
2 years ago
That's a hard one to get...many forums can't find a solution...especially one coded correctly...Good Work
Reply
grahvity
2 years ago
With trend direction length = 2, show distribution below zero checked… very cool LB.
snapshot
+1 Reply
LazyBear PRO grahvity
2 years ago
Thanks, if you find out the proper trendDetectionLength for BTC (most prob it is TF dependent), do let me know.
+1 Reply
grahvity LazyBear
2 years ago
On the 1H, chart, 2 & 3 seem to make the most intuitive sense to me. When I bumped it up to 4, it seems to be exaggerating the buy volume at the right end the chart. I agree that it's sensitive to timeframe.
snapshot
+3 Reply
Your work is fantastic! Thank you very much!
Reply
LazyBear PRO vlad.adrian
2 years ago
yw.
Reply
vlad.adrian PRO LazyBear
2 years ago
When I'll be rich, I promise I will be the biggest tipper in your bitcoin account!
Reply
LazyBear PRO vlad.adrian
2 years ago
lol, thanks..I will remember that :)
Reply
Nice .. was thinking about adding volume indicator. Will give this a try
Reply
Does it work on indices like DAX?
Reply
LazyBear PRO HamedAghajani
2 years ago
This works only with instruments TV has volume support for. I tried DAX (I am sure you did too) and volume is not supported there.
+1 Reply
johnrfraser LazyBear
2 years ago
Hi Lazybear this looks really interesting, thank you.
Have you ever worked on any orderbook based indicator?
Reply
LazyBear PRO johnrfraser
2 years ago
No access to order books unfortunately. It'd be cool though :)
+1 Reply
johnrfraser LazyBear
2 years ago
It's true, it would be very cool...I wrote a thing that ran through excel...or didn't 'run' through excel as it turned out...but the theory I thought was cool...I could share if you found a way to access the data.

Re the weis wave indicator...what are the values in the scale?
They are not pure volume are they? Current value being 65k on Bitstamp which surely it is not.
Are they a weighted volume figure of some sort?
Reply
LazyBear PRO johnrfraser
2 years ago
Its wave volume (cumulative). Check out the youtube videos on how to use this, there are some good ones.
Reply
Any new Pine Scripts coming?
Reply
LazyBear PRO QuantitativeExhaustion
2 years ago
I have some more lined up, just busy on the work front. Will try to push out at least some this week.
Reply
madLyfe
2 years ago
how do updates to indicators on this site work? like if you were to make a revision to this, would there be a new indicator or would this one that we have added just but upgraded?
Reply
LazyBear PRO madLyfe
2 years ago
There is no way to update the code here on a published chart. So, I usually post the update in a pastebin link in the comments.
Reply
madLyfe LazyBear
2 years ago
thats odd. thanks for the WW script though!
Reply
Bart_S PRO
2 years ago
Hi LazyBear,
Thank you for this indicator. I value teaching and methodology of David Weis.
I looked very closely into your code. Seems to me that main condition for reversing the wave is the isTrending condition. Unfortunately it is not exactly compliant with Weis Wave methodology.
David is using a condition of reverse in pips/ticks rather then numbers of bars back.

Is there a chance that you could amend your indicatorwhere a reverse condition would be by certain amount of ticks/points between the pivot points?
I tried myself but something is wrong with my code, as change in waves does not overlay with pivot points from closes. See below
Thank you,
Bart

//
// @author LazyBear
// List of all my indicators:
Master Index: List of all my indicators

//
study("Weis Wave Volume ", shorttitle="WWV_LB")
showDistributionBelowZero=input(false, type=bool)
reverse = input(1) //reverse value in points/pips/ticks

mov = close>close ? 1 : close<close ? -1 : 0
trend= (mov != 0) and (mov != mov) ? mov : nz(trend)
lastPivot = (mov != 0) and (mov!= mov) ? close : nz(lastPivot)
wavereverse = (abs(close-lastPivot)>reverse) ? 1 : 0 //main condition for forming new wave

wave=(trend != nz(wave)) and wavereverse ? trend : nz(wave)
vol=wave==wave ? (nz(vol)+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)
Reply
LazyBear PRO Bart_S
2 years ago
Interesting. Thanks for pinging me.

I have PMd you to follow this up.
Reply
KalyanStock LazyBear
2 years ago
Hi LazyBear,
I am curious to know what came out of discussions with Bart_S and if they adapted into your code. Looking forward for your reply.
Reply
LazyBear PRO KalyanStock
2 years ago
Hi Kalyan, Bart_S brought up a good point of using tick volume, but we dont have access to tick volume here at TradingView.
+1 Reply
Misha-
2 years ago
Has anyone seen mboxx.org? Looks similar to weis wave, but uses boxes intstead of the zig zag indicator to accumulate volume, and also it accumulates time. This is very intersting since weis wave does not show accumulation of time. I read and am studying wyckoff logic, and wyckoff wrote that volume and time are correlated. Interesting. Anybody have any thoughts about this? I haven't bought it...
Reply
LazyBear PRO Misha-
2 years ago
That looks very interesting. Thanks for the info.
Reply
StockSwinger PRO LazyBear
2 years ago
Thanks LazyBear: I was reading the following link this morning. (http://robocod.blogspot.com/2013/06/weis-wave-vs-macd.html) I was looking for some code for a Zig Zag indicator for Pine Script as well.
In speaking with Chris Moody it appears coding Zig Zag will be very difficult until we have access to arrays and loops? Michael
Reply
LazyBear PRO StockSwinger
2 years ago
Yes, with the current Pine constructs, doing ZigZag is very tricky.
Reply
StockSwinger PRO LazyBear
2 years ago
OK LB: Sorry as you left this a little open ended ;√) Very tricky does not sound like "impossible." Do you have a concept on how to implement ZZ? Thanks, Michael
Reply
LazyBear PRO StockSwinger
2 years ago
There are ways to approximate, but definitely we need clear support from Pine to identify previous Peaks/Troughs. I tried the various approximation methods (simple linreg to trying to keep track of peaks/troughs myself). but nothing worked reliably. Remember the trick is to find them irrespective of timeframe and to retain only the highest of peaks "x" bars back. I didn't find a working method.

Reply
StockSwinger PRO LazyBear
2 years ago
Here was my attempt at drawing trend lines which also requires you to be able to identify tops and bottoms. It definately needs work. If you look closely it is dropping out a lot of tops and bottoms. I have another vs that is only a couple of lines and I will give you lint to that one as well. Need to go looking ;√)

https://www.tradingview.com/e/edH8P8X6/
Reply
StockSwinger PRO StockSwinger
2 years ago
Here is the other version PAT-VIII

https://www.tradingview.com/e/edH8P8X6/
Reply
Bart_S PRO StockSwinger
2 years ago
Hi StockSwinger, we cannot see anything on the charts you posted. You'd need to post the code properly in code section.
Thank you,
Bart
Reply
StockSwinger PRO Bart_S
2 years ago
Hi Bart_S:

If I click on either link, I get a chart with a couple of version of this Pattern Indicator. You can decide which one you want to see and view the code of that one. Neigher of these are working in any many that would provide you or anyone else any tangible benefits. It's very much a work in progress. I was hoping that LazyBear might have a sugestion on how to move forward. Michael

Michael
Reply
Bart_S PRO StockSwinger
2 years ago
I see zig-zag lines on the chart (looks like those are with different settings) and the volume indicator below main chart. I cannot edit the Zg-Zags as those sesm to be blocked.
Thanks
Bart S.
Reply
From what I understand of WW it follows the zig zag pattern of price movement up or down. The wave histogram is the cumulative volume from the lowest point of the price zigzag (swing) to the highest or vice versa. You change the setting of the height of the price zigzag (swing) (from say .5 to any value above or below - not negative). This allows you to choose the setting of the zigzag (swing) that is most appropriate for your work. The volume wave will follow the price zigzag (swing) starting from the lowest or highest to next high or low based on the individuals setting, and will continue going higher or lower till there is a reversal in price based on the setting.
This allows you to see the cumulative volume for that move of the price swing. (eg. your setting may be 1.5 for stocks or a value appropriate for currencies or commodities. The wave will continue beyond 1.5 till there is a reversal of that amount or less if you want to provision for that say 1.) Hope this helps
+1 Reply
LazyBear PRO Michael DeSouza
2 years ago
Thats good info. Thanks.
Reply
geotabs LazyBear
a year ago
In regards to Bart_S
"Thank you for this indicator. I value teaching and methodology of David Weis.
I looked very closely into your code. Seems to me that main condition for reversing the wave is the is Trending condition. Unfortunately it is not exactly compliant with Weis Wave methodology.
David is using a condition of reverse in pips/ticks rather then numbers of bars back."

How David Weis uses it for stocks is to have say a .10 cent reversal for intraday and higher for dayly, Is there anyway to code like this?

Cheers
Reply
Superior to Weis Wave is MBoxWave which uses boxes and waves and can compute not only volume, but also delta volume, delta percent, time, length, and other things. Much better value than Weis Wave. Check out the MBoxWave Trading system.
Reply
Jdouglas1972Joe Jdouglas1972Joe
a year ago
www.mboxwave.com
Reply
zembylzade Jdouglas1972Joe
8 months ago
mboxwave nothing do too, just need ask and bid volume after formula easy , delta volume =askvolume-bidvolume, delta percent = deltavolume/volume, length , if u have tick bars all easy for this need ninja trader or find which platform give to u ask-bid volume all other need practice
Reply
PawelBanachowicz
2 months ago
Is it possible to ad zigzag with volume on end of each swing here? like on weis charts.
Reply
Is it possible to show the volume in Millions ?
Reply
RichardParker
3 days ago
Highly valuable indicator, reveals it's power over time.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out