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:
Master Index: List of all my indicators
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//
// @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)
SKILLZ...Many People Will Be Happy About This One....
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LazyBear PRO ChrisMoody
Thanks Chris.
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That's a hard one to get...many forums can't find a solution...especially one coded correctly...Good Work
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With trend direction length = 2, show distribution below zero checked… very cool LB.
snapshot
+1 Reply
Thanks, if you find out the proper trendDetectionLength for BTC (most prob it is TF dependent), do let me know.
+1 Reply
grahvity LazyBear
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!
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LazyBear PRO vlad.adrian
yw.
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When I'll be rich, I promise I will be the biggest tipper in your bitcoin account!
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LazyBear PRO vlad.adrian
lol, thanks..I will remember that :)
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Nice .. was thinking about adding volume indicator. Will give this a try
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Does it work on indices like DAX?
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LazyBear PRO HamedAghajani
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
Hi Lazybear this looks really interesting, thank you.
Have you ever worked on any orderbook based indicator?
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LazyBear PRO johnrfraser
No access to order books unfortunately. It'd be cool though :)
+1 Reply
johnrfraser LazyBear
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?
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LazyBear PRO johnrfraser
Its wave volume (cumulative). Check out the youtube videos on how to use this, there are some good ones.
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Any new Pine Scripts coming?
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LazyBear PRO QuantitativeExhaustion
I have some more lined up, just busy on the work front. Will try to push out at least some this week.
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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?
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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.
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madLyfe LazyBear
thats odd. thanks for the WW script though!
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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)
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Interesting. Thanks for pinging me.

I have PMd you to follow this up.
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KalyanStock LazyBear
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.
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LazyBear PRO KalyanStock
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
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...
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That looks very interesting. Thanks for the info.
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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
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LazyBear PRO StockSwinger
Yes, with the current Pine constructs, doing ZigZag is very tricky.
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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
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LazyBear PRO StockSwinger
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.

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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/
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StockSwinger PRO StockSwinger
Here is the other version PAT-VIII

https://www.tradingview.com/e/edH8P8X6/
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Bart_S PRO StockSwinger
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
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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
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Bart_S PRO StockSwinger
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.
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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
Thats good info. Thanks.
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geotabs LazyBear
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
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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.
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Jdouglas1972Joe Jdouglas1972Joe
http://www.mboxwave.com
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zembylzade Jdouglas1972Joe
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
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Is it possible to ad zigzag with volume on end of each swing here? like on weis charts.
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Is it possible to show the volume in Millions ?
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Highly valuable indicator, reveals it's power over time.
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MBoxWave Wyckoff Trading System
Crude Oil Live Trade 12-21-2016 recorded on video
https://www.youtube.com/watch?v=eW5xs0f_5c4
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chic indicator .So I did the same for MT5 )
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https://www.mql5.com/ru/market/product/20418
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can u convert it into afl
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