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:
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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)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

Comments

Comment removed.
@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
+4 Reply
Alecto wjsharples1
@wjsharples1, how can find it?
Reply
Comment removed.
modhelius girolamoaloe
@girolamoaloe, you can find an implementation that make use of a zig zag-line here .
+10 Reply
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.
+6 Reply
//@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)
+10 Reply
umur.ozkul umur.ozkul
@umur.ozkul, Sorry, posting as a comment removed the tabs.
+4 Reply
This is a fantastic indicator. Thanks so much LazyBear. Appreciate your contributions.
+8 Reply
Is it possible to ad zigzag with volume on end of each swing here? like on weis charts.
+8 Reply
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