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)
This is a fantastic indicator. Thanks so much LazyBear. Appreciate your contributions.
+2 Reply
Hi, thanks very much for the script. Is there anyway I can make the detection length a non-integer value?

Thanks again
+1 Reply
Is this indicator unique to Trading view or anyone know if theres a version for ninja Trader 7 please ?
Reply
Rick_Flag Nitetro
@Nitetro,
check futures (dot) io for a similar one that uses zigzag to place the cummulative volume etc.I can't remember the name but...its there for ninjatrader. there is a commercial dumbed down version called mBox going for $400. so if you can google the reviews for mBox am sure you will find the original free version
Reply
can u convert it into afl
Reply
https://www.mql5.com/ru/market/product/20418
Reply
chic indicator .So I did the same for MT5 )
Reply
MBoxWave Wyckoff Trading System
Crude Oil Live Trade 12-21-2016 recorded on video
https://www.youtube.com/watch?v=eW5xs0f_5c4
Reply
Rick_Flag mmully1969
@mmully1969, the original version of this indicator is a free version on futures.io
Reply
Highly valuable indicator, reveals it's power over time.
Reply
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