jayy

cumulative volume Jayy

310 12 25
snapshot
This is close high to close low wave as popularized by David Weis.
Rather than try to describe it to you I suggest you watch this video.
https://www.youtube.com/watch?v=uzISUr1itWg or refer to"Trades About to Happen".

There is a limit of 33 plots in TradingView scripts. This limits the ability to backcast
the plotting of waves once a peak is confirmed.
As such very large wave sizes will be problematic for wave plotting.
Rather than try to describe it I will let you discover.
When prices reverse from a close high or close low, the wave will be shown in orange for
down or lime for up until the wave is confirmed then it will be repainted red or green -
if it occurs within the 29 bar plot limitations. If it is beyond it shall remain forever lime or orange.

Be aware that wave confirmation lags since a price must close a certain distance in the
opposite direction (up or down) before a wave is confirmed. Weis names waves by the minimum
amount of price travel needed for wave top or bottom confirmation . eg 5 cent wave, 25 cent wave etc.
Waves can and do travel well beyond the minimum amount. The "trades about to happen" predictive
part of these cumulative volume waves is based on evaluating the "change in behaviour" as signaled
by the wave volume and wave time. (Reading Wyckoff himself is helpful on these subjects)
I have set the wave size at 5 cents, 25 cents and 50 cents in this attached chart, Adjust the wave size in the
format box.
I have a script that plots the wave over price which I can publish if there is interest .
I find these plots interesting and for the purposes of this publication I am showing the waves
with price hidden so you get a flavour for what the waves look like. I am not suggesting you ignore the price
bars/candles. As I said the waves are plotted within the script limitations of Tradingview which gives them a
different but very interesting look to what David Weis shows in his publications.
I like these waves because they enable a better feeling for the wave.
(The issue is you cannot use an integer in plot offsets. I was told by tech support that this is not
something to expect any time soon. )

If you use this on Renko charts then use Traditional and set the wave size the same as the Renko brick size.
Read "Trades about to Happen" Chapter 11 for more. I have an alpha Renko wave time script (intraday only)
you might be interested in ask me if interested.

I am also experimenting with volume per bar per wave stuff - kind of Tim Ord-ish.

While the waves are easy to understand in concept (if you watch the video or read "Trades about to Happen")
it is somewhat more difficult to create a script that reflects the concept.
I would appreciate feedback on the usefulness of this script.

If you have questions or suggestions to improve the script please let me know.
Cheers
Jayy
Remove from Favorite Scripts Add to Favorite Scripts
// This is close high to close low wave as popularized by David Weis. 
// Rather than try to describe it to you I suggest you watch this video.  
// https://www.youtube.com/watch?v=uzISUr1itWg  or read "Trades About to Happen".

// There is a limit of 33 plots in TradingView scripts. This limits the ability to backcast
// the plotting of waves once a peak is confirmed.   
// As such very large wave sizes will be problematic for wave plotting.  
// Rather than try to describe it I will let you discover.  
// When prices reverse from a close high or close low, the wave will be shown in orange for
// down or lime for up until the wave is confirmed then it will be repainted red or green - 
// if it occurs within  the 29 bar plot limitations.  If it is beyond it shall remain forever lime or orange.  

// Be aware that wave confirmation lags since a price must close a certain  distance in the
// opposite direction (up or down) before a wave is confirmed.  Weis names waves by the minimum
// amount of price travel needed for wave top or bottom confirmation . eg 5 cent wave, 25 cent wave etc. 
// Waves can and do travel well beyond the minimum amount.  The "trades about to happen" predictive
// part of these cumulative volume waves is based on evaluating the "change in behaviour" as signaled
// by the wave volume and wave time.  (Reading Wyckoff himself is helpful on these subjects)

// I have a script that plots the wave over price which I can publish if there is interest . 
// I find these plots interesting and for the purposes of this publication I am showing the waves 
// with price hidden so you get a flavour for what the waves look like. I am not suggesting you ignore the price 
// bars/candles.  As I said  the waves are plotted within the script limitations of Tradingview which gives them a 
// different but very interesting look to what David Weis shows in his publications.  
// I like these waves because they enable a better feeling for the wave.  
// (The issue is you cannot use an integer in plot offsets.  I was told by tech support that this is not
// something to expect any time soon. )

// If you use this on Renko charts then use Traditional and set the wave size the same as the Renko brick size. 
// Read "Trades about to Happen" Chapter 11 for more.   I have an alpha Renko wave time script (intraday only)
// you might be interested in ask me if interested.

// I am also experimenting with volume per bar per wave stuff - kind of Tim Ord-ish.

// While the waves are  easy to understand in concept (if you watch the video or read "Trades about to Happen") 
// it is somewhat more difficult to create a script that reflects the concept.   
// I would appreciate feedback on the usefulness of this script.  

// If you have questions or suggestions to improve the script please let me know. 
// Cheers
// Jayy



study(title= "cumulative volume Jayy", overlay=false)
minrange=input(.05,  minval=.0001, maxval=150, title= "What is the minimum wave size")
bf= input(true, title= " recolour a limbo wave once direction confirmed?")
greenr= green // title="confirmed wave up" 
redr= red// title="confirmed wave down")
limer=lime//title="unconfirmed wave up ie less than min wave size"
oranger=orange// title="unconfirmed wave down ie less than min wave size"
Diffu = (nz(lo[1]) + minrange) - (nz(hi[1]) - minrange) 
Diff = Diffu>0?Diffu:0
count= nz(count[1]) + 1
hi= 
    (close>= nz(hi[1])- minrange + Diff and close[1]<= (nz(lo[1]) + minrange - Diff) and
    close - nz(lo[1]) >= minrange) or ( nz(trendd[1]) == -1  and nz(hi[1]) - nz(lo[1]) < 2* minrange and  
    (close[1]<= (nz(lo[1]) +  minrange)) and (close[0]>= (nz(lo[1]) +  minrange)))  ?close: 
     close>= nz(hi[1])- minrange ? max(close[0], nz(hi[1])):
    (close>=nz(lo[1]) + minrange) and  (nz(trend[1])==-2 or nz(trend[1])==-1) ? close: 
    nz(hi[1])

trenddo=close>= nz(hi[0])-minrange?2: close>= nz(lo[1])+ minrange?1:close<= 
    nz(lo[1])+ minrange?-1:close<=nz(hi[0])- minrange?-2:na  
lo= 
    count==1?close: ( close<= nz(lo[1]) + minrange - Diff and close[1]>=(nz(hi[1]) - minrange + Diff) and
    nz(hi[0])- close >= minrange) or (nz(trendd[1]) == 1 and (hi[1] - nz(lo[1]) < 2* minrange) and
    close[1]> hi[1]-minrange and close[0]<= hi[1]-minrange) ?close : 
    close<= nz(lo[1])+ minrange? min(close[0], nz(lo[1])): 
    ((close<= nz(hi[1]) - minrange )   ) and (nz(trenddo[1])==2 or nz(trenddo[1])==1)?close:
    nz(lo[1]) 
trend=close>= nz(hi[0])-minrange?2: close>= nz(lo[0])+ minrange?1:close<= 
    nz(lo[0])+ minrange?-1:close<=nz(hi[0])- minrange?-2:na  
//tcolor= trend==2?green:trend==1?black:trend==0?yellow:trend==-1?yellow:trend==-2?yellow: na

trendd = 
    hi[0] < hi[1] or (hi[0]== close and nz(trendd[1])==-1)?1 :
    lo[0]>lo[1] or (lo[0]== close and nz(trendd[1])==1) ?-1 :
    nz(trendd[1])==1 and nz(trendd[0])==0 ?1: 
    nz(trendd[1])==-1 and nz(trendd[0])==0  ? -1 :0
ct= (nz(trendd[0])==1 and nz(trendd[1])==-1)?1:(nz(trendd[0])==-1 and nz(trendd[1])==-1)?-2:  
    (nz(trendd[0])==1 and nz(trendd[1])==1)?2:     (nz(trendd[0])==-1 and nz(trendd[1])==1)?-1:na

maxpivot= trendd==1 and nz(hi[0])==close?close:na
minpivot= trendd==-1 and nz(lo[0])==close?close:na
maxpivottf= maxpivot==close?true:false
minpivottf= minpivot==close?true:false

limboup= close<nz(hi[0])and nz(trendd[0])==1?nz(limboup[1])+1: (nz(trendd[0])==1 and 
    nz(trendd[1])==-1)?nz(limboup[1]): 0
lvolup= nz(limboup[0])==0?0:nz(limboup[0])>=1? nz(lvolup[1])+volume:volume

limbodown= close>nz(lo[0])and nz(trendd[0])==-1?nz(limbodown[1])+1: (nz(trendd[0])==-1 and
    nz(trendd[1])==1)?nz(limbodown[1]): 0  
lvoldown= nz(limbodown[0])==0?0:nz(limbodown[0])>=1?nz(lvoldown[1])+volume:volume  


Counttrendup= ct==1?1+nz(limbodown[1]):ct==-1?na:
     (nz(trendd[0])==1 and nz(trendd[1])==1)? nz(Counttrendup[1])+1:0
Counttrenddown= ct==-1?1+nz(limboup[1]):ct==1?na:
     (nz(trendd[0])==-1 and nz(trendd[1])==-1)? nz(Counttrenddown[1])+1:0


volup= nz(limbodown[0])==0 and nz(Counttrendup[0])==0 ?0: nz(limbodown[0])>=1 and nz(Counttrendup[0])==0?(nz(volup[1])+volume):
    nz(limbodown[1])>=1 and nz(Counttrendup[0])>=1 and ct==1?(nz(volup[1])+volume):
    nz(limbodown[1])==0 and nz(Counttrendup[0])>=1 and ct==1?volume:
    nz(limbodown[1])==0 and nz(Counttrendup[0])>=1 and (nz(trendd[0])==1 and nz(trendd[1])==1)?(nz(volup[1])+volume):na 
  
voldown= nz(limboup[0])==0 and nz(Counttrenddown[0])==0 ?0: nz(limboup[0])>=1 and nz(Counttrenddown[0])==0?(nz(voldown[1])+volume):
    nz(limboup[1])>=1 and nz(Counttrenddown[0])>=1 and ct==-1?(nz(voldown[1])+volume):
    nz(limboup[1])==0 and nz(Counttrenddown[0])>=1 and ct==-1?volume:
    nz(limboup[1])==0 and nz(Counttrenddown[0])>=1 and (nz(trendd[0])==-1 and nz(trendd[1])==-1)?(nz(voldown[1])+volume):na 
// ct==1 change to up, ct== 2 stay up, ct= =-1 change to down, ct== 2 stay down

li= limboup[0]==0 and ct== 2 and maxpivot==close?1:limbodown[0]==0 and ct== -2 and minpivot==close?-1:na 

plot(volup, color=maxpivottf==true?greenr:na, style=histogram, linewidth=3, title = "Confirmed Weis wave up")
plot (voldown,color= minpivottf==true?redr:na, style=histogram, linewidth=3, title = "Confirmed Weis wave down")
plot (lvoldown, color= limer, style=histogram, linewidth=3, title = "New Weis wave up? unconfirmed")
plot (lvolup, color= oranger, style=histogram, linewidth=3, title = "New Weis wave down? unconfirmed")
   

// vu to volup  vu==x?volup[x]  
vu= limboup[1]==1 and   li==1?1:  limboup[1]==2 and   li==1?2:  limboup[1]==3 and   li==1?3 :
    limboup[1]==4 and   li==1?4:  limboup[1]==5 and   li==1?5:  limboup[1]==6 and   li==1?6 :
    limboup[1]==7 and   li==1?7:  limboup[1]==8 and   li==1?8:  limboup[1]==9 and   li==1?9:
    limboup[1]==10 and  li==1?10 :limboup[1]==11 and  li==1?11 :limboup[1]==12 and  li==1?12 :
    limboup[1]==13 and  li==1?13 :limboup[1]==14 and  li==1?14 :limboup[1]==15 and  li==1?15 :
    limboup[1]==16 and  li==1?16 :limboup[1]==17 and  li==1?17 :limboup[1]==18 and  li==1?18 :
    limboup[1]==19 and  li==1?19 :limboup[1]==20 and  li==1?20 :limboup[1]==21 and  li==1?21 :
    limboup[1]==22 and  li==1?22 :limboup[1]==23 and  li==1?23 :limboup[1]==24 and  li==1?24 :
    limboup[1]==25 and  li==1?25 :limboup[1]==26 and  li==1?26 :limboup[1]==27 and  li==1?27 :
    limboup[1]==28 and  li==1?28 :limboup[1]==29 and  li==1?29 :limboup[1]>29 and  li==1?30 :na
    
    //lvu to lvolup     lvu==x?lvolup[x]  
lvu=limboup[1]==1  and ct==-1? 1 :limboup[1]==2  and ct==-1? 2 :limboup[1]==3  and ct==-1? 3:
    limboup[1]==4  and ct==-1? 4 :limboup[1]==5  and ct==-1? 5 :limboup[1]==6  and ct==-1? 6:
    limboup[1]==7  and ct==-1? 7 :limboup[1]==8  and ct==-1? 8 :limboup[1]==9  and ct==-1? 9:
    limboup[1]==10 and ct==-1? 10:limboup[1]==11 and ct==-1? 11:limboup[1]==12 and ct==-1? 12:
    limboup[1]==13 and ct==-1? 13:limboup[1]==14 and ct==-1? 14:limboup[1]==15 and ct==-1? 15:
    limboup[1]==16 and ct==-1? 16:limboup[1]==17 and ct==-1? 17:limboup[1]==18 and ct==-1? 18:
    limboup[1]==19 and ct==-1? 19:limboup[1]==20 and ct==-1? 20:limboup[1]==21 and ct==-1? 21:
    limboup[1]==22 and ct==-1? 22:limboup[1]==23 and ct==-1? 23:limboup[1]==24 and ct==-1? 24:
    limboup[1]==25 and ct==-1? 25:limboup[1]==26 and ct==-1? 26:limboup[1]==27 and ct==-1? 27:
    limboup[1]==28 and ct==-1? 28:limboup[1]==29 and ct==-1? 29:limboup[1]>29 and ct==-1? 30:na 

//vd to voldown  vd==x?voldown[x]    
vd= limbodown[1]==1  and  li==-1?1  :limbodown[1]==2 and  li==-1?2  :limbodown[1]==3 and  li==-1?3  :
    limbodown[1]==4  and  li==-1?4  :limbodown[1]==5  and  li==-1?5  :limbodown[1]==6 and  li==-1?6  :
    limbodown[1]==7  and  li==-1?7  :limbodown[1]==8  and  li==-1?8  :limbodown[1]==9  and  li==-1?9  :
    limbodown[1]==10 and  li==-1?10 :limbodown[1]==11 and  li==-1?11 :limbodown[1]==12 and  li==-1?12 :
    limbodown[1]==13 and  li==-1?13 :limbodown[1]==14 and  li==-1?14 :limbodown[1]==15 and  li==-1?15 :
    limbodown[1]==16 and  li==-1?16 :limbodown[1]==17 and  li==-1?17 :limbodown[1]==18 and  li==-1?18 :
    limbodown[1]==19 and  li==-1?19 :limbodown[1]==20 and  li==-1?20 :limbodown[1]==21 and  li==-1?21 :
    limbodown[1]==22 and  li==-1?22 :limbodown[1]==23 and  li==-1?23 :limbodown[1]==24 and  li==-1?24 :
    limbodown[1]==25 and  li==-1?25 :limbodown[1]==26 and  li==-1?26 :limbodown[1]==27 and  li==-1?27 :
    limbodown[1]==28 and  li==-1?28 :limbodown[1]==29 and  li==-1?29 :limbodown[1]>29 and  li==-1?30 :na


// lvd to lvoldown    lvd==x?lvoldown[x] 
lvd=limbodown[1]==1 and ct==1? 1:  limbodown[1]==2 and ct==1? 2:  limbodown[1]==3 and ct==1? 3:
    limbodown[1]==4 and ct==1? 4:  limbodown[1]==5 and ct==1? 5:  limbodown[1]==6 and ct==1? 6:
    limbodown[1]==7 and ct==1? 7:  limbodown[1]==8 and ct==1? 8:  limbodown[1]==9 and ct==1? 9:
    limbodown[1]==10 and ct==1? 10:limbodown[1]==11 and ct==1? 11:limbodown[1]==12 and ct==1? 12:
    limbodown[1]==13 and ct==1? 13:limbodown[1]==14 and ct==1? 14:limbodown[1]==15 and ct==1? 15:
    limbodown[1]==16 and ct==1? 16:limbodown[1]==17 and ct==1? 17:limbodown[1]==18 and ct==1? 18:
    limbodown[1]==19 and ct==1? 19:limbodown[1]==20 and ct==1? 20:limbodown[1]==21 and ct==1? 21:
    limbodown[1]==22 and ct==1? 22:limbodown[1]==23 and ct==1? 23:limbodown[1]==24 and ct==1? 24:
    limbodown[1]==25 and ct==1? 25:limbodown[1]==26 and ct==1? 26:limbodown[1]==27 and ct==1? 27:
    limbodown[1]==28 and ct==1? 28:limbodown[1]==29 and ct==1? 29:limbodown[1]>29 and ct==1? 30:na

plot( vu>=1?volup[1]: lvu>=1 and bf ? lvolup[1]: vd>=1?voldown[1] : lvd>=1 and bf ? lvoldown[1]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-1,style=histogram, linewidth=3)// color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na, = vu>=1 or lvd>=1? greenr:vd>=1 or lvu>=1?redr:na
plot( vu>=2?volup[2]: lvu>=2 and bf ? lvolup[2]: vd>=2?voldown[2] : lvd>=2 and bf ? lvoldown[2]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-2,style=histogram, linewidth=3)
plot( vu>=3?volup[3]: lvu>=3 and bf ? lvolup[3]: vd>=3?voldown[3] : lvd>=3 and bf ? lvoldown[3]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-3,style=histogram, linewidth=3)
plot( vu>=4?volup[4]: lvu>=4 and bf ? lvolup[4]: vd>=4?voldown[4] : lvd>=4 and bf ? lvoldown[4]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-4,style=histogram, linewidth=3)
plot( vu>=5?volup[5]: lvu>=5 and bf ? lvolup[5]: vd>=5?voldown[5] : lvd>=5 and bf ? lvoldown[5]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-5,style=histogram, linewidth=3)
plot( vu>=6?volup[6]: lvu>=6 and bf ? lvolup[6]: vd>=6?voldown[6] : lvd>=6 and bf ? lvoldown[6]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-6,style=histogram, linewidth=3)
plot( vu>=7?volup[7]: lvu>=7 and bf ? lvolup[7]: vd>=7?voldown[7] : lvd>=7 and bf ? lvoldown[7]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-7,style=histogram, linewidth=3)
plot( vu>=8?volup[8]: lvu>=8 and bf ? lvolup[8]: vd>=8?voldown[8] : lvd>=8 and bf ? lvoldown[8]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-8,style=histogram, linewidth=3)
plot( vu>=9?volup[9]: lvu>=9 and bf ? lvolup[9]: vd>=9?voldown[9] : lvd>=9 and bf ? lvoldown[9]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-9,style=histogram, linewidth=3)
plot( vu>=10?volup[10]: lvu>=10 and bf ? lvolup[10]: vd>=10?voldown[10] : lvd>=10 and bf ? lvoldown[10]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-10,style=histogram, linewidth=3)
plot( vu>=11?volup[11]: lvu>=11 and bf ? lvolup[11]: vd>=11?voldown[11] : lvd>=11 and bf ? lvoldown[11]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-11,style=histogram, linewidth=3)
plot( vu>=12?volup[12]: lvu>=12 and bf ? lvolup[12]: vd>=12?voldown[12] : lvd>=12 and bf ? lvoldown[12]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-12,style=histogram, linewidth=3)
plot( vu>=13?volup[13]: lvu>=13 and bf ? lvolup[13]: vd>=13?voldown[13] : lvd>=13 and bf ? lvoldown[13]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-13,style=histogram, linewidth=3)
plot( vu>=14?volup[14]: lvu>=14 and bf ? lvolup[14]: vd>=14?voldown[14] : lvd>=14 and bf ? lvoldown[14]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-14,style=histogram, linewidth=3)
plot( vu>=15?volup[15]: lvu>=15 and bf ? lvolup[15]: vd>=15?voldown[15] : lvd>=15 and bf ? lvoldown[15]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-15,style=histogram, linewidth=3)
plot( vu>=16?volup[16]: lvu>=16 and bf ? lvolup[16]: vd>=16?voldown[16] : lvd>=16 and bf ? lvoldown[16]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-16,style=histogram, linewidth=3)
plot( vu>=17?volup[17]: lvu>=17 and bf ? lvolup[17]: vd>=17?voldown[17] : lvd>=17 and bf ? lvoldown[17]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-17,style=histogram, linewidth=3)
plot( vu>=18?volup[18]: lvu>=18 and bf ? lvolup[18]: vd>=18?voldown[18] : lvd>=18 and bf ? lvoldown[18]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-18,style=histogram, linewidth=3)
plot( vu>=19?volup[19]: lvu>=19 and bf ? lvolup[19]: vd>=19?voldown[19] : lvd>=19 and bf ? lvoldown[19]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-19,style=histogram, linewidth=3)
plot( vu>=20?volup[20]: lvu>=20 and bf ? lvolup[20]: vd>=20?voldown[20] : lvd>=20 and bf ? lvoldown[20]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-20,style=histogram, linewidth=3)
plot( vu>=21?volup[21]: lvu>=21 and bf ? lvolup[21]: vd>=21?voldown[21] : lvd>=21 and bf ? lvoldown[21]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-21,style=histogram, linewidth=3)
plot( vu>=22?volup[22]: lvu>=22 and bf ? lvolup[22]: vd>=22?voldown[22] : lvd>=22 and bf ? lvoldown[22]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-22,style=histogram, linewidth=3)
plot( vu>=23?volup[23]: lvu>=23 and bf ? lvolup[23]: vd>=23?voldown[23] : lvd>=23  and bf ? lvoldown[23]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-23,style=histogram, linewidth=3)
plot( vu>=24?volup[24]: lvu>=24 and bf ? lvolup[24]: vd>=24?voldown[24] : lvd>=24  and bf ? lvoldown[24]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-24,style=histogram, linewidth=3)
plot( vu>=25?volup[25]: lvu>=25 and bf ? lvolup[25]: vd>=25?voldown[25] : lvd>=25  and bf ? lvoldown[25]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-25,style=histogram, linewidth=3)
plot( vu>=26?volup[26]: lvu>=26 and bf ? lvolup[26]: vd>=26?voldown[26] : lvd>=26  and bf ? lvoldown[26]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-26,style=histogram, linewidth=3)
plot( vu>=27?volup[27]: lvu>=27 and bf ? lvolup[27]: vd>=27?voldown[27] : lvd>=27  and bf ? lvoldown[27]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-27,style=histogram, linewidth=3)
plot( vu>=28?volup[28]: lvu>=28 and bf ? lvolup[28]: vd>=28?voldown[28] : lvd>=28  and bf ? lvoldown[28]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-28,style=histogram, linewidth=3)
plot( vu>=29?volup[29]: lvu>=29 and bf ? lvolup[29]: vd>=29?voldown[29] : lvd>=29  and bf ? lvoldown[29]:na ,  color= ct==1  or ct==2? greenr: ct==-1 or ct==-2?redr:na,  offset=-29,style=histogram, linewidth=3)


Great script! I have been waiting for you to release this since you published a chart with a similar version of the Weis wave. My personal opinion on Weis' volume waves is that while they are no doubt effective in his hands, they are for me too intuitive (and delayed). I believe you could perhaps attempt to make a hybrid between Leaf West's ADX Trend Strength histogram and the weis wave by quantifying volume according to the moves the histogram makes.
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jayy PRO j1O9SB
Hi SB_TM
That is an interesting suggestion. I am on vacation this week. I will start thinking about your suggestion (and other ideas). I also think some trending indicator like "The Bloomberg Trender" or even just a simple MA might help as well. Leaf_Wests exhaustion signals (and Adam Grimes" free bars") fit in with this kind of thinking too I think. The notion of bringing in Leaf's Trend strength stuff is intriguing.
Thanks again for the suggestion.
Jayy
Reply
Thanks for the additional ideas. I can confirm using an SMA of 50 or 100 periods is quite useful for determining when volume is trending. I will attempt to code an initial version of the hybrid indicator. I am however not familiar with Adam Grimes' work and will look into it. I have up to now failed to find much information regarding The Bloomberg Trender.
Enjoy your time off, and by no means let my endeavor disturb you.
Reply
jayy PRO j1O9SB
I am starting to slowly turn my mind to scripts. I think you have now seen the Trender and MA. That was one idea(s). I don't know if you have checked out my colored candles script which uses Leaf West's ADX trend strength histogram and to the extent possible his coloring. This may or may not spawn some further thoughts. Also in that script I added Adam Grimes "free" bars/candles and a link to his description page - perhaps you have already found his page. I have not looked at the 100 MA. I routinely use the 20 and the 50. I am not discounting the 100 it and others are obviously used by many folks and therefore of interest - I will check it out. I am also thinking about the 3/10 MACD. Linda Raschke has a nice youtube video on volume and has a number of suggestions including regarding the 3/10 and wave evaluation. In any case let me know how your hybrid goes. Also take a look at my godaddy (gddy) idea published a while back you will see how the WEIS wave plots over price using tradingview. I have updated all of my weis wave scripts slightly since then (including the one published above) - although it looks the same now, I fixed a small script issue. I have yet to publish the corrected waves that plot over price used in the godaddy "idea". You could use the "make it mine" button to take a closer look at the scripts if you haven't done so - again for idea generation.
Jayy
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Great work Jayy!!! Love the direction of your concepts, keep them coming. Thanks for sharing.
Reply
jayy PRO coondawg71
Thanks coondawg71. You're welcome. Much appreciated! Jayy
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I very much appreciate your work Jayy and your willingness to share that work. And please do publish you alpha Renko script.
Thanks
Reply
Done!
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I have not delved into it at length yet, but I noticed that on short time frames (say,15 minutes) the indicator repaints as many as two previously closed bars. Not sure how to address this in the use of the indicator. Any advice? Thanks
Reply
Please send me the security, period and the wave size. I presume you are not talking about repainting after a wave is confirmed - that should happen. Also if the wave is confirmed after 29 bars either in the same direction or the opposite the bars will not be repainted - that also does not appear to be your issue.. I have some testing scripts I can run to see what is happening..
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This script has a typo in one line that causes an very occasional miscalculation.
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@jayy, Use this script instead:
Weis Wave Jayy
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