MS POIVThis indicator was introduced by Larry Williams in 2007 and is very similar to the well known OBV indicator.
As such, it should be examined for convergence and divergence with the price trend. The interpretation can be done using the Wyckoff principles.
* Price rises, POIV stays behind => no subsequent demand
* Price meets resistance, POIV reaches new highs => supply (distribution) in the background
* Price and POIV rise synchronously => price trend is intact
These statements can of course be applied correspondingly to falling prices.
Larry Williams wrote for explanation:
Despite the problem, volume indictors have proven their worth, but while it is
a good idea to watch the cumulative flow of buying and selling pressure, you
should not assign all of this buying and selling to bulls and bears. Combined
with other concepts, such as keying off the open, we can focus on something
more germane to trading based just on volume, or what some might consider
related volatility indicators, such as daily ranges.
Futures traders can consider at least one solution to this problem: open
interest. Open interest is the number of outstanding contracts in a particular
market. (...))
The formula is calculating the cumulative sum of open interest times the net
change in price, divided by the true range. We then add the OBV value to this
cumulative sum.
So we first take the net change in price (today’s close minus yesterday’s close)
to get a percentage of where within the range the close was. Not all of the
activity will be buying or selling; the market “tells” us what percentage of
open interest goes to the buy or sell side.
Not only that, it also means we are incorporating price and trend change into
the formula.
(...)
One note of warning is necessary. The Williams POIV AD is a specific formula
that compensates for the close within the range relationship, as well telling
us how much OI to use, but it is an indicator, not a trading system. In
practice, it is useful to confirm a trade or to focus attention on a potential
trade. It is not intended to stand as the sole reason to initiate a position
in the market.
Search in scripts for "Wyckoff"
vDragon Flow Trend I will share one of the tools that I use daily with you. Based on PVSRA (a methodology developed by Trade at Home using, price action, volume wyckoff, support / resistance, trends all in one method), it is composed of exponential averages, which I think is plausible, however, it would not be more easy if the main moving average was not made with its own volume?
Having this idea, I created this indicator, but let’s its functions and WHY you don’t waste time and use this indicator once and for all. Firstly, we know that a moving average is used to identify long-term trends, but because it is a price indicator, it takes into account PRICE, that is, being a late indicator, that is, who looks at prices, looks back and not forward, so I decided to use moving averages weighted by volume, to then make this delay in the moving average decrease considerably.
What are the benefits of using vDragon Trend instead of a normal and convenient average.
* The benefit of this indicator is to track the flow of a long-term trend, being similar to the session's VWAP, for example, but as VWAP has a limitation of only being able to show the average price of Market Makers only on the intraday, vDragon can do this, even showing the average price of these players in the long run.
* It is a fast and accurate moving average, depending on the flow entering the market, its curve will be greater than an average that reflects the price.
* The band, can increase or decrease depending on the volatility and the volume that happens.
* It takes from the Maximum to the Minimum for a certain period, just so you don't fall into springs.
* Most moving averages are not efficient on fast graphs like ticks or 1-minute graphs, but vDragon manages to adapt the graphical time, thanks to the volume, which is where we located the performance of Smart Money, remembering, I tested the vDragon within a 15-second chart on the FDAX inside the EUREX bag, and it serves a lot.
* Perhaps the best support or resistance you will find, I can give you an example, if it happens that the price rises with remarkable volume on top of vDragon, it can possibly be characterized as an absorption, sometimes too;
* can be used to identify zones of HFTs or algorithms that work with average prices in liquidity regions, since volume is also liquidity.
* can be used to identify linked accumulations in the accumulation or distribution.
There are several things for you to use vDragon as a strategy, use in a way that fits your strategy or operational.
Remembering, this indicator is my authorship
© Victor Eduardo Meireles
available to tradingview for free, be wary of anyone trying to sell you this indicator.
Better OBVOBV with William C. Garrett's Approximation
In the classical OBV (On-Balance Volume) indicator, it simply takes the idea from traditional tape reading - treat the "up tick" as Buy, "down tick" as Sell, and it assumes no change in price as neutral* (*which is not the case in tape reading).
When it comes to interpret the daily volume as such, errors will add up cumulatively. For example, there are days when a Doji Star with high volume just merely one cent higher than yesterday price and the whole day volume would be taken as a BUY Volume....
Here is a gentlemen, William C. Garrett, attempted to break down the daily volume into two parts in his book - "Torque Analysis of Stock Market Cycle".
Published indicator has two modes: Cumulative and Time Segmented. Time Segmented Volume (TSV) - performs a MACD operation on the Garrett Money Flow.
Note on Divergence:
When using a indicator as Time Segmented Money Flow, divergence would surely occur on and off. This is where Wyckoff 3rd principle comes into play - "Effort vs Result" that is not matching. Meaning that the cumulation of shares goes in one direction while the price goes another direction.
(VIP) VSA Scanner v2This script is major rewritten from scratch analysis of Volume Spread Analysis in comparison to previous version. New definitions have been added, calculations of Spread, Volume and Trend have been optimised and signals are much more accurate. I created script based on definitions coming from methodology of Volume Spread Analysis. Signals appearing below candle are treated as SOS (Signal of Strength) and those above candles - SOW (Signal of Weakness). Also we can see automatic identification of Bullish / Bearish Volume . Script is judging Spread and Volume used for identifying VSA Signals based on multiple factors. Also analysis of Effort & Result have been added, easily allowing to spot continuations of trend and divergences.
All major signals from VSA have been added like Stopping Volume, Climaxes, End of Rising Market, Bag Holding etc.
In case of interest, please contact me directly via DM on Tradingview or please see link to documentation from my signature where you can find more information about Subscription and script itself.
LPS PLSY INDICATOR for VSA( Google translation from Russian.)
Signal conditions:
1. There is a bar with an increased volume
2. The next bar after the bar with increased volume closes in the other direction
Arguments:
Comparison period - the period during which the volumes are compared with each other to calculate the bars with the increased volume.
sensitivity of increased volumes - according to the percentrank indicator - the border above which the volume will be considered large, the same as in the Volume on bar VSA indicator - indicator V2 - for clarity of how it works, I recommend looking at it.
efficiency of the next bar - (efficiency of the next bar from 0 to 100) ") - the efficiency of buying or selling on the next bar, bar field with a large volume. If the value is closer to 100, then the bars whose spread corresponds to the inserted volume will be taken into account, if closer to 0, then bars with a small spread and a large volume can be taken into account.
This argument is calculated similarly to the efficiency of bulls and bears for VSA
Attention.
In its original form, this indicator can give a large number of false signals. To filter out false signals, it should be used after studying the theory of VSA.
Russian language
Условия для сигнала:
1. Имеется бар с повышенным объёмом
2. Следующий бар после бара с повышенным объемом закрывается в другую сторону
Аргументы:
период для сравнения – период, на котором сравниваются между собой объёмы, для вычисления баров с повышенным объемом.
чувствительность повышенных объемов – согласно индикатору percentrank – граница выше которой̆ объем будет считаться большим, то же самое, что в индикаторе Volume on bar VSA - indicator V2 – для наглядности как это работает рекомендую посмотреть его.
эффективность следующего бара от 0 до 100 - эффективность покупок или продаж на следующем баре, поле бара с большим объемом. Если значение ближе к 100 то будут учитываться бары у которых спред соответствует вложенному объему, если ближе к 0 то могут учитываться бары у которых спред маленький а объем большой.
Расчёт этого аргумента производится аналогично индикатору efficiency of bulls and bears for VSA
Примечание
В исходном виде этот индикатор может давать большое количество ложных сигналов. Для отсеивания ложных сигналов его следует применять после изучения теории VSA.
Customisable Weis Wave & Awesome Oscillator Weis Wave study price and volume relationship to generate waves chart(positive wave-uptrend, negative wave-downtrend) that aims to identify reversals and pullbacks. On top of that, bars are color-coded with Awesome Oscillator for confirmation. Green positive bars may indicate long opportunity and negative red bars may indicate short opportunities.
For some reason (one of it is due to my shitty coding skills), waves generated not always consistent with price movement. Hence, I keep changing price and volume parameters and I notice different combinations work best with different securities. For example, Hull Ma and OBV combination do quite well for stocks but so much for commodities. The following is a list of parameters that you can experiment with.
Volume parameters:
- Volume
- OBV
- Money Flow
- Chaikin Money Flow
-VWMA
Price parameters:
- Price
- Hull MA
- KAMA
- McGinley Dinamic
bulls vs bear for VSA(Google translation from Russian.)
This indicator is based on the efficiency of bulls and bears for VSA and has the same parameters.
Its only difference is that all the values of the efficiency of bulls and bears for VSA indicator are sequentially added here.
I want to note that the Period spread - Bars from close to close argument was made for experimental purposes, and shows interesting results for values 3-4-5, in theory this is not very logical. Because then the estimate of the spread for this interval (3-4-5) will be divided by the estimate of the volume of the current bar.
Also added here is a moving average with a default period of 10 - theoretically, if the indicator is above the moving average - the initiative is behind the bulls - if below - the initiative is behind the bears.
It is recommended to use this indicator with the indicator:
efficiency of bulls and bears for VSA
Volume on bar VSA - indicator V2
Russian language.
Этот индикатор сделан на основе efficiency of bulls and bears for VSA и имеет такие же параметры.
Единственное отличие его в том, что тут последовательно складываются все значения индикатора efficiency of bulls and bears for VSA .
Хочу отметить, что аргумент Period spread - Bars from close to close (Период спреда - Баров от закрытия до закрытия) сделан в экспериментальных целях, и показывает интересные результаты на значения 3-4-5, в теории это не очень логично. Потому-что тогда будет делиться оценка спреда за этот интервал (3-4-5), на оценку величины объема текущего бара.
Также тут добавлена скользящая средняя с периодом по умолчанию 10 – теоретически, если индикатор над скользящей средней – инициатива за быками – если ниже – инициатива за медведями.
Это индикатор рекомендуется использовать с индикатором:
efficiency of bulls and bears for VSA
Volume on bar VSA - indicator V2
VF Indicator - VSA tradeIn order to see inside the market, and what the insiders and market makers are doing, we have one tool at our disposal which reveals their activity instantly, and that tool is VOLUME . Volume is the catalyst which when combined with price, provides the foundation stone that is volume price analysis. Base on this concept, Volume Flow Indicator been create. Volume Flow Indicator is an indicator to track buy/sell volume relative to price movement.
Volume Flow Indicator is builds on 2 line, Volume Line and Price line.
1. When Price Line trade below Volume Line, VF will turn RED – Trigger SELL
2. When Price Line trade above Volume Line, VF will turn GREEN – Trigger BUY
The 2 Line move direction also will show the weakness or strength of the background of the chart. When both line moving down, the rebound will likely end up a trap and price will continues move lower.
Price moving sideways - When VF pointing downwards it mean distribution and when VF start to turn Green, it mean end of accumulation.
VF best work when stock price is in pullback. Pullback buying climax occurs when the market makers wish to restock their empty warehouse, and here the trigger is fear of a loss. The market is generally moved fast into a price fall, usually on news, with investors then selling in panic, and with the market makers then stepping in to buy & stop the stock falling further, once buying is complete (Pullback completed) price action begins. VF will trigger buy ( Green Dot ) when the pullback is completed and in continues in Green zone when price continues moving up. However if pullback fail to rebound, VF will turn sell (Red Dot).
Wyckoff’s second law then introduces the concept of time as enshrined in the law of cause and effect. Here the law states that if the cause is large then the effect should also be large if the two are in agreement. In other words, if the time taken to build the next phase of a campaign by the market makers is large, then we should expect to see this reflected in an extended move in the price action as a result.
You can think of this as the effect of winding the spring of a clockwork toy. The more the spring are wound, the greater the energy stored, and the greater the distance the car will travel, once it is released. This is the basic principle of cause and effect.
VF indicator will show this in the area between Volume Line and Price Line. More thicker the Green Zone or Red Zone will show how much the Bullish momentum or Bearish momentum.
Volume reveals the truth behind price action, with VF indicator both volume and price can be easily monitor along the chart real time.
BAR for VSABars in which the open is equal to the previous close.
Bars are colored according to the indicator Volume on bar VSA - indicator V2
(Made for analysis by ICA ).
Бары в которых открытие равно предыдущему закрытию.
Бары раскрашиваюся согласно индикатору Volume on bar VSA - indicator V2
(Сделано для анализа по ВСА).
WR W-FCPO RoboFCPO trading robot is build based on one of the WR FCPO Trading Strategy.
The script will identify accumulation candle , Small candles (Min 2) inside Big Candle with Simple Moving Average (SMA) to identify trend Up or Down for Long or Short Entry condition at specific timeframe and will advice entry value and calculate advice take profit and stop loss based on % settable in the preset.
Once entry is confirm, script will popup one label with detail of Long Entry Condition or Short Entry Condition.
This is an accumulation candle being identified by the script :
This is an example of indicator produced :
This is an example of Long Entry Condition :
This is an example of Short Entry Condition :
Recommended Chart Settings:
Asset Class: FCPO Active Contract
Time Frame: 5 Minute
Long Entry Conditions:
a) Green Label with information of Buy Stop value, Take Profit Value and Stop Loss Value
b) Buy Stop value will be plot with Black Circle symbol on the chart
b) Take Profit value will be plot with Orange Cross symbol on the chart
b) Stop Loss value will be plot with Red Cross symbol on the chart
Short Entry Conditions:
a) Red Label with information of Sell Stop value, Take Profit Value and Stop Loss Value
b) Sell Stop value will be plot with Black Circle symbol on the chart
b) Take Profit value will be plot with Orange Cross symbol on the chart
b) Stop Loss value will be plot with Red Cross symbol on the chart
Take Profit and Stop Loss value can be change based on user risk management.
The entry label will appear once WR Q-Wyckoff Technique is valid (Accumulation Candle).
Exit Conditions:
a) Stop loss level is hit
b) Take profit level is hit
c) Last candle at the end of the day (at 17:59:45 or earlier)
Disclaimer:
This is a FCPO trading strategy that involves high risk of equity loss, You agree to use this script at your own risk.
If you have any suggestions, comments or interested to use this script, kindly PM us to obtain an access.
GreyPool VSA Signal ScannerThis Indicator combines powerful Climactic Action Volume Spread Analysis (VSA) signals and displays them on multiple time frames and 8 symbols simultaneously.
Climactic Action is defined as - Excessively large volume or an excessively large price change within a relatively short amount of time where "hidden" buying or selling is indicated.
Glossary:
Climactic Down Bar - A bar closing lower than the previous bar with above average volume and a large spread wherein the close of the bar is significantly higher than the low of the bar (Indicates "hidden" buying).
Climactic Up Bar - A bar closing higher than the previous bar with above average volume and a large spread wherein the close of the bar is significantly lower than the high of the bar (Indicates "hidden" selling).
Trap Down Bar - Also known as a "Shakeout" and occurs when price makes a new low and quickly retraces to close near the high of the bar with excessively large volume and a large spread (Indicates "hidden" buying).
Trap Up Bar - Also known as a "Shakeout" and occurs when price makes a new high and quickly retraces to close near the low of the bar with excessively large volume and a large spread (Indicates "hidden" selling).
Green Buy Signals:
- Created when Climactic Down or Trap Down bars are formed within a range of 3 bars wherein the volume is at the high or very high level and volume is consecutively increasing
Red Sell Signals:
- Created when Climactic Up or Trap Up bars are formed within a range of 3 bars wherein the volume is at the high or very high level and volume is consecutively increasing
How to Use:
1. Choose your favorite 8 trading pairs and signals will be generated for each and on the time frame that you set.
2. Setting the time frame of the indicator higher than your current chart time frame is a way to receive reliably powerful signals from this indicator the 1 hour and 2 hour time frames are particularly helpful.
3. It is also possible to add the indicator to your chart more than once and set a different time frame for each instance.
These signals do not occur often but when they do the market responds in the indicated direction with a high degree of probability.
ALERT FUNCTION INCLUDED
-You can set an alert to trigger when a signal occurs (buy or sell)
GreyPool VSA VolumeGreyPool VSA Volume Indicator
Color Key:
Blue = Below Average or Low Volume
Purple = Average Volume
Orange = High Volume
Red = Very High Volume
Symbol Key:
Circle = Test on Low Volume
Diamond = TrapUp or TrapDown Bar on High or Very High Volume
Star = Climactic Action Bar
Background Highlight Key:
Green Background = Last 3 bar were increasing high or very high volume including a climactic action DOWN bar or trap DOWN bar
Red Background = Last 3 bars were increasing high or very high volume including a climactic action UP bar or trap UP bar
Available Alerts:
When a Green or Red background appears
When a Climactic Action Up or Down bar appears
GreyPool ZigZag Cumulative VolumeThis indicator shows the cumulative volume between the zigzag segments (waves) and plots the percentage change from the previous segment
Let us know if there's anything you'd like added to the indicator and please click LIKE to support us
GreyPool VSA Spread/Wick Divergence IndicatorThe purpose of this indicator is to determine the distance between the spread of a bar/candle and the wick at a glance (Spread is defined as the range between the open and close and the wick is any part of the bar/candle that is beyond that range).
Climactic action bars typically have large spreads and a pronounced wick which indicates hidden buying or selling.
Definitions of Colors:
Light Blue Area - Average spread size of the last x bars where x is the set MA period
Red Column - Indicates a very high spread that is far beyond the average
Yellow Column - Indicates spreads that are at the average line or just above it
Green Column - Indicates a very low spread
Thin Red Histogram - Indicates the size of the bottom wick (Either the distance between the close and low of down bars or the open and low or up bars)
Thin Blue Histogram - Indicates the size of the top wick (Either the distance between the open and high for down bars or the close and high for up bars)
*** Please Click The LIKE Button to Support Us, Thank You ***
VSA indicatorGoogle translation from Russian:
This is VSA bar-by-bar analysis.
Spread, volume and progress are analyzed.
Spread is the difference between the current closing price and the previous one.
Progress is determined by dividing price by volume.
For each parameter (spread, volume, progress), a score is assigned according to the following assessment system:
Great value - 3 points
Average value - 2 points
Small value - 1 point
If the volume is small, i.e. 0 points, the other parameters are not evaluated.
Green bars represent a buyer and red bars represent a seller. It is selected based on the location of the closing price between the high and low prices of the bar. If the closing price is closer to the maximum, then these are purchases, if to the minimum, then these are sales.
The higher the bar value, the stronger the player. The maximum value on the bar is 9 (indicates the maximum values for all parameters of spread, volume and progress).
The blue line is the average value for the last 5 bars (the value changes in the settings), it can be interpreted as the balance of forces for the last 5 bars. The centerline value is multiplied by a scale factor of 2 for better display.
It should be borne in mind that to use the indicator, you need to know the VSA theory, since this indicator cannot assess the result of price changes, breaking through important levels, as well as the context in general.
Это побарный анализ VSA.
Анализируется спред, объем и прогресс.
Спред это – разница между текущей ценой закрытия и предыдущей.
Прогресс определяется делением цены на объем.
По каждому параметру (спред, объем, прогресс) присваивается балл по следующей системе оценке:
Большое значение – 3 балла
Среднее значение – 2 балла
Маленько значение – 1 балл
Если объем маленький, т.е. 0 баллов, то остальные параметры не оцениваются.
Зелёные бары обозначают покупателя, а красные продавца. Выбирается на основании расположения цены закрытия между максимальной и минимальной ценой бара. Если цена закрытия расположена ближе к максимуму, то это покупки, если к минимуму, то это продажи.
Чем больше значение бара, тем сильнее игрок. Максимальное значение на баре равно 9 (указывает максимальные значения по всем параметрам спреду, объему и прогрессу).
Синяя линия это среднее значение по последним 5 барам (значение меняется в настройках), его можно интерпретировать как баланс сил по последним 5 барам. Значение средней линии умножено на масштабный коэффициент равный 2 для лучшего отображения.
Следует учитывать, что для пользования индикатором необходимо знать теорию VSA, поскольку этот индикатор не может оценить результат изменения цены, пробитие важных уровней, а также в целом контекст.
DeltalexИндикатор связывает спред (momentum=1) и объем. Если они большие на конкретном баре, то индикатор будет повышенным.
Также учитывается хвосты продаж и покупок. Например спред положительный, объем тоже, но хвост покупок составляет всего 10% от диапазона изменения цены на баре, тогда индикатор будет умножен на эти 10%, тем самым уменьшив его и показывая как бы, что да покупки есть но плохие.
Индикатор подкрашивается в зависимости от направления спреда, зелёный если momentum>1, красный если momentum<1
Скрип следует использовать с теорией VSA
Google translate:
The indicator connects spread (momentum = 1) and volume . If they are large on a particular bar, then the indicator will be raised.
The tails of sales and purchases are also taken into account. For example, the spread is positive, the volume is also, but the buy tail is only 10% of the price change range on the bar, then the indicator will be multiplied by these 10%, thereby decreasing it and showing, as it were, that there are but bad buys.
The indicator is colored depending on the direction of the spread, green if momentum> 1, red if momentum <1
Squeak should be used with VSA theory
PpSignal Weis Volume & Volume in Bar V2.20This is an Advanced Weis Wave indicator which is based on Richard D. Wyckoff theory. It works in all time periods, range bar and tick bar charts and it can be applied to any market. The new Autowaves feature eliminates changing the parameters when switching time frames.
This indicator is adding the volumes of the corresponding price waves and draws a cumulative histogram. Each price wave is moving in a specific direction up or down until it reverses. In order for the indicator wave to reverse in the opposite direction, the price should exceed the number of points (pips*10) set in the indicator parameters. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading mainly the previous waves.
The volume of the wave together with pip distance that the price has covered and the number of bars are displayed at the end of this wave. Speed Index is a new function noting the speed of the wave and can be displayed on the chart (the smaller this number is the faster the wave is and the larger this number is the slower the wave is)
Furthermore, an Alert (popup, email, push, sound) can be setup if the cumulative volume of the current wave exceeds a certain number specified in the parameters. An Alert can also be setup if Speed Index exceeds a specific value and/or is below a specific value.
Buy when the Weiss is aqua and sell when the Weiss is orange
Weis pip zigzag jayyWhat you see here is the Weis pip zigzag wave plotted directly on the price chart. This script is the companion to the Weis pip wave ( ) which is plotted in the lower panel of the displayed chart and can be used as an alternate way of plotting the same results. The Weis pip zigzag wave shows how far in terms of price a Weis wave has traveled through the duration of a Weis wave. The Weis pip zigzag wave is used in combination with the Weis cumulative volume wave. The two waves must be set to the same "wave size".
To use this script you must set the wave size. Using the traditional Weis method simply enter the desired wave size in the box "Select Weis Wave Size" In this example, it is set to 5. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method a more automatic way to set wave size would be to use ATR. This is not the true Weis method but it does give you similar waves and, importantly, without the hassle described above. Once the Weis wave size is set then the pip wave will be shown.
I have put a pip zigzag of a 5 point Weis wave on the bar chart - that is a different script. I have added it to allow your eye to see what a Weis wave looks like. You will notice that the wave is not in straight lines connecting wave tops to bottoms this is a function of the limitations of Pinescript version 1. This script would need to be in version 4 to allow straight lines. There are too many calculations within this script to allow conversion to Pinescript version 4 or even Version 3. I am in the process of rewriting this script to reduce the number of calculations and streamline the algorithm.
The numbers plotted on the chart are calculated to be relative numbers. The script is limited to showing only three numbers vertically. Only the highest three values of a number are shown. For example, if the highest recent pip value is 12,345 only the first 3 numerals would be displayed ie 123. But suppose there is a recent value of 691. It would not be helpful to display 691 if the other wave size is shown as 123. To give the appropriate relative value the script will show a value of 7 instead of 691. This informs you of the relative magnitude of the values. This is done automatically within the script. There is likely no need to manually override the automatically calculated value. I will create a video that demonstrates the manual override method.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative volume of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart. Weis specifically uses candle or bar closes to define all wave action ie a line chart.
David Weis did a futures io video which is a popular source of information about his method.
This is the identical script with the identical settings but without the offending links. If you want to see the pip Weis method in practice then search Weis pip wave. If you want to see Weis chart in pdf then message me and I will give a link or the Weis pdf. Why would you want to see the Weis chart for May 27, 2020? Merely to confirm the veracity of my algorithm. You could compare my Weis chart here () from the same period to the David Weis chart from May 27. Both waves are for the ES!1 4 hour chart and both for a wave size of 5.
Weis Pip Wave jayyWhat you see here is the Weis pip wave. The Weis pip wave shows how far in price a Weis wave has traveled through the duration of a Weis wave. The Weis pip wave is used in combination with the Weis cumulative volume wave. The two waves must be set to the same "wave size" and using the same method as described by Weis.
Using the traditional Weis method simply enter the desired wave size in the box "Select Weis Wave Size". In the example shown, it is set to 5 points. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method a more automatic way to set wave size would be to use ATR. This is not the true Weis method but it does give you similar waves and, importantly, without the hassle of selecting a wave size for every chart. Once the Weis wave size is set then the pip wave will be shown.
I have put a zigzag of a 5 point Weis wave on the above bar chart. I have added it to allow your eye to get a better appreciation for Weis wave pivot points. You will notice that the wave is not in straight lines connecting wave tops to bottoms this is a function of the limitations of Pinescript version 1. This script would need to be in version 4 to allow straight lines. I will elaborate on the Weis pip zigzag script.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative volume of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart. Weis specifically uses candle/bar closes to define all wave action.
David Weis did a futures.io video which is a popular source of information about his method.
Cheers jayy
PS This script was published a day ago, however, I had included some links to the website of a person that uses Weis pip waves and also a dropbox link that contains the Weis wave chart for May 27, 2020, published by David Weis. Providing those links is against TV policy and so the script was hidden by TV. This is the identical script with the identical settings but without the offending links. If you want to see the pip Weis method in practice then search Weis pip wave. I have absolutely no affiliation. If you want to see Weis chart in pdf then message me and I will give a link or the Weis pdf. Why would you want to see the Weis chart for May 27, 2020? Merely to confirm the veracity of my algorithm. You could compare my chart () from the same period to the Weis chart. Both waves are for the ES!1 4 hour chart and both for a wave size of 5.
(D7R) OBV+Custom D7R version of the traditional OBV (On Balance Volume) enhanced with an EMA and D7R signature color scheme.
Includes Histogram mode which is great for divergences analysis.
(D7R) ACC/DIST+D7R Custom version of Accumulation / Distribution indicator enhanced with Moving Average.
ACC/DIST model look at Volume and Open, High, Low and Close to draw cumulative picture of how volume is hypothetically distributed across time according to price.
Renko Weis Wave VolumeThis is live and non-repainting Renko Weis Wave Volume tool. The tool has it’s own engine and not using integrated function of Trading View.
Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko RSI created on time chart.
Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
As source Closing price or High/Low can be used.
Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.
This tool is based on the Weis Wave described by David H. Weis (a Wyckoff specialist). The Weis Waves Indicator sums up volumes in each wave. This is how we receive a bar chart of cumulative volumes of alternating waves and The cumulative volume makes the Weis wave charts unique.
If there is no volume information for the security then this tool has an option to use “True Range” instead of volume .
Better to use this script with the following one:
Enjoy!
Point and Figure (PnF) Weis Wave VolumeThis is live and non-repainting Point and Figure Chart Weis Wave Volume tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
This tool is based on the Weis Wave described by David H. Weis (a Wyckoff specialist). The Weis Waves Indicator sums up volumes in each wave. This is how we receive a bar chart of cumulative volumes of alternating waves and The cumulative volume makes the Weis wave charts unique.
If there is no volume information for the security then this tool has an option to use “True Range” instead of volume .
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
There is only one option for Weis Wave Volume, “Use True Range (if no Volume info)” if you select this option and volume info is not avaliable then it uses “true range”, but if volume info is available, it never use true range. Default value is set to use true range.
RedK Vol_Weighted RSI: Extending the power of the classic RSILet's take the classic Relative Strength Index (RSI) and give it couple of modern upgrades - the results are better visuals with improved signals and trade decision support:
Options and features:
- Dual period: look at the short term RSI vs a backdrop of a longer period RSI (expressing the longer-term "prevailing sentiment") - get clearer "re-entry" points in long bull or bear runs
- Longer period RSI has a "Step" option - since what we won't be really interested in the fractions, but more of the broad "strength" of the sentiment (weak, medium..) - default set to a step of 5. please experiment with what works best for you.
- Option to make the RSI volume-weighted. (On by default) - won't say much here, but possibly this is the biggest and most important added feature for those keen on the combined price - volume effect (and Wyckoff'ians)
- Smoothing option -- i would keep this set to 3 to avoid extra lag due to the smoothing
- scaled to +100 / -100 with zero as the signal line - that's how i like oscillators to work
- Adjustable optional overbought / oversold levels - can also be used to also mark strong up/down levels
- designed for the "visually oriented" -- like me :)
- code is open and commented
What Values to use:
many setting combinations possible. play around and find your sweet spot based on what/how you trade. for me, i usually prefer what i set as defaults in the study.
tip: if you set Length = 14, smoothing = 1, Sent. factor =1, Vol Weighted = No, you're back (almost) with a classic RSI - the only difference would be that i use Weighted Moving Average in my calculation of the RSI (i tend to believe WMA is the most naturally-suited for looking at "market price" data series)
Please feel free to use, share or give feedback.
