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)
Hello...it does not show any color or volume ??? Is there something i can do?
+1 Jawab
The WWV seems to disappear when I use it with AUX/ Gold. Any idea why? @LazyBear
Jawab
hi how can ı write metastock (MATRİKs)this indicator.. please help me lazybear
Jawab
Is there a documentation on how to interpret this script? Can someone explain please? This looks amazing.
+1 Jawab
//@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)
+4 Jawab
umur.ozkul umur.ozkul
@umur.ozkul, Sorry, posting as a comment removed the tabs.
+3 Jawab
Hello! Thanks for sharing this.

Does this indicator repaint? Also what would you recommend the trend detection length should be for using this on the 5m chart for day trading? The default setup is 2, and I noticed on the description that it says it should be modified to best fit your trading.

Thanks a lot and happy trading!
+2 Jawab
Great Script ;thank you ;i could improve the accuracy with the help of this indicator thank you.


+2 Jawab
luciferlx MarxBabu
@MarxBabu, wow :D
Jawab
How would you convert this to version 3 ? I am trying to add it to a script I already use.
+3 Jawab
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