WWV_LB pivotfix histogram jayy

17 Agu 2020

This is a modification of LazyBear's WWV_LB which plots cumulative volume of waves.  The reversal points are defined through relative closing prices. I made adjustments to the script to show waves turning on actual/true low or high pivots as opposed to the bar/candle identified in the LazyBear script. What I mean by that is that the actual/true low or high pivots are in fact the true WWV_LB pivots. The original WWV_LB script calculates cumulative volume from reversal confirmation bar  to reversal confirmation bar as opposed to the true WWV_LB pivot bar to pivot bar.  As such the waves can have slightly different start and end points.  As such the cumulative volume can also be different from te WWV_LB script.  This is because confirmation of a wave reversal can lag a few bars after the true reversal pivot bar.  In the script notes, you will see the original key WWV_LB script lines that identify the true high or low pivots and confirm the wave direction has reversed. I have taken these lines from LazyBear's original script. I have included the LazyBear script within the script notes so that the original can be compared to what I have added/changed. Instead of "trendDetectionLength"  I have inserted "Trend Detection Length".   You can of course change the descriptor to what you wish by editing script line 33 to the original term or whatever you wish.  You might also wish to set the default to the value "2" as per the original script.  I have set the default to "3". This script should be used in conjunction with "WWV-LB zigzag pivot fix jayy" script which is shown on this screen for comparison. 

Here is a link to the original LazyBear histogram script which can be used for comparison.  The differences are subtle, however, the histograms will regularly be different by a bar or two:

  
The lowest panel has the original LazyBear WWV_LB script for comparison.  All three scripts have been set to a Trend Detection Length of 3.jayy