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.
Complete list of my indicators:
List of my indicators at Appstore: http://blog.tradingview.com/?p=970
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
// // @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 : close<close ? -1 : 0 trend= (mov != 0) and (mov != mov) ? mov : nz(trend) isTrending = rising(close, trendDetectionLength) or falling(close, trendDetectionLength) //abs(close-close) >= dif wave=(trend != nz(wave)) and isTrending ? trend : nz(wave) vol=wave==wave ? (nz(vol)+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)