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:

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// @author LazyBear 
// List of all my indicators:
study("Weis Wave Volume [LazyBear]", shorttitle="WWV_LB")
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)
List of my free indicators:
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If anyone is looking for a profitable cryptocurrency trading strategy using this indicator:

+26 Antworten
Hi, LazyBear.
I am Wyckoff Trader and the Weis Wave indicator that you provided on trading view is really useful.

I would ask you kindly, to complete this indicator adding also the ZigZag line with the cumulated volume on the reversal points.

The Weis Wave Indicator shows also this particular features.

You can see these features in this Webinar that David Weis hosted some years ago:

Please, could make it for us?

Kind regards

G. Aloe
+18 Antworten
modhelius girolamoaloe
@girolamoaloe, you can find an implementation that make use of a zig zag-line here .
+8 Antworten
@modhelius, Thank you very much for your work :) . Your work was great in the making of this tool.

I don't use the Weis Wave. I was just testing the tool. I am sharing your indicators with my trading students, in the case, someone of them wants to use it.
+5 Antworten
This is a fantastic indicator. Thanks so much LazyBear. Appreciate your contributions.
+8 Antworten
LazyBear - I really like this indicator (Weis). Thank you for sharing. Would you be able to make the input such that it accepts a non-integer value? Such as 1.5 or 2.5 for example. That would be great if you could :)
+6 Antworten
Hi, thanks very much for the script. Is there anyway I can make the detection length a non-integer value?

Thanks again
+6 Antworten
Is it possible to ad zigzag with volume on end of each swing here? like on weis charts.
+6 Antworten
From what I understand of WW it follows the zig zag pattern of price movement up or down. The wave histogram is the cumulative volume from the lowest point of the price zigzag (swing) to the highest or vice versa. You change the setting of the height of the price zigzag (swing) (from say .5 to any value above or below - not negative). This allows you to choose the setting of the zigzag (swing) that is most appropriate for your work. The volume wave will follow the price zigzag (swing) starting from the lowest or highest to next high or low based on the individuals setting, and will continue going higher or lower till there is a reversal in price based on the setting.
This allows you to see the cumulative volume for that move of the price swing. (eg. your setting may be 1.5 for stocks or a value appropriate for currencies or commodities. The wave will continue beyond 1.5 till there is a reversal of that amount or less if you want to provision for that say 1.) Hope this helps
+5 Antworten
LazyBear Canon_folder
Thats good info. Thanks.
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