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:
// // @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)
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: https://www.youtube.com/watch?v=uzISUr1itWg&%3Bt=3439s
Please, could make it for us?
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.
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