Renko Weis Wave Volume

A volume bulls vs bears power indicator that is based entirely on Wyckoff Weis Wave Volume trends. This indicator is part of my DIVINE series RENKO indicators that run on an engine capable of extracting Renko brick information from a time series. As with the Renko RSI and Renko Trend Momentum indicators, swapping between Renko and time series type charts(bar, candlestick , heikin ashi) is seamless.

The algorithm uses the cumulative volume sum during the lifetime of a Renko brick formation. It tries hard to dissect and distribute volume when multiple bricks are formed during a single time candle (bar, candlestick , heikin ashi). Both positive and negative volume are plotted simultaneously, so that any instance where multiple bricks are created in a single time candle, positive and negative volume will be shown.

• 4 color themes as with all of the other DIVINE series indicators and strategies.
  
• Shows ares of accumulation, distribution, capitulation. volatility .
  
• Shows volatile brick locations with counts that indicate the number of nested bricks that were contained in a single time based candle.
  
• Works well with Renko Price Bars Overlay script.
  

Reference to explanation of volatile brick information tips.

All feature requests are welcome. PM for access.

Versionshinweise:

• Updated volatility brick algorithm for volume/tick distribution.
  
• Added Overlay/Hide/Integrate modes for volume and tick types.
  
• Added Tick/Pip mode to show ticks instead of volume in the cumulative wave totals!!!
  

Please find the following video that outlines this indicator and the new features.

16:40

Versionshinweise:

• Updated color themes.
  

Versionshinweise:

• Added ORD volume. You can now toggle between ORD and WEIS. ORD simply takes the running average instead of the cumulative volume or ticks.
  

Versionshinweise:

• Updated to Pinescript version 4.
  
• Added member features.
  

Versionshinweise:

• Updated copyright.
  

Versionshinweise:

• Updated member features.
  

Versionshinweise:

• Updated member features.
  

Versionshinweise:

• Updated member features.