This is a Wave (or Zig Zag) indicator I made to use in conjunction with the Wave Volume indicator I use.
It uses the Jurik moving average to determine turning points, and will plot the tops and bottoms of the wave based on the most recent high- so you can also use to quickly find pivot highs and lows. If you are using with the R100 Wave Volume indicator, first adjust the wave to fit better (if required) using the Jurik length and/or power, and then use the same settings on the Wave Volume indicator. Default settings work pretty well for most stocks, but adjusting the length between 8 and 14 should be enough for a good fit, or adjust the power between 1 and 3, or get fussy and tweak it with both.
The Jurik MA has been modified to include a VWAP component, so will only work where you have volume. The last "leg" of the wave will move about until the next pivot high or low is found and then will remain fixed.
I hope you find some value with it. Only conditions of use are that if you improve it, let me know and if you publish something that uses it, don't hide the code! Enjoy!
Code pinched and modified from Zero Lag ZigZag by Duyck - thankyou Jurik Moving Average (for turning points) by Everget - thankyou and Weis Wave by Modhelius - thankyou
I have a general request: Is there a way you can add a setting to the indicator which will count the volume of the wave and display it at the pivot/turning point of the wave? This is one of the ways David Weis did his analysis and I find that this is a great way to analyze volume along with the volume wave bars. I'm not sure if counting and displaying the number is possible but if it is then that would make this fantastic. There might have to be a scale setting to make it break down into thousands and millions for the particular instrument. Let me know what you think about that.
Rooster100
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Hi @blakester1111, yes I would like that too. It isn't possible in Pinescript V3 but I'm pretty sure it should be possible in the new V4 but I don't know how to do it yet. I might have to wait for some more V4 scripts to be published and when I get the time learn how to do it. Or if we are lucky someone will publish something very close to what we want and I can copy and modify it to this. I'm actually not sure how much more useful it will be for me compared to just the Wave Volume, which I find easy to see and use even without the printed numbers, but I'd like to have a try with it anyway...