Weis Wave Chart

13. Juni 2018

This indicator is based on the Weis Wave described by David H. Weis in his book Trades About to Happen: A Modern Adaptation of the Wyckoff Method, more info how to use this indicator can be found in this video. The Weis Wave is an adaptation of Richard D. Wyckoff’s method Wave Charts. It works in all time periods and can be applied to all asset types.

Unlike other implementations I found here on TradingView, this implementation make use of a Renko-like zig zag pattern, very similar to how it is described in David H. Weis' book. The settings for the zig zag pattern are very similar to the standard Renko settings here on TradingView, in the "Renko Assignment Method" you either chose "ATR" or "Traditional" (read more about it here ). The ATR length or the brick size is then entered in the textbox "Value". You can also chose another setting in the "Renko Assignment Method" drop down named "Part of Price" which calculate the brick size from the current close and divide it by the value in the text box "Value". It is also possible to chose if the zig zag pattern shall use the high/low, the open/close or just the close as the most extreme values in its calculation, you select this in the drop down "Price Source".

TradingView's pine script does currently not support to print non-static text on the chart, so it is not possible at this point to write out the volume on the zig zag chart. It is also not possible to have both an overlay and separate chart pane in the same indicator, therefor this indicator is split up in two.

You can find the volume indicator here:

13. Juni 2018

Versionshinweise

Example chart updated.

13. Juni 2018

Versionshinweise

Fix minor bug for the price source "Close".

13. Juni 2018

Versionshinweise

Fix bug that that made it impossible to enter floats into the Value textbox even for non ATR values.

13. Juni 2018

Versionshinweise

Since it doesn't work very well to extend the zig zag line to the last bar in real time, a setting has been added where one can enable or disable this feature. False by default.

13. Juni 2018

Versionshinweise

Fixed minor rendering behavior when "Extend to Last Bar" is enabled.

14. Juni 2018

Versionshinweise

Fixed bug in algorithm.

14. Juni 2018

Versionshinweise

Since some people does not seem to understand how this indicator works but rather focus on complaining about that the zig zag chart is not plotted at the exact turning points I have decided to window dress the example graph with more pinpointed settings than the defaults, to avoid such comments in the future.

15. Juni 2018

Versionshinweise

Fixed so the graph will work better in real time which makes the "Extend To Last Bar" option deprecated and removed from the settings dialogue.

15. Juni 2018

Versionshinweise

Changed the default value for Price Source to Close, because that is what David H. Wise is using in his original implementation of this indicator.

15. Juni 2018

Versionshinweise

The example chart got corrupted in the last update for some reason so try to make another release.

3. Juli 2020

Versionshinweise

Update to Pine Script Version 4 and add resolution to study.

9. Feb. 2024

Versionshinweise

Update: Convert to Pine Script version 5