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)
Does this indicator repaint? Also what would you recommend the trend detection length should be for using this on the 5m chart for day trading? The default setup is 2, and I noticed on the description that it says it should be modified to best fit your trading.
Thanks a lot and happy trading!
mov = 0.0
mov := close>close ? 1 : close<close ? -1 : 0
This comment helped me, thanks!!