Indicator: Weis Wave Volume [LazyBear]

This indicator takes market volume and organizes it into wave charts, clearly highlighting inflection points and regions of supply/demand.

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.

More info:

Complete list of my indicators:
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// @author LazyBear 
// List of all my indicators:
study("Weis Wave Volume [LazyBear]", shorttitle="WWV_LB")
showDistributionBelowZero=input(false, type=bool)
mov = close>close[1] ? 1 : close<close[1] ? -1 : 0
trend= (mov != 0) and (mov != mov[1]) ? mov : nz(trend[1])
isTrending = rising(close, trendDetectionLength) or falling(close, trendDetectionLength) //abs(close-close[1]) >= dif
wave=(trend != nz(wave[1])) and isTrending ? trend : nz(wave[1])
vol=wave==wave[1] ? (nz(vol[1])+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)
Hello! Thanks for sharing this.

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!
Great Script ;thank you ;i could improve the accuracy with the help of this indicator thank you.

How would you convert this to version 3 ? I am trying to add it to a script I already use.
+2 Resposta
braincipher braincipher
@braincipher, Never mind... just had to declare variable first as 0:0 then put a ":" before "=" variable on next line like

mov = 0.0
mov := close>close ? 1 : close<close ? -1 : 0
masa_crypto braincipher

This comment helped me, thanks!!
Hi, good morning.

You has "rising" function script?

Thank you.

+4 Resposta
thank you
somehow this one works for me on forex pair pretty accurate and doest work on xbtusd for bitmex
LazyBear - I really like this indicator (Weis). Thank you for sharing. Would you be able to make the input such that it accepts a non-integer value? Such as 1.5 or 2.5 for example. That would be great if you could :)
+3 Resposta
If anyone is looking for a profitable cryptocurrency trading strategy using this indicator:

+22 Resposta
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