R100 Wave Volume v2 (*v*)

This indicator is similar to the Weis Wave Volume indicator in that it shows cumulative volume for each up and down price wave. However it is calculated differently, using the Jurik moving average to determine turning points. Use this in conjunction with the R100 Wave indicator to determine the best fit Jurik length and power settings.

A great indicator to help analyse the strength of pullbacks, continuation moves and changes in behaviour.

I hope you get some value out of 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
Oct 25
릴리즈 노트: Updated to Pine V4
즐겨찾기 스크립트에서 빼기 즐겨찾기 스크립트에 넣기
What settings do you use? default or is there a guide to settings we can read>?
Hi @stinkbug, first use the separate "R100 Wave" indicator to adjust your settings- the zig-zag plot will show you exactly where the turning points are as you adjust the settings. Once you are happy with the "fit", then use the same settings on the "R100 Wave Volume" indicator. For most tickers I find the only setting that needs adjusting is the Jurik length, and that the default settings suit most tickers on the daily timeframe, but will need adjusting for the weekly or intraday. I never touch the phase settings, but nothing stopping you playing with that also. Here's a brief overview I included with the R100 Wave indicator:

"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 one extra tip to save time I could pass on is when looking through hundreds of charts, I will quickly add an anchored text note to the bottom left of the chart that reminds me what settings I've used in the past and for what timeframe. Fore example a note of "102DW" for length of 10, power of 2 on the Daily Wave, or "142WW" for length of 14 and power of 2 on the Weekly chart, or "14315W" for 15 minute chart and so on...

Hope that helps, Rooster.
stinkbug Rooster100
@Rooster100, really helpful, I like weis waves and this is very similar. I would love to add it to an exisiting script as i only have TV free version, do you know of any V4 scripts that are similar to this or weis wave
Hi @stinkbug, yes this one is now V4- was easier to update than I thought it would be. Yes this is obviously derived from the Weis Wave concept and I think I've tried every one on TV! One difference or advantage with this one is that because it uses the Jurik moving average to identify turning points compared to a fixed percentage, price movement, ATR or Renko it is more "adaptive" to changes in an instruments volatility or relative movements over time. So sometimes the wave fit can be better over a longer period...
stinkbug Rooster100
@Rooster100, thanks so much I spent an hour trying to update myself. I sick lol. But I like ur idea because the art and manual were a pain in the butt. I like the waves a lot because you can see the waves easy in the price action but hard to see the volume accumulation. Thanks for the replies and look forward to sharing my experiences with it
Hello Sir,

i was using only this indicator in living trading for my Indian stocks, it was really giving perfect signal for buy/sell which i improve myself how to use your indicator and u don't believe me this indicator not even given me a single day loss for the past 3 weeks. I was really thankful to u for creating this a Perfect indicator.
Rooster100 veera_kir
That's great to hear @veera_kir, I'm glad you're finding it useful! This indicator can be used in a lot of different ways- it would be great if you can add a bit of detail about how you use it. I reckon it may help a few people who are interested. Like what type of stocks you trade, what timeframe and are they generally trending or in a range or both for example. And any tips you discovered to help make using it more effective. Cheers and continued success!
veera_kir Rooster100
Sir, presently i don't know how to explain my strategy how i using your indicator for intraday trading in Indian stock Markets, still i didn't come with 100% output. But soon i will explain you.
+1 응답
Is it possible to use this for live trading or only to look back on the Market? The backtesting looks unreal. Does it redraw?
+1 응답
Hi @xyse, not sure what sort of back-testing you've done but on its own this is not meant to be a buy/sell trigger- no better than the Jurik MA that the turning points for this indicator are based on anyway. It's value lies in identifying changes in trading behaviour and applies to any timeframe and live trading. There is no re-painting once a turning point has been identified, but the last leg or bar will move about/change colour until the next turning point is established.
+1 응답
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