Weis Wave Volume

2018년 6월 13일

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 also 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. For assets that do not support volume Weis propose in his book to use the true range instead, so if you want to use this indicator for assets that do not support volume, make sure to enable the checkbox "Use True Range instead of Volume".

Unlike other implementations I found here on Trading, 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". If you want the price to oscillate around a zero value, enable the "Oscillating" checkbox.

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 zig zag indicator here:

2018년 6월 13일

릴리즈 노트

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. For assets that do not support volume Weis propose in his book to use the true range instead, so if you want to use this indicator for assets that do not support volume, make sure to enable the checkbox "Use True Range instead of Volume".

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". If you want the price to oscillate around a zero value, enable the "Oscillating" checkbox.

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 zig zag indicator here:

2018년 6월 13일

릴리즈 노트

Fix minor bug for the price source "Close".

2018년 6월 13일

릴리즈 노트

Wave Chart was missing in the example chart.

2018년 6월 13일

릴리즈 노트

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

2018년 6월 13일

릴리즈 노트

Support added for normalization over time. Enabled via the "Normalize" checkbox. Disabled by default.

2018년 6월 14일

릴리즈 노트

Fixed bug in algorithm.

2018년 6월 14일

릴리즈 노트

Fix so true range is used automatically if volume is not presented. Changed the "Use True Range instead of Volume" setting from a textbox to a drop down, where it is now possible to chose "Always", "Never" or "When Volume is Unavailable". The last option is the default value.

2018년 6월 14일

릴리즈 노트

Changed the name of the option ""When Volume is Unavailable" to "Auto".

2018년 6월 14일

릴리즈 노트

Settings differed between the line chart and the volume chart in the example graph, now fixed.

2018년 6월 14일

릴리즈 노트

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.

2018년 6월 15일

릴리즈 노트

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.

2018년 6월 15일

릴리즈 노트

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

2020년 7월 3일

릴리즈 노트

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

2월 9일

릴리즈 노트

Update: Convert to Pine Script version 5