Wyckoff Wave

"The Wyckoff Wave is a weighted index consisting of 12 stocks that are leaders in their perspective industries. It was introduced by the Stock Market Institute in 1931.

Made up of leaders in the important stock groups, the Wyckoff Wave represents the core of the American industrial complex.

The Wyckoff Wave has been a market indicator for Wyckoff students for over 50 years. While the stocks comprising the Wyckoff Wave have changed over time, it continues to be a sensitive leading market indicator. The Wyckoff Wave has consistently identified market trends.

The Wyckoff Wave is extremely helpful in predicting the stock market’s timing and the direction of the next market move.

The Wyckoff Wave is analyzed in five minute intervals and individual up and down iintra-day waves are created.

These individual waves, which include the price action and volume during those brief up and down market swings, also provide the data for other important Wyckoff Stock Market Institute indicators, including the Optimism-Pessimism volume index and the Trend Barometer.

These 12 stocks that make up the Wyckoff Wave. They are listed, along with their multipliers, below."

Wave Stock / Multiplier
AT&T / 79
Bank of America / 50
Boeing / 39
Bristol Myers / 119
Caterpillar / 35
DowDuPont / 72
Exxon Mobile / 32
IBM / 21
General Electric / 90
Ford / 25
Union Pacific / 60
WalMart / 43

In 2019, DowDuPont split into three companies: Dow, DuPont, and Corteva . Because TV limits the number of securities in a script to 40 , only Dow and DuPont are factored into the Wave calculation (higher market caps than Corteva ) with a multiplier of 36 each.
릴리즈 노트: Condensed code to add Corteva, changed weightings for Dow, DuPont, and Corteva to 24 (DowDuPont/3).

Now plots the true open value in real time.
릴리즈 노트: Added trendline to image
릴리즈 노트: Updated to include an option for repainting -- default value is true, meaning the script will repaint the current bar.

False = Not Repainting = Value for the current bar is not repainted, but all past values are offset by 1 bar.

True = Repainting = Value for the current bar is repainted, but all past values are correct and not offset by 1 bar.

In both cases, all of the historical values are correct, it is just a matter of whether you prefer the current bar to be realistically painted and the historical bars offset by 1, or the current bar to be repainted and the historical data to match their respective price bars.

As explained by TradingView,`f_security()` is for coders who want to offer their users a repainting/no-repainting version of the HTF data.
릴리즈 노트: Removed the timeframe input to simplify the script.

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