Weis Wave with Alert MT5
** NEW PLUTUS SIGNALS and ALL IN ONE **
Plutus Long and Short trading signals added (for more infor visit http://www.tradethevolumewaves.com
Different Wave Types can be sellected. Choose what your cumulative Histogram diplays: Volume, Pips, Progressive Volume Rate, Time or Emphasized Volume Waves **
Free, two hour, one to one webinar covering setup , methodology and Q&A on any lifetime purchase.
How to trade with it: https://www.tradethevolumewaves.com
Youtube channel: https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ
Weis Wave with Alert MT5
This is a Weis Wave indicator which is based on Richard D. Wyckoff theory. It works in all time periods, range bar and tick bar charts and it can be applied to any market.
This indicator is an evolution of Weis Wave because it offers the autowaves feature, different wave types as well as the powerfull Speed Index. Each price wave is moving in a specific direction up or down until it reverses. In order for the indicator wave to reverse in the opposite direction, the price should exceed the number of points (pip*10) set in the parameters. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading the previous waves.
- Indicator Number: Multiple Indicators can be added on the same chart. Valid values "0 to 9" and "a-z"
- Show Orders: display or not your orders
- Load all Bars: true/false, if false Number of bars back will be loaded
- Number of bars back: numbers of bars that the indicator will load
- Wave Direction Change difference in Points: Number of points required for the current wave to reverse and form a new wave
- AutoDifference: true/false - Neglects the Wave Direction difference and adjusts the Difference automatically creating more accurate waves.
- AutoSensitivity: The higher the number the higher the sensitivity and therefore more waves are formed.
- Volumetype= true=Tick Volume, false=Real Volume
- Weighted Volume: true/false - Weights volume of different sessions taking into consideration that when London and US are operating at same time have the highest volume of all sessions occurs and adjusts the rest of the sessions. With this parameter it very easy visualize which volumes are significant even on Asian hours or non-significant on London-US hrs.
- Net Volume: 0-Disabled, 1-Price Close, 2 Price Median
- Wave Type: 0-Regular Volume, 1-Pips, 2-Progressive Volume Rate, 3-Time,4 Emphasized Volume Waves
Speed Index Display and Alert Parameters
- SI Display: Show or not speed index on the chart 0-No Display, 1 Speed Index only, 2 Volume and Speed Index
- Show Plutus Patterns or Not
- Alert on Plutus Patterns:Popup, Sound, Email,
- SpeedAlert: Enable or not speed index alert - Speed Alert works on the previous wave - not the current which is forming.
- AlertFont: Font for speed index when criteria are met (in order to differentiate from the rest of indices)
- SpeedIndexSizeSlowAbove: Trigger Alert if speed index is above setup number.
- SpeedIndexSizeFastBelow: Trigger Alert if speed index is below setup number.
- Alerts:Popup, Sound, Email, Push
Format Wave and Label parameters
- ShowLabels: Display or not the wave type the pips and the number of bars of each wave
- What to Display:1-Volume,2-Pips, 3-Bars, 4-All, 5-Volume and Pips
- ShowWaveLine: Draw the wave line or not on the price chart
- Format: LabelShift, Font size, Color Up, Color Dn, wave color, wave width
Volume Alert Parameters
The information displayed by the alert function are: the pair, the period, a message “Hign Dn Volume” or “High Up Volume” and the time.
- Volume Alert Above this limit: The value of cumulative volume that will be triggered if the alert is exceeded
- Alerts:Popup, Sound, Email, Push
Format Numbers for better display parameters
- VolDivBy: Volume divider in order to avoid big numbers on the display
- PipDivBy: Pip distance divider in order to avoid big numbers on the display
- SI Miltiplier: Speed Index Multiplier for better display
- Reverse Style: inverts wave style
Removed Show Individual Signals
Show Plutus Signal=true
SI Ratio =2.0 (Speed Index Ratio)
Min Wave Bars = This is the total number of bars of both waves forming the pattern. I recommend 4 when trading the 1HR, 3 when trading higher TFs. The smaller TF you are trading the higher number.
Choose what Wave Type you would like to display:
Regular Volume, Pips, Progressive Volume Rate, Time or Emphasized Volume Waves
Weight Volumed Algorithm Adjustment
Show your orders or not on the chart
New Net Volume wave calculation according to Price Median
New Volume Filter = Progressive Volume Rate
The Net Volume Wave= Absolute(+volume-volume)
Added Volume and SI display together
Added SI Multiplier
Remove weighted volume on specific bars, weighted volume calculates all bars
Weighted volume under development
AutoDifference: true/false - Neglects the Wave Direction difference and adjusts the Difference automatically creating more accurate waves.
AutoSensitivity: The higher the number the higher the sensitivity and therefore more waves are formed.
Format Parameters for Auto Difference value displayed on chart as "WV Difference:xx" (Corner, Y offset, X offset, Font, Font Size)
2. Adjusted Label Shift
New functions added to the indicator
1. PipDivBy: Pips divider in order to avoid big numbers on the display
2. Ability to choose which labels to display: 1 - Volume, 2 -Pips, 3 -Bars, 4- ALL, 5- Volume and Pips
New Speed Index Display and Alert
Speed Index= Wave Volume/Pip Distance - which means how much volume was needed to move 1 pip. The smaller the number is the faster the wave is. The larger the number is the slower the wave is.
Alert functionality has been added if speed index is above a certain value and/or below a certain value.
Push Notification has been added on both Volume and Speed Index