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The original author is David Weis, an expert in the Wyckoff Method. The Weis Wave is a modern adaptation of the 1930's Wyckoff Method, another expert in Tape Reading techniques and Chart Analysis. Weis Waves takes market volume and stacks it into waves according to price conditions giving the trader valuable insights about the market conditions.
If you want to learn more about this subject you can find tons of videos in YouTube. Just look for "The Wickoff Method", "Weis Wave" and "Volume Spread Analysis".
There is also the book David Weis wrote himself called "Trades About to Happen" (Wiley Trading Series).
- Volume Waves stacked according to a threshold (*in TICKS*) adjusted by the user for each Symbol, so you can exactly grab the market swings.
- You can set the number of bars you need to load in your study, so you can limit the load and usage of MT resources and gaining speed of processing.
- You can change the color and style of the waves.
- You can Unstack the volume into a simple histogram if desired.
- You can use Real Volume or Ticks Volume.
- You will have Up Waves and Down Waves, and the new and yet unknown wave being formed will have a white (user-changeable) color.
- Sometimes MT5 cache of data gets delayed or not renewed, so some bars can momentarily disappear. The indicator will detect and correct the missing bars in a timed interval if needed.
- If for some reason the terminal is closed during a session, you may encounter during the restart some bars mixed at the current wave. This is normal, give the indicator a time for recomposing itself to the current state of the market...
- This indicator was developed for Intraday trading (Day Trading), so you can use it on a maximum of H1 chart.
A mighthy companion will be the Waves Sizer, which is shown inside the chart and measures the distance Price traveled along the swings...
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