Weis Waves RSJ is a free indicator for MetaTrader 5 that adds up the volume of each price wave and shows it as a histogram in a separate window: green bars for up waves, red bars for down waves. It lets you compare the volume of each wave (the effort) with the price movement it produced (the result).
What it shows
- Each bar shows the volume accumulated in the current wave up to that candle. While the wave goes on, the bars grow; when the price turns and a new wave starts, the count starts again from the volume of that candle.
- Green bars: up wave. Red bars: down wave.
- It uses the real volume when the broker provides it (futures and stocks of any exchange, e.g. B3, CME and others) and the tick volume otherwise (forex, CFDs, metals).
- The window is named "Weis Waves RSJ". Open the Data Window (Ctrl+D) and move the mouse over a bar to read the volume of the wave in the line WEIS WAVE.
- It is an indicator only: it never opens, closes or changes orders.
How to add it to the chart
- Open the Navigator (Ctrl+N) and find Weis Waves RSJ under Indicators > Market.
- Drag it to the chart (or double-click it) and click OK.
- The histogram opens in a new window below the price chart. To remove it, right-click the window and choose the indicator list (Ctrl+I).
Inputs
The indicator has no inputs: it works as soon as it is added to the chart, on any symbol and timeframe.
Colors
In the Colors tab, the line WEIS WAVE COLORS holds the colors of the bars: the first is the up wave (default ForestGreen) and the second the down wave (default FireBrick). The third has no color and is used only on the first bar of the history; leave it as it is.
Tips
- Compare consecutive waves in the same direction: a new high or low reached with less wave volume than the previous wave shows less participation in the move; a large wave with little price progress shows effort without result.
- Read the histogram together with the price chart: it shows the volume of the waves, not prices.
- On forex, CFDs and metals the volume is the tick volume (number of price changes), not the traded volume.
- It works on any timeframe; on very low timeframes the waves are shorter and change direction more often.
Download
Weis Waves RSJ (free).
Questions and suggestions: send me a private message through my MQL5 profile.
Trading involves risk of loss. The indicator shows market information; it does not forecast prices and offers no guarantee of results.
