Wave Volume Indicator

New comment
 

Hello Traders. I have an idea for an indicator that is inspired by the weis waves indicator-an improvement of it,if you will. I will post the weis wave indicator @ the bottom of the post to convey the general idea of the indicator.

This particular indicator, instead of showing TOTAL volume @ the end of a trend like the weis wave, will display Buy & Sell volumes that happened on the price leg SEPARATELY. On the indicator window, the display of Buy/sell wave volumes could be occupy either side of the '0' level-with sell volumes for the wave below zero & buy volumes for the wave above zero.

If this indicator is a success. It could be used to catch reversal trades in s/r zones & in many other ways.

If anyone knows of such an indicator that exists, kindly share it here or please help with the code.

Regards

Anto

Files:
weis3.mq4  9 kb
 
Anto23:
Hello Traders. I have an idea for an indicator that is inspired by the weis waves indicator-an improvement of it,if you will. I will post the weis wave indicator @ the bottom of the post to convey the general idea of the indicator.

This particular indicator, instead of showing TOTAL volume @ the end of a trend like the weis wave, will display Buy & Sell volumes that happened on the price leg SEPARATELY. On the indicator window, the display of Buy/sell wave volumes could be occupy either side of the '0' level-with sell volumes for the wave below zero & buy volumes for the wave above zero.

If this indicator is a success. It could be used to catch reversal trades in s/r zones & in many other ways.

If anyone knows of such an indicator that exists, kindly share it here or please help with the code.

Regards

Anto

Why are you chasing reversals? Those are almost impossible to catch. Why not trading the trend?

 

It appears to be a repainting indicator - is that correct?

TEAMTRADER

 
TEAMTRADER:
It appears to be a repainting indicator - is that correct? TEAMTRADER

Seems so ....

 

It does repaint. However that isn't the ponit. Hi, TEAMTRADER. The point is to measure the amount of buyers/sellers when price reaches supply demand zones to get a better idea of where price might be headed.

Hello Mladen, Is it possible to code the indicator?

 
Anto23:
It does repaint. However that isn't the ponit. Hi, TEAMTRADER. The point is to measure the amount of buyers/sellers when price reaches supply demand zones to get a better idea of where price might be headed. Hello Mladen, Is it possible to code the indicator?

Anto23

Not possible to know the buy/sell volumes using metatrader

 
mladen:

Anto23

Not possible to know the buy/sell volumes using metatrader

Thank you, Mladen. Surely using the number of upticks and downticks in the move would work?

 

Can you update this indicator to show the AVERAGE volume of each leg?


Average volume being the total volume of each leg divided by it's number of bars. 


thanks

New comment