Sage Wave by RichPole
- Indicators
- Version: 1.10
Sage Wave adds up the volume inside each price wave and shows the total as columns under the chart. When a wave ends, a short note on the price chart tells you what kind of wave it was, so you can compare effort (volume) with result (price movement) at a glance.
HOW IT WORKS
- Waves: closing prices are lightly smoothed (EMA 2). A wave turns when price comes back by the reversal size (default 1.0 x ATR 14, with an optional minimum in percent, points or price) and the move holds for 2 closed candles. A wave needs at least 2 candles.
- Columns: all volume inside the wave is added up. Green = up wave, red = down wave. The columns grow during a wave and start again when a new wave begins.
- Notes: each finished wave is compared with the average of the last 10 finished waves.
Strong buying / Strong selling: wave volume at least 2 x the average.
Buyers tiring / Sellers tiring: a better close than the last wave on the same side, but with less volume than that wave.
Heavy vol, buy = sell: at least average volume, but the price move was less than half of the average move (effort without result).
Light buying / Light selling: volume under half the average (shown only when "All waves" is selected).
- By default only the key notes are shown (Strong, Tiring, Heavy).
- Calculations use closed candles only. Finished waves and notes are never redrawn.
HOW TO USE IT
Treat the notes as context, not as buy or sell signals. A simple checklist:
1. Where: price is at a level that matters (an old high or low, a pivot, the edge of a range).
2. Who: a Sage Wave note appears there (for example Buyers tiring or Heavy vol, buy = sell).
3. When: market structure breaks in the new direction.
If one of the three is missing, skip the trade.
SETTINGS
Volume type (tick volume, or real volume when the broker provides it), ATR period, reversal size, minimum reversal, price smoothing, confirmation bars, minimum wave bars, waves to compare, note thresholds, which notes to show, note text, note history, font size, colours, column width.
Alerts on closed candles (popup, sound, push): new up / down wave, tiring wave, heavy volume, strong wave.
LIMITATIONS
- On forex and CFDs the indicator uses tick volume (activity, not traded size). This is normal for MetaTrader.
- Readings are relative: "heavy" means heavy compared with nearby waves on the same settings. A different reversal size gives different waves.
- A wave note appears only after the turn is confirmed, so it is printed a few candles after the wave's top or bottom.
- Educational tool. It does not place trades and is not financial advice.
