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Weis Pip Wave MT5

Weis Pip Wave

This is a Weis Wave Pip indicator which is based on Richard D. Wyckoff theory but instead of plotting volume waves it plots pip waves. It works in all time periods and it can be applied to any market.

This indicator is adding the pips (open to close) of the corresponding price waves and draws a cumulative histogram. 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 must exceed the number of Points (pip*10) set in the parameters of the indicator. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading mainly the previous waves.

Combining this indicator with the "Weis Wave with Alert MT5" indicator makes it much easier to visualize what is happening in the market.

Videos on how to use it on our youtube channel: https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ

Trading Strategies using Weis Pip Wave and Weis Wave with Alert:

  1. Trend trading: trade with the trend on retracement level if the volume and pips of the retracement wave are insignificant.
  2. Too much volume but not significant pip wave move: Something is going to happen, wait for the price to break a significant level and follow it.
  3. Other strategies using Weis wave can be found on the internet.


Parameters

Setup Parameters

  • Number of bars back: bars back to calculate waves.
  • Wave Direction Change difference in Points: Number of points required for the current wave to reverse and form a new wave



sunnychow
5007
sunnychow 2019.01.12 16:37 
 

Thanks for share

Nikolay Gaylis
17218
Nikolay Gaylis 2019.01.07 17:54 
 

User didn't leave any comment to the rating

Mazurka
187
Mazurka 2018.12.02 17:56 
 

НЕ ПОЗОРИЛИСЬ БЫ! ТО ЧТО РИСУЕТ ВАШ ИНДЮК, НЕ ПОБОЮСЬ ЭТОГО СЛОВА, ТАК КАК ЕМУ НАДО, А НЕ НАМ.

Version 1.1 2018.11.26
Fixed a bug which did not displaying the waves

Created an error Text in case the bars to calculate are more than the bars on chart