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:
- Trend trading: trade with the trend on retracement level if the volume and pips of the retracement wave are insignificant.
- 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.
- Other strategies using Weis wave can be found on the internet.
- 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
Created an error Text in case the bars to calculate are more than the bars on chart