Weis Pip Wave MT5
****NEW Auto Pip Waves ****
Attention: this indicator does not provide the zig zag line, as well as any display information about volume, pips, number of bars and Speed Index. All this information is generated by Weis Wave with Alert MT5 indicatorhttps://www.mql5.com/en/market/product/33441
More Info: http://www.tradethevolumewaves.com
Videos on how to use it on our youtube channel: https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ
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.
Trading Strategies using Weis Pip Wave and Weis Wave with Alert: tradethevolumewaves.com
- Load all Bars: true/false, if false Numbers of bars back will be loaded
- 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
- AutoDifference: true/false - Neglects the Wave Direction difference and adjusts the Difference automatically creating more accurate waves.
- AutoSensitivity: The higher the number the higher the sensitivity and therefore more waves are formed.
- Format Parameters for Auto Difference value displayed on chart as "WP Difference:xx" (Corner, Y offset, X offset, Font, Font Size)
Weight Volume Parameters - Weight Volume According to Sessions London-US-Asia. Should be used only in Forex or any other Instrument that when EU+US sessions operating together has the Highest Volumes. (it operates on 1Hr charts or less)
- Weighted Volume: true/false - Weights volume of different sessions taking into consideration that when London and US are operating at same time the highest volume of all sessions occurs and adjusts the rest of the sessions. With this parameter it very easy visualize which volumes are significant even on Asian hours or non-significant on London-US hrs.
AutoDifference: true/false - Neglects the Wave Direction difference and adjusts the Difference automatically creating more accurate waves.
AutoSensitivity: The higher the number the higher the sensitivity and therefore more waves are formed.
Format Parameters for Auto Difference value displayed on chart as "WP Difference:xx" (Corner, Y offset, X offset, Font, Font Size)
Created an error Text in case the bars to calculate are more than the bars on chart