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Official Weis Wave MT5

The volume is the fuel that drives the prices. Most of the existing indicators show with late the result of a cause, because they are not oriented by this input. The only way to understand the cause that generated a price shift result is by analyzing the volume. However, it is very difficult to assess the state of a given market through traditional indicators of this nature. In this way, this Weis Wave implementation comes to make this analysis process easier. First exposed by David Weis, the indicator show the accumulation of volume that occurs in each zig-zag of the price movements. These waves allow the trader to evaluate with much more conviction the market cycles giving the possibility of positioning itself in advance to the movements that actually generate satisfactory profits.
This is an advanced indicator for high-performing traders and others who want to reach that level. That's why it's important to know why it's not free, because it's a high-quality tool optimized for speed without delays. In addition, it is the only one that offers in real time the remaining percentage to occur the wave exchange, as well as allows to have a reading of the market with greater accuracy, through the precise separation of the waves.


References:
  • "A Modern Adaptation of the Wyckoff Method"
  • "The Secret Science of Price and Volume"
  • "Trades About to Happen"
  • To know more, search on the internet: "The Wyckoff Method", "Weis Wave" and "Volume Spread Analysis";

Features

  • 3 types of waves: bullish, bearish and indecision. The wave of indecision comes when prices move in opposite the direction of the current wave.
  • Label that shows the percentage remaining for the next wave.
  • Allows you set the type of volume that will be accumulated in the waves, either real or tick volumes. Thus, the indicator works in any market, for example: stocks, futures, forex, commodities, etc.
  • Allows you to set the required score for the wave exchange.
  • Allows you to set the font size of the percentage labels.
  • Lets you set both the wave colors and the colors of the percentage labels.


Inputs Parameters

  • Reversal Points - Point limit in the opposite direction to change wave.
  • Bulls Wave Info - Bulls percentage label color.
  • Bear Wave Info - Bear percentage label color.
  • Font Size Info - Font size of percentage labels.
  • Volume Type - Real Volume or Ticks Volume.


Colors

  • Set the color of waves.





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Version 1.2 2019.05.30
* Fixed the display of the value "Price limit" on the label in the upper right corner.
Version 1.1 2019.05.15
* Added in the text of percentage the information "price limit" to occur the exchange of wave.