Weis Waves RSJ
- Indicators
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JETINVEST
Jet Invest develops indicators and trading tools for MetaTrader 4 and 5: Order Flow, Footprint, Volume Profile, market structure (SMC), sessions and market overview panels, for forex, metals, indices, crypto and futures of any exchange (CME, B3 and others). - Version: 1.0
Weis Waves RSJ adds up the volume of each price wave and plots it as a histogram of cumulative volume for the alternating up and down waves.
This lets you compare the effort (volume) of each wave with its result (price progress) and see when a move is supported by volume or is losing strength.
How to read it
Each bar of the histogram is the total volume traded during one price wave.
When a trend is healthy, the waves in the direction of the trend usually show more volume than the corrections.
When price makes a new high or low but the wave volume is smaller than in the previous wave, the effort is not producing the same result, which can warn that the move is losing strength.
The indicator is drawn in a separate window and works on any symbol and timeframe that provides tick or real volume.
If you have questions, please send me a direct message: https://www.mql5.com/en/users/robsjunqueira/
Full manual: https://www.mql5.com/en/blogs/post/780493
Want the waves on the price chart, with volume, duration and delta labels, highlights, alerts and data for Experts? See JET Weis Waves PRO:

Parabéns!