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Weis Wave Indicator

This indicator is based on the Weis wave principle of wave volume. Below are few features of the indicator

  • It draws the wave on the chart while the accumulated volume per wave in a different window at the bottom of the chart
  • You can configure the turning point move
  • It displays the accumulated volume (in thousands, eg for 15000 volume it will show 15) at the end of each wave
  • You can also configure to show number of candles in the wave along with the wave volume
  • The indicator calculates the distinct volume by historical analysis and colors them differently for you to pick easily

Parameters

  • Difference - It is for wave variance. Keep it 0
  • LabelShift - Distance from candle where the wave volume is shown. Keep it 20
  • waveHistory - Number of Up or Down wave the indicator will analyze to come up with significant volume
  • customizePip - It adjusts the pip size for better wave configuration. One setup will automatically fit for all stocks of different values, be it 5 $ or 1000$ stock. Keep it TRUE
  • showVolume - It will show volume in thousands at the end of each wave on the chart. Keep it TRUE
  • showBarCount - Shows the bar count along with volume. Keep it TRUE if you want that data
  • truncateVolume - It will show volume in thousands. For exact volume to display you can set it to FALSE
  • showAlert - Alert is for the next version release. Keep it FALSE for the moment
  • upNormal - Color to display routine volume with no impact in the change in behavior in UP wave
  • upHigh - Color to display any high volume in the wave that could sign the possible change of behavior in UP wave
  • upLow -   Color to show very low volume in the wave that could suggest shallow supply or demand in UP wave
  • dnNormal - Color to display routine volume with no impact in the change of behavior in DOWN wave
  • dnHigh - Color to show very high volume in the wave that could sign the possible change of behavior in DOWN wave
  • dnLow - Color to show very low volume in the wave that could suggest shallow supply or demand in DOWN wave
  • waveWidth - Width of the wave line on chart. Keep it 2 for better look
  • waveColor - Color of the wave line in chart. Chose that best suits your template


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