Weis Wave with Alert MT5
*NEW Speed Index + Auto Volume Waves *
How to trade with it: https://www.tradethevolumewaves.com/blog
Videos on how to use it on our youtube channel: https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ
Weis Wave with Alert MT5
This is a Weis Wave indicator which is based on Richard D. Wyckoff theory. It works in all time periods, range bar and tick bar charts and it can be applied to any market.
This indicator is adding the volumes 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 should exceed the number of points (pip*10) set in the indicator parameters. 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.
The volume of the wave together with pip distance that the price has covered and the number of bars are displayed at the end of this wave. Speed Index is a new function shows the speed of the wave and can be displayed on the chart (the smaller this number is the faster the wave is and the larger this number is the slower the wave is)
Furthermore, an Alert (popup, email, push, sound) can be setup if the cumulative volume of the current wave exceeds a certain number specified in the parameters. An Alert can also be setup if Speed Index exceeds a specific value and/or is below a specific value.
- Load all Bars: true/false, if false Number of bars back will be loaded
- Number of bars back: numbers of bars that the indicator will load
- 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)
- VolDivBy: Volume divider in order to avoid big numbers on the display
- PipDivBy: Pip distance divider in order to avoid big numbers on the display
- SI Miltiplier: Speed Index Multiplier for better display
- Volumetype= true=Tick Volume, false=Real Volume
- Weighted Volume: true/false - Weights volume of different sessions taking into consideration that when London and US are operating at same time have 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.
- Volume Filter: true/false - Advanced algorithm that emphasizes on significant volume waves
Format Wave and Label parameters
- ShowLabels: Display or not the volume, the pips and the number of bars of each wave
- What to Display:1-Volume,2-Pips, 3-Bars, 4-All, 5-Volume and Pips
- ShowWaveLine: Draw the wave line or not on the price chart
- Format: LabelShift, Font size, Color Up, Color Dn, wave color, wave width
Volume Alert Parameters
The information displayed by the alert function are: the pair, the period, a message “Hign Dn Volume” or “High Up Volume” and the time.
- TriggerCandle: The candle number that the alert will be triggered
- VolSize: The value of cumulative volume that will be triggered if the alert is exceeded
- Alerts:Popup, Sound, Email, Push
Speed Index Display and Alert Parameters
SI Display: Show or not speed index on the chart 0-No Display, 1 Speed Index only, 2 Volume and Speed Index
SpeedAlert: Enable or not speed index alert - Speed Alert works on the previous wave - not the current which is forming.
AlertFont: Font for speed index when criteria are met (in order to differentiate from the rest of indices)
SpeedIndexSizeSlowAbove: Trigger Alert if speed index is above setup number.
SpeedIndexSizeFastBelow: Trigger Alert if speed index is below setup number.
Alerts:Popup, Sound, Email, Push
Added Volume and SI display together
Added SI Multiplier
Remove weighted volume on specific bars, weighted volume calculates all bars
Weighted volume under development
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 "WV Difference:xx" (Corner, Y offset, X offset, Font, Font Size)
2. Adjusted Label Shift
New functions added to the indicator
1. PipDivBy: Pips divider in order to avoid big numbers on the display
2. Ability to choose which labels to display: 1 - Volume, 2 -Pips, 3 -Bars, 4- ALL, 5- Volume and Pips
New Speed Index Display and Alert
Speed Index= Wave Volume/Pip Distance - which means how much volume was needed to move 1 pip. The smaller the number is the faster the wave is. The larger the number is the slower the wave is.
Alert functionality has been added if speed index is above a certain value and/or below a certain value.
Push Notification has been added on both Volume and Speed Index