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Weis Wave with Alert MT5


Weis Wave with Alert 

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.


Videos on how to use it on our youtube channel: https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ/videos



Trading Strategies:


Trend trading: trade with the trend on retracement levels if the volume of the retracement wave is insignificant.

Too much volume but not significant price move: Something is going to happen, wait for the price to break a significant level and follow it (High Speed Index).

Other strategies using Weis wave can be found on the internet.



Setup Parameters

  • Difference: Number of points required for the current wave to reverse and form a new wave
  • 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
  • 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.  Not to be used with constant tick charts.
  • 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
  • LabelShift: Label shift for volume and pips
  • FontSize: Font size of labels
  • FontColorUp: Font color for labels on up waves
  • FontColorDn: Font color for labels on down waves
  • FontColorNow: Font color for labels for the current forming wave
  • WaveColor: Color for wave line on price charts
  • WaveWidth: Width of wave line


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
  • EnableNativeAlerts: Popup window
  • EnableSoundAlerts: Sound alert
  • EnableEmailAlerts: Send email
  • EnablePushAlerts: Push Notification
  • SoundFileName: Sound file for sound alert "alert.wav"


Speed Index Display and Alert Parameters


  • ShowSpeedLabels: Show or not speed index on the chart

  • 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.

  • EnableNativeAlerts: Popup window

  • EnableSoundAlerts: Sound alert

  • EnableEmailAlerts: Send email

  • EnablePushAlerts: Push Notification.

  • SoundFileName: Sound file for sound alert "alert.wav"



























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版本 3.2 2019.03.31
Added parameters for Speed Index color and Speed Index Alerts color
版本 3.1 2019.03.21
Pip display adjustment.
版本 3.0 2019.03.21
Added Advanced Volume Filter that emphasizes on significant volume waves.
版本 2.0 2019.02.03
Major Update:
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