Weis Pip Wave jayy

What you see here is the Weis pip wave.  The Weis pip wave shows how far in price a Weis wave has traveled through the duration of a Weis wave.  The Weis pip wave is used in combination with the Weis cumulative volume wave.  The two waves must be set to the same "wave size" and using the same method as described by Weis.

Using the traditional Weis method simply enter the desired wave size in the box "Select Weis Wave Size".  In the example shown, it is set to 5 points.  Each wave for each security and each timeframe requires its own wave size.  Although not the traditional method a more automatic way to set wave size would be to use ATR.  This is not the true Weis method but it does give you similar waves and, importantly, without the hassle of selecting a wave size for every chart. Once the Weis wave size is set then the pip wave will be shown.

I have put a zigzag of a 5 point Weis wave on the above bar chart.  I have added it to allow your eye to get a better appreciation for Weis wave pivot points .  You will notice that the wave is not in straight lines connecting wave tops to bottoms this is a function of the limitations of Pinescript version 1.  This script would need to be in version 4 to allow straight lines.  I will elaborate on the Weis pip zigzag script.

What is a Weis wave?  David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now popular Weis wave.  The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength.  Chief among the characteristics of strength is the cumulative volume of the wave.  There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish.  Weis also uses time, particularly when using a Renko chart.  Weis specifically uses candle/bar closes to define all wave action.  

David Weis did a futures . io video which is a popular source of information about his method.

Cheers jayy

PS This script was published a day ago, however, I had included some links to the website of a person that uses Weis pip waves and also a dropbox link that contains the Weis wave chart for May 27, 2020, published by David Weis. Providing those links is against TV policy and so the script was hidden by TV.  This is the identical script with the identical settings but without the offending links. If you want to see the pip Weis method in practice then search Weis pip wave. I have absolutely no affiliation.  If you want to see Weis chart in pdf then message me and I will give a link or the Weis pdf .  Why would you want to see the Weis chart for May 27, 2020?  Merely to confirm the veracity of my algorithm.  You could compare my chart (https://www.tradingview.com/x/tNeK79Fu/) from the same period to the Weis chart. Both waves are for the ES!1 4 hour chart and both for a wave size of 5.

Catatan Pelepasan: changed the way the ATR gets started.
Catatan Pelepasan: slight adjustment to initiation of ATR method. Noticeable in the first bars of a new IPO. Other changes possible to ensure it is harmonized with the zigzag script.
Catatan Pelepasan: Some script typos that affect larger waves were dealt with. Updated the wave time algo but still works poorly due to limitations of time functions in early versions of Pinescript. V4 will improve wave time.
This script is identical to. This script is open so that you can verify the code for yourself:
Catatan Pelepasan: Added Weis wave volume divided by wave bar count back in. This is an Ord style calculation. However, Ord waves go from bar highs to low and the inverse. Weis waves are defined strictly by the differences in bar closes.
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