This is a modification of LazyBear's WWV_LB which plots cumulative volume of waves. The reversal points are defined through relative closing prices. I made adjustments to the script to show waves turning on actual/true low or high pivots as opposed to the bar/candle identified in the LazyBear script. What I mean by that is that the actual/true low or high pivots are in fact the true WWV_LB pivots. The original WWV_LB script calculates cumulative volume from reversal confirmation bar to reversal confirmation bar as opposed to the true WWV_LB pivot bar to pivot bar. As such the waves can have slightly different start and end points. As such the cumulative volume can also be different from te WWV_LB script. This is because confirmation of a wave reversal can lag a few bars after the true reversal pivot bar. In the script notes, you will see the original key WWV_LB script lines that identify the true high or low pivots and confirm the wave direction has reversed. I have taken these lines from LazyBear's original script. I have included the LazyBear script within the script notes so that the original can be compared to what I have added/changed. Instead of "trendDetectionLength" I have inserted "Trend Detection Length". You can of course change the descriptor to what you wish by editing script line 33 to the original term or whatever you wish. You might also wish to set the default to the value "2" as per the original script. I have set the default to "3". This script should be used in conjunction with "WWV-LB zigzag pivot fix jayy" script which is shown on this screen for comparison. tradingview.com/script/1uChn3zQ-WWV-LB-zigzag-pivot-fix-jayy/ Here is a link to the original LazyBear histogram script which can be used for comparison. The differences are subtle, however, the histograms will regularly be different by a bar or two: tradingview.com/script/HFGx4ote-Indicator-Weis-Wave-Volume-LazyBear/ The lowest panel has the original LazyBear WWV_LB script for comparison. All three scripts have been set to a Trend Detection Length of 3.jayy
@StrongHandsDon, if bar closes consistently move in one direction, up (green bars) or down (red bars), then there will be no orange. However, if a bar closes below a previous bar close then the bar will be could switch from red to green or green to red. However, there is an intermediate state where a wave reversal is not confirmed even if the closes have not continued in the same direction. How can this be? This script evaluates closes in two different ways to decide if a wave has reversed if only one of the two criteria has been achieved then the wave has not been confirmed to reverse. If the next bar close(s) return to the original wave direction before the reversal has been confirmed then the wave continues as red or green and the wave is repainted, whichever it was before the orange (unconfirmed reversal). The wave reversal algo from the original WWV_LB, which is preserved here (lines 33,43,44,53,61, although 2 is the default value in WW_LB line 33 equivalent), is not a true Weis Wave. On the other hand, it is simple to implement and for certain small wave sizes, it gives similar results. The trend detection length (line 33) is probably best left at 2 (as per WWV_LB) or 3. In the original script wave volume is not assigned to the new wave direction until a reversal is confirmed. This script reassigns volume to the actual point of reversal. This is best seen if you use a line chart for price.
alpeshahir143
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Your indicated giv good signal but anforchunaly it's repaint.
jayy
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@alpeshahir143, You are correct this script repaints - by design. The whole concept is to understand the true wave volume. The wave volume of consecutive up and down waves signals future wave direction ie to discern minor vs major waves or major trend reversals. Knowing true wave volume is key to the Weis wave decision-making logic. The wave volume can only be defined once a minor wave direction is confirmed to have reversed. This confirmation can be a few bars after the wave peak and therefore requires repainting. This particular indicator is similar to the Weis wave (my pip Weis wave scripts are true Weis waves) in wave plotting but is not a true Weis wave. The original WWB script linked above has no repainting. However, I caution you in using either version as an entry trigger. I urge you to seek out the David Weis futures.io podcast on youtube to better understand how this script, even though it is not a true Weis algorithm, can be used to trigger entries. In any case, anyone who wants a script that does not repaint must look elsewhere. jayy
rajeshmayani01
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How to trade? When will I know where to enter buy or sell?
jayy
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@rajeshmayani01, first let me be clear this is not a real Weis wave and the algorithm is very different from a true Weis wave (tradingview.com/script/Q9yRc4Ss-Weis-V5-zigzag-jayy/). Do a YouTube search for "futures io David Weis on Wyckoff" you will see how to use the Weis wave. You will also understand why the pivot fix is useful; it gives you the correct wave volume. This LB algo is simple to use even if the wave sizes are not at all calculated correctly, it does generate interesting waves. I prefer tradingview.com/script/Q9yRc4Ss-Weis-V5-zigzag-jayy/. In my v5 Weis zigzag algo, the default wave sizes are calculated as a function of average true range (ATR) since most people seem to gravitate to an easy-to-apply wave calculation. However, traditional true Weis wave sizes are an option with a small change to the algo the traditional method could be made to be the default. It is more work to set up a traditional wave in the way Weis did himself. But, you can use either this algo or my other algo in the default ATR. Sorry about the digression - the bottom line is ~ watch the futures io David Weis 1.5 hr YouTube video from 10 years back. jayy
tradeleblebi
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Thank you mate. Do you have python code ? Can you help me coding this script in Python ?
btcgreat
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Great！Thank you so much！
hafizias
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may I know if possible to create notification for every change of histogram color?
for example notification when green turns to red and wise versa?