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 an evolution of Weis Wave because it offers the autwaves feature, different wave types as well as the powerfull Speed Index. 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 parameters. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading the previous waves.
- Indicator Number: Multiple Indicators can be added on the same chart. Valid values “0 to 9” and “a-z”
- Show Orders: display or not your orders
- Difference: Number of points required for the current wave to reverse and form a new wave
- AutoDifference: true/false – Neglects the Difference parameter and adjusts the Difference automatically creating more accurate waves.
- AutoSensitivity: The higher the number the higher the sensitivity and therefore more waves are formed.
- 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.
- Net Volume: 0-Disabled, 1-Price Close, 2 Price Median
- Wave Type: 0-Regular Volume, 1-Pips, 2 Progressive Volume Rate. 3-Time, 4- Emphasized Volume Waves
Speed Index Display and Alert Parameters
- SI (Speed Index) Display: Show speed index 0 No Display, 1 SI only, 2 Volume and SI
- Show Plutus Patterns or Not
- Alert on Plutus Patterns: Popup, Sound, Email, Push
- 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 be more visible and differentiate from the rest of speed 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, PushFormat Wave and Label parametersShowLabels: Display or not the volume, the pips and the number of bars of each waveWhat to Display:1-Volume,2-Pips, 3-Bars, 4-All, 5-Volume and PipsShowWaveLine: Draw the wave line or notFormat parameters: LabelShift, Font size, Color Up Color down, wave color, wave width.
Volume Alert Parameters (Wave Type)
The info displayed by the alert function are: the pair, the period, a message “Hign Dn Volume” or “High Up Volume” and the time.
- Volume Alert above this limit: The value of cumulative volume that will be triggered if the alert is exceeded
- Alerts: Popup, Sound, Email, Push
Format Numbers for better display
- 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 Multiplier: Speed Index multiplier for better display.
- Reverse_style: negative down waves
Location of parameters to be displayed (Corner, Y offset, X offset, Font, Font Size)