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Weis Wave

The document contains code for a WeisWave indicator that analyzes price movement trends and volume to identify bullish and bearish swings. It calculates trend, wave, volume, and up/down variables over bars of data. If the close changes more than a reversal parameter, the trend is set accordingly. The wave follows the trend unless the price change is large enough. Volume accumulates within a wave but resets between waves. Up volume tracks bullish waves and down volume tracks bearish waves. Charts are plotted to visualize the swings.

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bharatbaba363
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473 views2 pages

Weis Wave

The document contains code for a WeisWave indicator that analyzes price movement trends and volume to identify bullish and bearish swings. It calculates trend, wave, volume, and up/down variables over bars of data. If the close changes more than a reversal parameter, the trend is set accordingly. The wave follows the trend unless the price change is large enough. Volume accumulates within a wave but resets between waves. Up volume tracks bullish waves and down volume tracks bearish waves. Charts are plotted to visualize the swings.

Uploaded by

bharatbaba363
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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_SECTION_BEGIN("WeisWave");

//up[0] = V[0];
//dn[0] = V[0];
//vol[0] = V[0];
trend[0] = 0;
wave[0] = 0;
vol[0] = 0;
mov[0] = 0;
dif=1;
rp = Param("Reversal Bars", 0.03,0.1,5,0.1);
for( i=1; i<BarCount; i++) {

if (Close[i]-Close[i-1]>rp) mov[i]=1;
if (Close[i]-Close[i-1]==rp) mov[i]=0;
if (Close[i]-Close[i-1]<-rp) mov[i]=-1;

if ((mov[i]!=0) && (mov[i]!=mov[i-1]))


{
trend[i]=mov[i];
}
else {trend[i]=trend[i-1];}
if ((trend[i]!=wave[i-1]) && (abs(Close[i]-Close[i-1])*10000>=dif))
{
wave[i]=trend[i];
}
else
{
wave[i]=wave[i-1];
}
if (wave[i]==wave[i-1])
{
vol[i]=vol[i-1]+Volume[i];
}
else
{
vol[i]=Volume[i];
}

if (wave[i]==1)
{
up[i]=vol[i];
dn[i]=0;
}
if (wave[i]==-1)
{
dn[i]=vol[i];
up[i]=0;
}
if (wave[i]==0)
{
dn[i]=vol[i-1];
up[i]=vol[i-1];
}
}

PlotOHLC(0,up,0,up,"SwingWave",5 , 2|styleThick ) ;
PlotOHLC(0,dn,0,dn,"",4 , 2|styleThick ) ;
GfxSetOverlayMode(1);
GfxSetTextColor(10);
GfxSelectFont("MS Sans Serif", 6, 300, False, False, 0);
_SECTION_END();

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