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Swing volume

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Look at MT's "Zig Zag" indicator. Make sure the Zig Zag lines are turned on. Are those the same lines as in Weis' indicator?

If so, I could make an indicator that would accumulate the volume for each zig zag line like in the indicator to which you linked.

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Weis uses close for the zigzag, and I notice that's possible with MT.  So yes is the answer.  Thanks Mike.

I think the sensitivity will need to be a lot finer for the % change.  Like say 0.00001 up/down arrow increments.

Edited by MTG

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I think Weis is using ATR, not percentages or points, for the ZigZag.

I will add the ATR parameter to our ZigZag, then do your ZigZag Volume thing. As an aside - $500 for an indicator? Really? I'd be rolling in $.

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29 minutes ago, Mike Medved said:

I think Weis is using ATR, not percentages or points, for the ZigZag.

I will add the ATR parameter to our ZigZag, then do your ZigZag Volume thing. As an aside - $500 for an indicator? Really? I'd be rolling in $.

Sorry, yes he does use ATR to prevent future leak bias. 

It's based on Wyckoff method, and that name holds a lot of sway in trading as you know.  The coding for it would be very basic.  $500 is totally ridiculous, I agree. 

Edited by MTG

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Are you referring to this indicator? It would be fantastic to have this on MT, and yes cost about 500 usd . Weis Wave Volume. The code is from the pine editor of trading view, if is possible to  convert.

 

 

Veis Wave Volume.png

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Actually, merlin, that indicator doesn't work right (yet, I guess) in MT.

It is problematic because the zigzag indicator is backwards-changing. That is, if the current candle changes, the indicator may change to be different completely starting many candles back. So the weiss wave will change accordingly - not just on the last candle but on the last N candles where N can be big.

Frankly, not only is it problematic to calculate (because MT really tries to calculate all indicators as state-machines), but it detracts quite a bit from its usefullness, if the indicator's overall shape may suddenly change not just for the current candle, but for the last N candles.

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Hi Mike,

I've been looking at how the wave volume works in real trading and I think it's worthwhile, even though it necessarily has some forward looking bias.  So long as one waits for the completion of the previous wave, all is good.  Particularly useful when applied to a range candle chart. 

This video explains it nicely.  https://www.youtube.com/watch?v=DzpTeFhBvYo

What would be most helpful is to color the candle at which the previous wave is completed, as an indicator that the signal is now valid.

Thanks for having another look.

Edited by MTG

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