Indicator: Weis Wave Volume [LazyBear]

This indicator takes market volume and organizes it into wave charts, clearly highlighting inflection points and regions of supply/demand.

Try tuning this for your instrument (Forex not supported) by adjusting the "Trend Detection Length". This "clubs together" minor waves. If you like an oscillator-kind-of display, enable "ShowDistributionBelowZero" option.

Note: This indicator is a port of a clone of WeisVolumePlugin available for another platform. I don't know how close this is to the original Weis, if any has access to it, do let me know how this compares. Thanks.

More info:

Complete list of my indicators:
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// @author LazyBear 
// List of all my indicators:
study("Weis Wave Volume [LazyBear]", shorttitle="WWV_LB")
showDistributionBelowZero=input(false, type=bool)
mov = close>close[1] ? 1 : close<close[1] ? -1 : 0
trend= (mov != 0) and (mov != mov[1]) ? mov : nz(trend[1])
isTrending = rising(close, trendDetectionLength) or falling(close, trendDetectionLength) //abs(close-close[1]) >= dif
wave=(trend != nz(wave[1])) and isTrending ? trend : nz(wave[1])
vol=wave==wave[1] ? (nz(vol[1])+volume) : volume
up=wave == 1 ? vol : 0
dn=showDistributionBelowZero ? (wave == 1 ? 0 : wave == -1 ? -vol : vol) : (wave == 1 ? 0 : vol)
plot(up, style=histogram, color=green, linewidth=3)
plot(dn, style=histogram, color=red, linewidth=3)
somehow this one works for me on forex pair pretty accurate and doest work on xbtusd for bitmex
LazyBear - I really like this indicator (Weis). Thank you for sharing. Would you be able to make the input such that it accepts a non-integer value? Such as 1.5 or 2.5 for example. That would be great if you could :)
+2 Responder
If anyone is looking for a profitable cryptocurrency trading strategy using this indicator:

+12 Responder
Hi, LazyBear.
I am Wyckoff Trader and the Weis Wave indicator that you provided on trading view is really useful.

I would ask you kindly, to complete this indicator adding also the ZigZag line with the cumulated volume on the reversal points.

The Weis Wave Indicator shows also this particular features.

You can see these features in this Webinar that David Weis hosted some years ago:

Please, could make it for us?

Kind regards

G. Aloe
+3 Responder
modhelius girolamoaloe
@girolamoaloe, you can find an implementation that make use of a zig zag-line here .
+2 Responder
@modhelius, Thank you very much for your work :) . Your work was great in the making of this tool.

I don't use the Weis Wave. I was just testing the tool. I am sharing your indicators with my trading students, in the case, someone of them wants to use it.
+1 Responder
thank you
This is a fantastic indicator. Thanks so much LazyBear. Appreciate your contributions.
+4 Responder
Hi, thanks very much for the script. Is there anyway I can make the detection length a non-integer value?

Thanks again
+5 Responder
Is this indicator unique to Trading view or anyone know if theres a version for ninja Trader 7 please ?
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