This is an indicator to complement @modhelius' Weis Wave Volume Indicator. Original code has been modified to display wave volume (cumulative) numbers above or below the latest candle of the corresponding wave on the main pane. Since we are concerned only with relative volume, VOLUME NUMBERS HAVE BEEN SCALED DOWN. (If you need actual volume numbers, uncheck "Scale Down Volume" option in Settings). Rising wave volume is denoted in green. Falling wave volume is denoted in red. Developing wave volume is postfixed with a '_'. Confirmed wave volumes won't have this.
Who is it for?
This indicator is useful if you already use Weis Waves in your analysis and could do with an additional numerical representation of the wave volume on the main pane. Can be used in conjunciton with @modhelius' Weis Wave Volume (WWV) indicator (need to be added separately) to complement the visual representation of the waves. Can be used independently as well.
Pelase note that if you use any other Weis Wave indicator (other than @modhelius'), the numbers and the waveforms might not match.
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Now with ZigZag.
Added a ZigZag option. Disabled by default. Enable it from Settings.
Added Wave Pivot Markers. Disabled by default. Enable it from Settings. If you don't need the Zig Zag displayed, you can use wave pivot markers to see the reference points for wave volume numbers.
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Cosmetics.
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Bug fix.
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Colors are now configurable
Volume Scale Down Factor added as an input. Use this if the volume figures get too lengthy/messy for easy readability
Minor bug fix
Code cleanup
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Minor improvement. "Traditional" Assignment method now uses the "Value" parameter as a multiplier for the minimum tick size of the symbol (rather than just the number itself). This gives more flexibility in defining the wave granularity. Play around with it till you get the granularity that you are looking for.
Please note that although most symbols work well with small values for "Value" in the "Traditional" mode, some symbols (like ETHUSD for e.g.) *may* need to have this set very high (in the 100,000s) to have any effect.
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Major Bug Fix: Fixed a calculation error in cumulative wave volume
Minor Bug Fix: Fixed a boundary case wrt update of the developing volume
No change in features
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New Feature: Candle colors based on volume. Enable this to see the highest volume candles in the darkest color and the least volume candle in the lightest. The numbers give you a sense of whether a wave is high volume or not. And the candle colors give you a sense of *where* in the wave the volume was done. Bottom-heavy, top-heavy, etc.
Disabled by default. Enable and change colors from Settings.
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Increased options for Scale Down Factor so as to crunch big numbers
Can now change the size of the displayed numbers; Choose from 'Small', 'Medium', 'Large', 'Huge'. Default is 'Medium'
Very nice Tool. can you add option to select and display only large Wave number. we got lot of numbers when we use the small time frame.
razenzen
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Thank you for your work man. I like it a lot now. interesting addition with the developing volume; I'm going to drive test it again. ZenZen
the_MarketWhisperer
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@razenzen, Hey, thanks ZenZen! Appreciate it! And while you are at it, you might want to try the settings I mentioned below to increase the granularity of your waves.
OlegDaze
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Hi! I wonder if you could add wave length next to the volume number, so it would print values in this format "16 / 1.5$" ("volume/price move") ?
Thank you for an awesome script!
Francistuc
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Thank you very much for your contribution, it is really very useful, the only thing that happens to me is that they do not have the same behavior with @modhelius' Weis Wave Volume (WWV) indicator when using the traditional method, is there any reason for this?
I noticed that when using traditional with value less than 0, the wave does not match the modhelius' version. The only workaround I found is multiplying the value by 0.005 to match modhelius weis wave. Can you please help?
kennethyap
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@the_MarketWhisperer I think the issue is syminfo.mintick, I have changed it to syminfo.pointvalue and it seems to work now. Can you please verify if this is correct? Thanks