Hull Volume Waves
Inspired by the works of David Weis, this indicator is an alternative to his classic Weis Volume Waves.
As the name implies, this indicator uses a Hull Moving Average to detect price swings, and calculates the cumulative volume for each of them, separating the up swings from the down swings.
I hope you find it useful!
As the name implies, this indicator uses a Hull Moving Average to detect price swings, and calculates the cumulative volume for each of them, separating the up swings from the down swings.
- The chosen length of the HMA determines the size of each swing, meaning lower lengths will detect microswings while higher lengths will only include the main swings.
- The length of each swing also determines the color of the upward and downward waves, and you can choose 2 colors each to generate a bullish and bearish gradient.
- Extreme values are highlighted in the background. The indicator will compare the current up wave to the last N up volumes, or the current down wave to the last N down volumes. The lookback length can be changed in the menu.
I hope you find it useful!
Versionsinformation:
-Added input for the number of steps needed for the color gradient
@FractalTrade_