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.
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
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-Added input for the number of steps needed for the color gradient
Hey Fractal, Brendan from Market Makers. I recommend you on my YT to my 20k subs, and I have many of my 6k Discord members looking at your indicators. I use a lot of your indicators - love to chat with you sometime, have some ideas about an indicator. Not sure how to contact you here, but you can message me on our website marketmakers.trade or on our YT, shoot me an email. You do great work my friend!
FractalTrade_
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@VibrationTrader, Hi Brendan! It's so nice to hear that, it means a lot! You can shoot me a DM on Twitter if you want, my username is the same as here @FractalTrade15, I am pretty active over there. Have a great weekend!!
nukacola933
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This indicator compliments a lot with wyckoff structures and gives clarity for effort vs results analysis. Beautiful work mate.
slowcoconut
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Thanks for this. This is a helpful, spent a bit of time this afternoon scrolling thru the past week or so of price action.. I focus on intraday stuff in the US markets, and the 10min timeframe works well with this ... @FractalTrade15 when you have a moment, could you screenshot and point out a few more examples, like the one shown in the example chart above, maybe on the hourly or lower TF? This is the first script I've seen of yours, I'm somewhat of a new user here, going to dig into the rest now... I can tell already that you've a great approach and logic, and I appreciate you sharing it with the rest of us...
FractalTrade_
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@slowcoconut, Hi, thanks, no problem, will see if I can later add some extra pictures within the description, in the meantime I suggest looking some David Weis videos on YT, his indicator was the inspiration for this and he clearly explains with lots of examples the way to trade with it
Not sure how to contact you here, but you can message me on our website marketmakers.trade or on our YT, shoot me an email. You do great work my friend!