This is an Advanced Weis Wave indicator which is based on Richard D. Wyckoff theory. It works in all time periods, range bar and tick bar charts and it can be applied to any market. The new Autowaves feature eliminates changing the parameters when switching time frames.
This indicator is adding the volumes of the corresponding price waves and draws a cumulative histogram. Each price wave is moving in a specific direction up or down until it reverses. In order for the indicator wave to reverse in the opposite direction, the price should exceed the number of points (pips*10) set in the indicator parameters. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading mainly the previous waves.
The volume of the wave together with pip distance that the price has covered and the number of bars are displayed at the end of this wave. Speed Index is a new function noting the speed of the wave and can be displayed on the chart (the smaller this number is the faster the wave is and the larger this number is the slower the wave is)
Furthermore, an Alert (popup, email, push, sound) can be setup if the cumulative volume of the current wave exceeds a certain number specified in the parameters. An Alert can also be setup if Speed Index exceeds a specific value and/or is below a specific value.
Buy when the Weiss is aqua and sell when the Weiss is orange
Thank you for your work. can you explain the repaint situation of the indicator? What do you mean with -the last wave repaints- ? The last candle or the whole wave?
PpSignal01
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@HYE0619, repaints occur for the simple reason that the indicator works with the close of the bar. the closing price, high and low are variable until the candle closes.
Another reason is because maybe you are using a longer time to analyze the volume here the repaint is much more noticeable.
HYE0619
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@PpSignal01, ok thanks. is there a way to see the code of the indicator? i am trying to understand how it it works but i could not do that yet.
Sanjay00GML
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hello... this is great indicator, but because its repaint, how to make a confirmation so we can make sure that the indicator and the price go to one direction.?