OPEN-SOURCE SCRIPT
Updated R100 Wave v2 (*v*)
This is a Wave (or Zig Zag) indicator I made to use in conjunction with the Wave Volume indicator I use.
It uses the Jurik moving average to determine turning points, and will plot the tops and bottoms of the wave based on the most recent high- so you can also use to quickly find pivot highs and lows. If you are using with the R100 Wave Volume indicator, first adjust the wave to fit better (if required) using the Jurik length and/or power, and then use the same settings on the Wave Volume indicator. Default settings work pretty well for most stocks, but adjusting the length between 8 and 14 should be enough for a good fit, or adjust the power between 1 and 3, or get fussy and tweak it with both.
The Jurik MA has been modified to include a VWAP component, so will only work where you have volume. The last "leg" of the wave will move about until the next pivot high or low is found and then will remain fixed.
I hope you find some value with it. Only conditions of use are that if you improve it, let me know and if you publish something that uses it, don't hide the code! Enjoy!
Code pinched and modified from Zero Lag ZigZag by Duyck - thankyou
Jurik Moving Average (for turning points) by Everget - thankyou
and Weis Wave by Modhelius - thankyou
It uses the Jurik moving average to determine turning points, and will plot the tops and bottoms of the wave based on the most recent high- so you can also use to quickly find pivot highs and lows. If you are using with the R100 Wave Volume indicator, first adjust the wave to fit better (if required) using the Jurik length and/or power, and then use the same settings on the Wave Volume indicator. Default settings work pretty well for most stocks, but adjusting the length between 8 and 14 should be enough for a good fit, or adjust the power between 1 and 3, or get fussy and tweak it with both.
The Jurik MA has been modified to include a VWAP component, so will only work where you have volume. The last "leg" of the wave will move about until the next pivot high or low is found and then will remain fixed.
I hope you find some value with it. Only conditions of use are that if you improve it, let me know and if you publish something that uses it, don't hide the code! Enjoy!
Code pinched and modified from Zero Lag ZigZag by Duyck - thankyou
Jurik Moving Average (for turning points) by Everget - thankyou
and Weis Wave by Modhelius - thankyou
Release Notes
Updated to Pine Version 4Release Notes
Minor V4 code changeOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.