Repaints Weis Wave Volume Indicator for ThinkorSwim

[majidg]

Question: does the volume number on thee reversal bars indicate how much volume is needed for a reversal? If not, what does it mean? I'm having a hard time understanding. Thanks in advance.

could you please show how you would place price at the high and low of the wave instead of on the bar?

 

[RS Trader]

Great thread about the Weis Wave, thanks to all. I was wondering if code could be added to indicate the average volume within each swing on the Zig Zig upper indicator? For my purpose it could be an either/or notation. Either total volume within the swing or average volume. Not being a coder I am always amazed what comes from this group. If this is possible I would greatly appreciate it.

 

[majidg]

Here is the Weis Wave Volume indicator for ThinkorSwim converted from the Lazy Bear's version over at TradingView. In addition, I also found another indicator called Weis Wave Volume with ZigZag so I'll include that in this post as well.

thinkScript Code (Lazy Bear)

#
# @author LazyBear
# List of all my indicators: https://www.tradingview.com/v/4IneGo8h/
#
# study(" [LazyBear]", shorttitle="WWV_LB")
declare lower;
declare zerobase;

# trendDetectionLength=input(2)
input trendDetectionLength = 3;

# mov = close>close[1] ? 1 : close<close[1] ? -1 : 0
def mov = If(close > close[1], 1, If(close < close[1], -1, 0));

# trend= (mov != 0) and (mov != mov[1]) ? mov : nz(trend[1])
# might cause problems not using the nan if statement...
def trend = If((mov != 0) and (mov != mov[1]), mov, (trend[1])) ;
# isTrending = rising(close, trendDetectionLength) or falling(close, trendDetectionLength) //abs(close-close[1]) >= dif
def isTrending = IsAscending(close, trendDetectionLength) or IsDescending(close, trendDetectionLength);

# wave=(trend != nz(wave[1])) and isTrending ? trend : nz(wave[1])
# might be a problem not using the nan function here
def wave = If((trend != (wave[1])) and isTrending, trend , (wave[1]) );

# vol=wave==wave[1] ? (nz(vol[1])+volume) : volume
# might be a problem not using the nan function here
def vol = If(wave == wave[1] , ((vol[1]) + volume) , volume ) ;

# up=wave == 1 ? vol : 0
plot up = If(wave == 1 , vol , 0 );

# dn=showDistributionBelowZero ? (wave == 1 ? 0 : wave == -1 ? -vol : vol) : (wave == 1 ? 0 : vol)
# plot dn = If(wave == 1, 0, If(wave == -1, -vol, vol));
plot dn = If(wave == 1, 0, If(wave == -1, vol, vol));

# plot(up, style=histogram, color=green, linewidth=3)

# plot(dn, style=histogram, color=red, linewidth=3)

dn.setDefaultColor(color.red);
up.setDefaultColor(color.green);
dn.SetLineWeight(3);
up.SetLineWeight(3);
up.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
dn.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);

Weis Wave Zig Zag with Volume

#
# Weis Wave
#

#Note: The Weis Wave indicator shows price waves associated with the Weis Wave Volume lower indicator.
#Note: The reversalAmount: Indicate the minimum amount price must reverse before an inflection point can be formed. This value should be set the same on the lower Weis Wave Volume indicator.

declare upper;

input price = hlc3;
input reversalAmount = 1.0;
input reversalMode = {default price, percent};
input displayMode = {default volume, barNumber, barTotal, none};

def mode = if  reversalMode ==  reversalMode.price then ZigZagTrendSign(price = price, reversalAmount=reversalAmount) else ZigZagTrendPercent(price = price, reversalAmount=reversalAmount);
def inflection = if reversalMode == reversalMode.price then if !isNan(ZigZagSign(price = price, reversalAmount=reversalAmount)) then 1 else 0 else if !isNan(ZigZagPercent(price = price, reversalAmount=reversalAmount)) then 1 else 0;
rec trend = if inflection==1 and mode ==-1 then 1 else if inflection==1 and mode==1 then -1 else trend[1];

plot wave =  if  reversalMode ==  reversalMode.price then ZigZagSign(price = price, reversalAmount=reversalAmount) else ZigZagPercent(price = price, reversalAmount=reversalAmount);
wave.EnableApproximation();
wave.AssignValueColor(if trend[1] == 1 then color.green else color.red);
wave.SetLineWeight(3);

rec upWaveVolume = if inflection == 1 and trend == 1 and close > open then volume else if inflection == 1 and trend == 1 and close <= open then 0 else if trend == 1 or (inflection == 1 and trend == -1 and close >= open) then upWaveVolume[1] + volume else 0;
rec downWaveVolume = if inflection == 1 and trend == -1  and close < open then volume else if inflection == 1 and trend == -1 and close >= open then 0 else if trend == -1 or (inflection == 1 and trend == 1 and close <= open) then downWaveVolume[1] + volume else 0;

rec barsUp = if inflection == 1 and trend == 1  and close > open then 1 else if inflection == 1 and trend == 1 and close <= open then 0 else if trend == 1 or (inflection == 1 and trend == -1 and close >= open) then barsUp[1] + 1 else 0;
rec barsDown =  if inflection == 1 and trend == -1  and close < open then 1 else if inflection == 1 and trend == -1 and close >= open then 0 else if trend == -1 or (inflection == 1 and trend == 1 and close <= open) then barsDown[1] + 1 else 0;

plot uCount = if (displayMode == displayMode.barNumber and barsUp) then barsUp else double.nan;
uCount.SetPaintingStrategy(paintingStrategy.VALUES_BELOW);
uCount.SetDefaultColor(color.dark_green);

plot dCount = if (displayMode == displayMode.barNumber and barsDown) then barsDown else double.nan;
dCount.SetPaintingStrategy(paintingStrategy.VALUES_ABOVE);
dCount.SetDefaultColor(color.red);

plot uCountTot =  if (displayMode == displayMode.barTotal and barsDown == 1 and barsUp==0) then barsUp[1] else double.nan;
uCountTot.SetPaintingStrategy(paintingStrategy.VALUES_ABOVE);
uCountTot.SetDefaultColor(color.dark_green);

plot dCountTot = if (displayMode == displayMode.barTotal and barsDown==0 and barsUp==1) then barsDown[1] else double.nan;
dCountTot.SetPaintingStrategy(paintingStrategy.VALUES_BELOW);
dCountTot.SetDefaultColor(color.red);

plot uVol = if (displayMode == displayMode.volume and barsDown == 1 and barsUp==0) then upWaveVolume[1] else double.nan;
uVol.SetPaintingStrategy(paintingStrategy.VALUES_ABOVE);
uVol.SetDefaultColor(color.dark_green);

plot dVol = if (displayMode == displayMode.volume and barsUp == 1 and barsDown==0) then downWaveVolume[1] else double.nan;
dVol.SetPaintingStrategy(paintingStrategy.VALUES_BELOW);
dVol.SetDefaultColor(color.red);

Ord-Volume

#VM_Ord_Volume_v01
#by GrOwEx
#growex: I've read a book by Tim Ord....about price and volume
#growex: and i've written a study that calculates average volume on a swing...
#growex: it is similar to Weis Wave
#growex: WeisWave indicator calculates total volume of swing and TimOrd's one
#adapted from ZigZagSign study.
#calculate average volume on each candle

declare upper;

input price = close;
input reversalAmount = 1.0;
input showBubbles = no;
input showLabel = no;
input volumedivider = 1000;
Assert(reversalAmount > 0, "'reversal amount' should be positive: " + reversalAmount);

def barNumber = BarNumber();
def barCount = HighestAll(If(IsNaN(price), 0, barNumber));


def state = {default init, undefined, uptrend, downtrend};
def minMaxPrice;


if (GetValue(state, 1) == GetValue(state.init, 0)) {
    minMaxPrice = price;
    state = state.undefined;
} else if (GetValue(state, 1) == GetValue(state.undefined, 0)) {
    if (price <= GetValue(minMaxPrice, 1) - reversalAmount) {
        state = state.downtrend;
        minMaxPrice = price;
    } else if (price >= GetValue(minMaxPrice, 1) + reversalAmount) {
        state = state.uptrend;
        minMaxPrice = price;
    } else {
        state = state.undefined;
        minMaxPrice = GetValue(minMaxPrice, 1);
    }
} else if (GetValue(state, 1) == GetValue(state.uptrend, 0)) {
    if (price <= GetValue(minMaxPrice, 1) - reversalAmount) {
        state = state.downtrend;
        minMaxPrice = price;
    } else {
        state = state.uptrend;
        minMaxPrice = Max(price, GetValue(minMaxPrice, 1));
    }
} else {
    if (price >= GetValue(minMaxPrice, 1) + reversalAmount) {
        state = state.uptrend;
        minMaxPrice = price;
    } else {
        state = state.downtrend;
        minMaxPrice = Min(price, GetValue(minMaxPrice, 1));
    }
}


def isCalculated = GetValue(state, 0) != GetValue(state, 1) and barNumber >= 1;
def futureDepth =  barCount - barNumber;
def tmpLastPeriodBar;
if (isCalculated) {
    if (futureDepth >= 1 and GetValue(state, 0) == GetValue(state, -1)) {
        tmpLastPeriodBar = fold lastPeriodBarI = 2 to futureDepth + 1 with lastPeriodBarAcc = 1
            while lastPeriodBarAcc > 0
            do if (GetValue(state, 0) != GetValue(state, -lastPeriodBarI))
                then -lastPeriodBarAcc
                else lastPeriodBarAcc + 1;
    } else {
        tmpLastPeriodBar = 0;
    }
} else {
    tmpLastPeriodBar = Double.NaN;
}


def lastPeriodBar = if (!IsNaN(tmpLastPeriodBar)) then -AbsValue(tmpLastPeriodBar) else -futureDepth;


def currentPriceLevel;
def currentPoints;
if (state == state.uptrend and isCalculated) {
    currentPriceLevel =
        fold barWithMaxOnPeriodI = lastPeriodBar to 1 with barWithMaxOnPeriodAcc = minMaxPrice
            do Max(barWithMaxOnPeriodAcc, GetValue(minMaxPrice, barWithMaxOnPeriodI));
    currentPoints =
        fold maxPointOnPeriodI = lastPeriodBar to 1 with maxPointOnPeriodAcc = Double.NaN
            while IsNaN(maxPointOnPeriodAcc)
            do if (GetValue(price, maxPointOnPeriodI) == currentPriceLevel)
                then maxPointOnPeriodI
                else maxPointOnPeriodAcc;
} else if (state == state.downtrend and isCalculated) {
    currentPriceLevel =
        fold barWithMinOnPeriodI = lastPeriodBar to 1 with barWithMinOnPeriodAcc = minMaxPrice
            do Min(barWithMinOnPeriodAcc, GetValue(minMaxPrice, barWithMinOnPeriodI));
    currentPoints =
        fold minPointOnPeriodI = lastPeriodBar to 1 with minPointOnPeriodAcc = Double.NaN
            while IsNaN(minPointOnPeriodAcc)
            do if (GetValue(price, minPointOnPeriodI) == currentPriceLevel)
                then minPointOnPeriodI
                else minPointOnPeriodAcc;
} else if (!isCalculated and (state == state.uptrend or state == state.downtrend)) {
    currentPriceLevel = GetValue(currentPriceLevel, 1);
    currentPoints = GetValue(currentPoints, 1) + 1;
} else {
    currentPoints = 1;
    currentPriceLevel = GetValue(price, currentPoints);
}


plot "ZZ$" = if (barNumber == barCount or barNumber == 1) then price else if (currentPoints == 0) then currentPriceLevel else Double.NaN;


def zzSave = if !IsNaN("ZZ$") then price else GetValue(zzSave, 1);
def chg = price - GetValue(zzSave, 1);
def isUp = chg >= 0;
def isConf = AbsValue(chg) >= reversalAmount or (IsNaN(GetValue("ZZ$", 1)) and GetValue(isConf, 1));


rec v = if isUp then volume + v[1] else 0;
rec vd = if !isUp then volume + vd[1] else 0;
rec countup = if isUp then countup[1] + 1 else 0;
rec countdn = if !isUp then countdn[1] + 1 else 0;
def vline = countup;
def vdline = countdn;
def valueup = if v > v[-1] then Round(v / volumedivider, 2) else Double.NaN;
def valuedn = if vd > vd[-1] then Round(vd / volumedivider, 2) else Double.NaN;
def valuecountup = if vline > vline[-1] then vline else Double.NaN;
def valuecountdn = if vdline > vdline[-1] then vdline else Double.NaN;
#def avg =  Round(valueup / valuecountup, 2);
#plot ord_up = Round(valueup / valuecountup, 2);
#plot ord_dn = Round(valuedn / valuecountdn, 2);
#ord_dn.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);
#ord_up.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
"ZZ$".EnableApproximation();
"ZZ$".DefineColor("Up Trend", Color.UPTICK);
"ZZ$".DefineColor("Down Trend", Color.DOWNTICK);
"ZZ$".DefineColor("Undefined", Color.DARK_ORANGE);
"ZZ$".AssignValueColor(if !isConf then "ZZ$".Color("Undefined") else if isUp then "ZZ$".Color("Up Trend") else "ZZ$".Color("Down Trend"));
DefineGlobalColor("Unconfirmed", Color.DARK_ORANGE);
DefineGlobalColor("Up", Color.UPTICK);
DefineGlobalColor("Down", Color.DOWNTICK);
AddChartBubble(showBubbles and !IsNaN("ZZ$") and barNumber != 1, price,
if v > v[-1] then Round(valueup / valuecountup, 2) else if vd > vd[-1] then Round(valuedn / valuecountdn, 2) else double.nan, if !isConf then GlobalColor("Unconfirmed") else if isUp then GlobalColor("Up") else GlobalColor("Down"), isUp);
AddLabel(showLabel and barNumber != 1, (if isConf then "Confirmed " else "Unconfirmed ") + "ZigZag: " + chg, if !isConf then GlobalColor("Unconfirmed") else if isUp then GlobalColor("Up") else GlobalColor("Down"));

Can someone help to scan for highest and lowest wavevolume?
I also want to add price chartbubble when the highest or lowest wavevolume occurs.

 

[s1111]

added painting input for colorbars

declare lower;

def price = hlc3;


input atrlength = 20;
input atraverageType = AverageType.Exponential;
input reversalMode = {price, default percent};

input colorbars = no;

def ATR = MovingAverage(atraverageType, TrueRange(high, close, low), atrlength);

def atrperc = (atr/close )* 100;


def reversalAmount = atrperc;



def mode = if reversalMode == reversalMode.price then ZigZagTrendSign(price = price, reversalAmount = reversalAmount) else ZigZagTrendPercent(price = price, reversalAmount = reversalAmount);

def inflection = if reversalMode == reversalMode.price then if !IsNaN(ZigZagSign(price = price, reversalAmount = reversalAmount)) then 1 else 0 else if !IsNaN(ZigZagPercent(price = price, reversalAmount = reversalAmount)) then 1 else 0;

rec trend = if inflection == 1 and mode == -1 then 1 else if inflection == 1 and mode == 1 then -1 else trend[1];



rec upWaveVolume = if inflection == 1 and trend == 1 and close > open then volume else if inflection == 1 and trend == 1 and close <= open then 0 else if trend == 1 or (inflection == 1 and trend == -1 and close >= open) then upWaveVolume[1] + volume else 0;

rec downWaveVolume = if inflection == 1 and trend == -1 and close < open then volume else if inflection == 1 and trend == -1 and close >= open then 0 else if trend == -1 or (inflection == 1 and trend == 1 and close <= open) then downWaveVolume[1] + volume else 0;



plot upvol = upWaveVolume;

upvol.SetDefaultColor(color.dark_green);

upvol.SetPaintingStrategy(PaintingStrategy.Histogram);

upvol.SetLineWeight(5);

plot dnvol = downWaveVolume;

dnvol.SetDefaultColor( Color.DownTICK);

dnvol.SetPaintingStrategy(PaintingStrategy.Histogram);

dnvol.SetLineWeight(5);


assignpricecolor(if colorbars and upvol then color.dark_Green else if colorbars and dnvol then color.downtick else color.current);

addlabel(yes, "ATR(" + ATRLENGTH+ "): " + aspercent(ATRPERC/100), COLOR.LIGHT_GRAY);

It repaint like crazy. Is there a way to make it stable without zigzag ? and also can histogram be over and under zero ? looks solid after trading is over but live at trading gives wrong color. Thank you

 

[MerryDay]

It repaint like crazy. Is there a way to make it stable without zigzag ? and also can histogram be over and under zero ? looks solid after trading is over but live at trading gives wrong color. Thank you

Unfortunately, the zig-zag can't be removed, as it is the backbone of the Weis Wave.

 

[58LesPaul]

How would someone edit this study to show volume difference?

Also add to move text away from bars.

Thanks

 

[MerryDay]

How would someone edit this study to show volume difference?

1. what is your mathematical calculation of "volume difference"?

Also add to move text away from bars.

Thanks

2. Bubble mover snippet. You will need to customize it to fit your script:
https://usethinkscript.com/threads/bubblemover-code-snippet-for-thinkorswim.9392/#post-71662

 

[zciwtrades]

Is there any way to get the Weis Wave to update in real time on intraday charts? It changes mainly on the close of the candles and sometimes the volume label paints too early and then just stays there but the previous wave resumes. And for the lower study it doesnt update at all, I have to change time frames to update it