Weis Wave Statistics

[logicgate]

Hi there dear friends!

Combining the knowledge from some books, I think that a better Weis Wave indicator can be created to help with VSA/Wyckoff analysis, all in one indicator. These are the options that we should have available at the indicator settings window:

-Show Legs (on the price,like the zigzag)

-Leg Colors (Up, Down)

-Leg Volume Calculation Method (total or average) (this can't interfere with the waves plotting on indicator subwindow)

-Show Leg Volume (total, average or both) ***(shown on the pivots)
-Total Volume Color
-Average Volume Color

-Show Time (total of minutes the leg took to complete) ***(shown on pivots)
-Time Color

-Show Leg Size (Pips or Bars) ***(shown on pivots)
-Leg Size Color

-Show Volume Percentage (this option will show the percentage of expansion or shrinkage of volume between legs. The legs will always be compared to the one to it's left. Let's call it continuous mode (default mode). To override it, you double click on a leg you want to become the "master leg" (when master leg mode engaged, the selected leg turns white (or any color you choose in indi options, to highlight it), then all the legs to it's right will be compared to it. This way you can compare a high volume leg to several others and check if the next legs will have enough power to move higher or lower than it. This calculation is made using the average volume of leg, not the total. To go back to continuous mode (default), just double click on any leg. Volume expansion will be displayed in green, shrinkage displayed in red ***(shown on the pivots).

-Waves Plotting Calculation (total or average volume)

-Waves Color (Buy, Sell)


That is it! The statistics shown on pivots will be stacked above each other as your turn them on or off.

This will be a very powerful tool.

Thanks and God Bless.

[Apprentice]

Your request is added to the development list under Id Number 4519

[Apprentice]

Try this version.
viewtopic.php?f=17&t=67422&p=124304#p124304

Except for these ones:
-Show Volume Percentage (this option will show the percentage of
expansion or shrinkage of volume between legs. The legs will always be
compared to the one to it's left. Let's call it continuous mode
(default mode). To override it, you double click on a leg you want to
become the "master leg" (when master leg mode engaged, the selected
leg turns white (or any color you choose in indi options, to highlight
it), then all the legs to it's right will be compared to it. This way
you can compare a high volume leg to several others and check if the
next legs will have enough power to move higher or lower than it. This
calculation is made using the average volume of leg, not the total. To
go back to continuous mode (default), just double click on any leg.
Volume expansion will be displayed in green, shrinkage displayed in
red ***(shown on the pivots).

-Waves Plotting Calculation (total or average volume)

The first point is near to impossible to implement and the second one
is a duplicate (at least it looks like it to me).

[logicgate]

Hello dear friend, thanks for your reply.

I am a MT4 user, can't use .lua

From the pic you posted, I can see that the legs are all weird and skewed, they don't look like the ones in weis wave indi. (attached a pic)


Ok, what part is near impossible, the whole thing?

There is no need to highlight a leg the way I asked, if that is too difficult or impossible, as long as we can choose one to become the one which all others will be compared to. We just needed a marker to know which leg is activated, but if there is no way to mark it, then we just can't forget which one is it.

I just can't believe that MT4 can't handle a simple percentage calculation between legs, if someone can code a TPO chart for MT4 with a lot of functions, for example:

https://www.mql5.com/en/market/product/3033

And even more impressive: a footprint chart for MT4, which must be very complicated to do:

https://www.mql5.com/en/market/product/3089


I can't understand how MT4 can't handle an indicator like I requested. Look, I am willing to pay for this, if you need help or don't wanna put more time into it, can you recommend someone to do this freelance?

Regarding the second point, that is related to the plotting of the waves on the subwindow, not the volume as numerical value shown on the pivots. But that is the least important, you can leave it as is because I prefer looking at the waves based on total volume, which gives us those sawtooth waves.

Also, can you plase add a label to the statistics? Like a "K" at the end of volume, "min" at end of time data, "bars" at the end of size data, "p" at the end of size data (p can either be pips or points..

Best regards. (check the nice zigzag matching the waves on the pics attached)

[logicgate]

Hi there.

If the master leg function turns out to be really impossible to do, can we at least have the continuous mode? Where each leg is compared to the one before it, this way we can see the percentage of shrinkage and expansion of volume between legs, it is better than nothing.

Thanks brother

[Apprentice]

Your request is added to the development list under Id Number 4528

[logicgate]

Thanks mate.

Please add a "%" symbol at the end of the percentage values.

Just to summarize:

Volume ends with "K"
Time ends with "min"
Size ends with "p" (which can mean either pips or points)
Size ends with "bars" (when bars selected)
Percentage ends with "%"

Also, if possible, another option in the settings for the volume label:

-Round Volume Values : True or False

For example, instead of showing 44,7K it would show 45K, if it were 44,4K it would show 44K

[Apprentice]

Done!
But there some limitations. MT4 doesn't have an owner draw feature. That
makes multi-color labels near impossible to use. And it doesn't have
multi-line labels as well. So, all these statistics values are in one
line and with a single color.

Try this version.
viewtopic.php?f=38&t=67761

[logicgate]

Thanks a lot for your work, brother!

Ok, so how are we gonna differentiate the percentage of volume expansion and shrinkage? Did you put a minus (-) or positive (+) sign in front of the values?

And also, the way the waves are being plotted on the subwindow, is that an option you can choose (like normal and inverted)? Because It messes up my reading of volume the upside down selling waves, I prefer both (buying and selling waves) of them level with each other, not to mention it saves screen space. I am sorry I didn't ask for this kind of waves plotting, based on polarity.

[logicgate]

Do you know if this multi line label is a mt4 limitation only? This pic from weiswave on MT5 shows the labels stacked: