Weis Wave Volume is built on the Weis Wave theory of wave patterns. The algorithm lets us:
- Look at chains of price bars as alternating waves rising and falling.
- Take the volume of each wave as the total volume of the bars that make it up.
The indicator shows trade intensity over a set period, demonstrating supply and demand for the asset in question and potentially signaling that it is time to activate positions.
Indicator settings
Parameters
Name | Description |
Period | The wave period. |
Style
Name | Description |
Volume color when growing | Selecting a color for volumes when asset prices increase. |
Volume color when falling | Selecting a color for volumes when asset prices decrease. |
Temporary volume color | Selecting a color for temporary volumes. |
Indicator
Name | Description |
Indicator | Enabling or disabling the indicator display on the chart. |
Name | Enabling or disabling the indicator name display in the information line. |
Values | Enabling or disabling the indicator value display in the information line. |
Markers | Enabling or disabling the indicator markers display on the scale. |
| Calculation | Select when the calculation will be performed. |
Area | Selection of an area to display the indicator. |