Technical Indicators for MetaTrader 5

Weis Wave with Alert MT5

weis-wave-with-alert-mt5-logo-200x200-9755
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Information

Indicators
MetaTrader 5
5
Panagiotis Diamantopoulos
26 November 2018
5.2
29 January 2021

Overview

*NEW Speed Index + Auto Volume Waves * 


How to trade with it:  https://www.tradethevolumewaves.com/blog

Videos on how to use it on our youtube channel:  https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ

Weis Wave with Alert MT5

This is a 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.


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 (pip*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 shows 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.



Trading Strategies:


www.tradethevolumewaves.com



Setup Parameters

  • Indicator Number: Multiple Indicators can be added on the same chart. Valid values "0 to 9" and "a-z"
  • Show Orders: display or not your orders
  • Load all Bars: true/false, if false Number of bars back will be loaded
  • Number of bars back: numbers of bars that the indicator will load
  • Wave Direction Change difference in Points: Number of points required for the current wave to reverse and form a new wave
  • AutoDifference: true/false - Neglects the Wave Direction difference  and adjusts the Difference automatically creating more accurate waves.
  • AutoSensitivity: The higher the number the higher the sensitivity and therefore more waves are formed.
  • Volumetype= true=Tick Volume, false=Real Volume
  • Weighted Volume: true/false - Weights volume of  different sessions taking into consideration that when London and US are operating at same time have the highest volume of all sessions occurs and adjusts the rest of the sessions. With this parameter it very easy visualize which volumes are significant even on Asian hours or non-significant on London-US hrs.
  • Net Volume: 0-Disabled, 1-Price Close, 2 Price Median
  • Volume Filter: 0-Disable, 1-Empasize, 2 Progressive Volume Rate

Speed Index Display and Alert Parameters


  • SI Display: Show or not speed index on the chart 0-No Display, 1 Speed Index only, 2 Volume and Speed Index
  • SpeedAlert: Enable or not speed index alert - Speed Alert works on the previous wave - not the current which is forming.
  • AlertFont: Font for speed index when criteria are met (in order to differentiate from the rest of indices)
  • SpeedIndexSizeSlowAbove: Trigger Alert if speed index is above setup number.
  • SpeedIndexSizeFastBelow: Trigger Alert if speed index is below setup number.
  • Alerts:Popup, Sound, Email, Push


Format Wave and Label parameters


  • ShowLabels: Display or not the volume, the pips and the number of bars of each wave
  • What to Display:1-Volume,2-Pips, 3-Bars, 4-All, 5-Volume and Pips
  • ShowWaveLine: Draw the wave line or not on the price chart
  • Format: LabelShift, Font size, Color Up, Color Dn, wave color, wave width


Volume Alert Parameters


The information displayed by the alert function are: the pair, the period, a message “Hign Dn Volume” or “High Up Volume” and the time.

  • Volume Alert Above this limit: The value of cumulative volume that will be triggered if the alert is exceeded
  • Alerts:Popup, Sound, Email, Push

Format Numbers for better display parameters


  • VolDivBy: Volume divider in order to avoid big numbers on the display
  • PipDivBy: Pip distance  divider in order to avoid big numbers on the display
  • SI Miltiplier: Speed Index Multiplier for better display
  • Reverse Style: inverts wave style

Corner to Display Paremters (Corner, Y offset, X offset, Font, Font Size)



































































































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