This indicator is an extended version of this Weiss wave procedure. It assembles Weiss waves on total amounts (exactly the standard approach) or on the delta of volumes, using various methods of wave formation and visualization. It functions on actual volumes, if any, or on tick volumes, and provides an option for calculating so – called “cheque volumes” – an artificial substitute for missing real volumes from Forex. Surrogate volumes are initially presented in the indicatorof the exact same name .
use the Delta quantity is more precise than the total quantity. The algorithm for calculating deltas is the same as in the VolumeDeltaM1 and VolumeDeltaScanner indicators.
This indicator is an extended version of this Weiss wave procedure. It assembles Weiss waves on total amounts (exactly the standard approach) or on the delta of volumes, using various methods of wave formation and visualization. It functions on actual volumes, if any, or on tick volumes, and provides an option for calculating so – called “cheque volumes” – an artificial substitute for missing real volumes from Forex. Surrogate volumes are initially presented in the indicatorof the exact same name .
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use the Delta quantity is more precise than the total quantity. The algorithm for calculating deltas is the same as in the VolumeDeltaM1 and VolumeDeltaScanner indicators.
Parameters
- TickHistoryPreload – the number of bars to process; especially important when calculating deltas, which requires loading the tick history (it can be quite “heavy” to load if you set too many bars); 0 by default means calculating one last day; since ticks are always requested in batches by day, as a result, more bars may be loaded than requested due to alignment to the day boundary;
- VolumeType-determines which volume to use in calculations: Bar Volume, Delta by Ask vs Bid, Delta by Ask Bid; Bar Volume means separate volumes for each bar: real (if any) or tick volumes; if UseTrueVolumeSurrogate is enabled, surrogate volumes are used instead of tick volumes; any Delta is calculated for each bar based on tick history or online ticks;
- Visualization-defines the type of histogram: Bars apart, Bars in wave color, Wave cumulative signed, Wave cumulative absolute; see below;
- WaveMethod is one of the methods of formation of waves below Low High/Low High above, Gann swing vs Close Close (Weis wave), Retracement (adaptive self-tuning correction or size specified % of the price); based on 4 types of zigzag; details can be found in the description of the indicator AutomaticZigZag; it is free; recommends to apply the zigzag on the main chart in addition to VolmeDeltaWaves for a better understanding of how waves are formed;
- UseTrueVolumeSurrogate – option to enable surrogate volumes instead of tick volumes; valid only if there are no real volumes and the VolumeType is selected as Bar Volume; surrogates cannot be used for volume deltas (when the VolumeType is equal to one of the Delta modes), since their emulation is based on principles incompatible with the tick processing required for calculating deltas;
- ShowExtremumMarks – the number of labels with cumulative wave volumes displayed above and below the extremes on the main chart; 0 by default means no labels;
- PrimaryContentInMarks – what to show in the placemarks: full wave volume, average volume, or efficiency (“speed”); all metrics are displayed in the placemark’s tooltip if you hover the mouse cursor over it.
- TickHistoryPreload – the number of bars to process; especially important when calculating deltas, which requires loading the tick history (it can be quite “heavy” to load if you set too many bars); 0 by default means calculating one last day; since ticks are always requested in batches by day, as a result, more bars may be loaded than requested due to alignment to the day boundary;
- VolumeType-determines which volume to use in calculations: Bar Volume, Delta by Ask vs Bid, Delta by Ask Bid; Bar Volume means separate volumes for each bar: real (if any) or tick volumes; if UseTrueVolumeSurrogate is enabled, surrogate volumes are used instead of tick volumes; any Delta is calculated for each bar based on tick history or online ticks;
- Visualization-defines the type of histogram: Bars apart, Bars in wave color, Wave cumulative signed, Wave cumulative absolute; see below;
- WaveMethod is one of the methods of formation of waves below Low High/Low High above, Gann swing vs Close Close (Weis wave), Retracement (adaptive self-tuning correction or size specified % of the price); based on 4 types of zigzag; details can be found in the description of the indicator AutomaticZigZag; it is free; recommends to apply the zigzag on the main chart in addition to VolmeDeltaWaves for a better understanding of how waves are formed;
- UseTrueVolumeSurrogate – option to enable surrogate volumes instead of tick volumes; valid only if there are no real volumes and the VolumeType is selected as Bar Volume; surrogates cannot be used for volume deltas (when the VolumeType is equal to one of the Delta modes), since their emulation is based on principles incompatible with the tick processing required for calculating deltas;
- ShowExtremumMarks – the number of labels with cumulative wave volumes displayed above and below the extremes on the main chart; 0 by default means no labels;
- PrimaryContentInMarks – what to show in the placemarks: full wave volume, average volume, or efficiency (“speed”); all metrics are displayed in the placemark’s tooltip if you hover the mouse cursor over it.
Visualization
In Bars apart mode, each bar is colored according to the volume sign (with VolumeType equal to Bar Volume, the sign is determined by the direction of the candle); in all other cases, the color depends on the direction of the wave that the bar belongs to. In Bars in wave color mode, the bars also display individual volumes of each candle (but are highlighted in the wave color). The last wave may change, as the last edge of the zigzags is unstable – all such bars are colored in a neutral gray color.
In Bars apart mode, each bar is colored according to the volume sign (with VolumeType equal to Bar Volume, the sign is determined by the direction of the candle); in all other cases, the color depends on the direction of the wave that the bar belongs to. In Bars in wave color mode, the bars also display individual volumes of each candle (but are highlighted in the wave color). The last wave may change, as the last edge of the zigzags is unstable – all such bars are colored in a neutral gray color.
The zigzag in all screenshots is a separate AutomaticZigZag indicator.
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