their Weiss wave index is based on Richard Wyckoff’s concept, but instead of constructing waves based on volumes, it assembles waves based on pips. It works on all timeframes. It may be applied to almost any market.
The index adds pips (from opening to closing) of the corresponding cost waves and draws a cumulative histogram. Each price wave goes in a certain direction up or down until it varies. For the index wave to unfold, the price must exceed the number of factors (pips * 10) put in the indicator parameters. Therefore, the last wave is redrawn, but the theory behind this trading method predicts the direction of the market, reading mainly the previous waves.
Using together with the “Weis Wave with Alert” indicator greatly simplifies the visualization of the current market situation.
Trading strategies using Weis Pip Wave and Weis Wave with Alert:
- Difference: the number of points required to reverse the current wave and form a new one
Data displayed by the alert function: pair, High Dn Pip Wave/High Up Pip Wave and time.
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- triggercandle: number of the candle on which the alert is triggered
- pipwavesize: the cumulative number of pips of the wave, when exceeded, an alert is sent
- EnableNativeAlerts: a pop-up window
- enablesoundalerts: Sound alert
- enableemailalerts: Emails
- soundfilename: alert.wav audio file for the sound alert