Renko Volume and Time Labels with Weis Wave Analysis
Summary
This TradingView indicator annotates Renko bars with volume and elapsed time, then colors the labels according to each measure relative to a moving average. Users can choose EMA or SMA comparisons, show all or only larger readings, and control candle body, border, and line styling. The displayed time is adjusted for week boundaries, while volume can be scaled with a divisor.
A second component groups Renko bars into directional Weis Wave runs. It accumulates volume, time, and block count, then compares wave totals and average volume per block with recent waves. Optional labels show relative comparisons, effort versus result, wave duration, and unusually large volume. The script provides visualization and contextual measures rather than a tested entry or exit strategy. Its readings depend on the chart's Renko construction, available volume data, and user-selected settings; the document supplies no performance evidence.
Key ideas
- Renko bar labels can display scaled volume, elapsed time, or both.
- Volume and time can be compared with an EMA or SMA to classify their relative size.
- Color thresholds distinguish several levels of relative volume or time for up and down bars.
- Weis Wave labels accumulate volume and time across consecutive directional Renko runs.
- The indicator offers comparisons between current waves and prior waves but provides no strategy performance results.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.