Weis Wave Volume: Grouping Volume by Price Trend

Summary

This document presents a ProRealTime adaptation of a Weis Wave Volume indicator. It classifies price movement into rising and falling waves, accumulates volume while each wave continues, and displays the totals as separate colored histograms. The accompanying explanation describes the display as a way to examine turning points and shifts in supply and demand. The script uses recent price changes to detect direction and determine when a wave changes.

The material is an indicator implementation rather than a complete trading strategy: it does not specify entry or exit rules, risk controls, or a method for validating signals. No market examples, tests, or performance results are provided. The code is attributed to a TradingView version and adapted for ProRealTime; users should verify the calculations and platform behavior before relying on the plotted values. The rest of the page concerns site privacy and account data, which does not add trading guidance.

Key ideas

• The indicator groups volume into waves associated with rising or falling price movement.
• It accumulates volume until its wave direction changes, then starts a new total.
• Separate histograms display volume associated with upward and downward waves.
• The page offers no trading rules, market tests, or evidence that the indicator predicts price changes.
• The implementation is a platform adaptation whose calculations should be checked in the intended environment.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.