Weis Wave Volume with ATR or Fixed-Box Reversals

Summary

The document presents an indicator implementation for plotting Weis Wave, also called Wyckoff Wave, on a price chart and labeling the volume accumulated during rising and falling legs. It tracks directional moves using price thresholds, then updates swing points and draws segments when direction changes. The threshold can be a multiple of average true range or a fixed box size, allowing either volatility-adjusted or traditional box-based reversals.

The material includes source code but no test results, trading rules, or evidence that the indicator forecasts returns. Its labels and displayed volumes describe completed directional legs, so interpretation depends on the chosen threshold and chart data. The posting references a book, while its lengthy privacy notice is unrelated to the indicator. The code is platform-specific and may require adaptation before use elsewhere.

Key ideas

• Weis Wave aggregates traded volume over directional price legs.
• Price reversals are detected using either an ATR-based threshold or a fixed box size.
• The code updates swing extremes and draws chart segments when the direction changes.
• The document provides an indicator implementation but no evidence of predictive performance.

Tags

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