A great indicator to help analyse the strength of pullbacks, continuation moves and changes in behaviour.
I hope you get some value out of it. Only conditions of use are that if you improve it, let me know and if you publish something that uses it, don't hide the code! Enjoy!
Code pinched and modified from Zero Lag by Duyck - thankyou
Jurik Moving Average (for turning points) by Everget - thankyou
and Weis Wave by Modhelius - thankyou
I had the choice of having the indicator show the last column as it was being formed, or only drawing it at the close of the bar. I prefer to see it being drawn live as it gives me bit of extra information earlier- that is the exact trigger point for a (potential) new up or down wave as it happens.
I hope that explanation helps.