Rooster100

R100 Wave Volume v2 (*v*)

This indicator is similar to the Weis Wave Volume indicator in that it shows cumulative volume for each up and down price wave. However it is calculated differently, using the Jurik moving average to determine turning points. Use this in conjunction with the R100 Wave indicator to determine the best fit Jurik length and power settings.

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 ZigZag by Duyck - thankyou
Jurik Moving Average (for turning points) by Everget - thankyou
and Weis Wave by Modhelius - thankyou
Release Notes: Updated to Pine V4
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Comments

Is it possible to use this for live trading or only to look back on the Market? The backtesting looks unreal. Does it redraw?
+2 Reply
Hi @xyse, not sure what sort of back-testing you've done but on its own this is not meant to be a buy/sell trigger- no better than the Jurik MA that the turning points for this indicator are based on anyway. It's value lies in identifying changes in trading behaviour and applies to any timeframe and live trading. There is no re-painting once a turning point has been identified, but the last leg or bar will move about/change colour until the next turning point is established.
+1 Reply
Please, do not change this indicator!
+1 Reply
How would you use this chart to help your entry and exit? Chaikin money flow?
+1 Reply
Unfortunately it repaints.
+1 Reply
Rooster100 MDijcks
No, if you are watching the live chart what you are seeing is the last column live updating as the bar/candle is being formed- this is different to repainting. Once the bar closes the column is locked in and does not repaint. To explain, regardless of your terminology, this is what is happening: Say you are watching live on a 30 minute chart and it is 15 minutes in to the current bar. A standard candle or bar will change colour from red to green while it is being formed depending on whether price moves above or below the previous 30 minute close, but at the close will remain fixed red or green and a new bar/candle begins. This is similar to what happens on the Wave Volume on the current/last column when price hits the turning point for an up or down wave. Once the bar on that time frame closes/completes, the column is locked in and does not repaint.

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.
Reply
MDijcks Rooster100
@Rooster100, thanks for your explanation. The indicator gives good results, but is not workable in live trading because of the "lag". Is it possible to adjust the settings to show the bar as it is forming? I really want to use it! :)
Reply
Rooster100 MDijcks
Hi @MDijcks, if I understand your question correctly you are asking whether the up or down bar can be shown as it is forming with no lag? No this is not possible- it would require access to data from the future! This indicator and other wave volume indicators (like the original Weis Wave this is based on) are absolutely workable and can be used for live trading and have been for many years, however perhaps not in the same way and with the same expectations you are trying to use it?
Reply
koriblion MDijcks
@MDijcks, It doesn't repaint but i get what you mean. There is "offset=-1" on the plot line. No idea why anyone would want an offset but if you remove that part or simply set it to "offset=0". That would fix your issue. Hope this helps
Reply
MDijcks koriblion
@koriblion, thanks!
Reply
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