Weis Wave with alert

****NEW Auto Volume Waves ****

How to trade with it: https://www.mql5.com/en/users/takisd/blog

Visit: http://www.tradethevolumewaves.com 

Manuals: https://www.tradethevolumewaves.com/manuals

Youtube channel: https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ

This is a Weis Wave indicator which is based on Richard D. Wyckoff theory. It works in all time periods, range bar and tick bar charts and it can be applied to any market.

This indicator is adding the volumes of the corresponding price waves and draws a cumulative histogram. Each price wave is moving in a specific direction up or down until it reverses. In order for the indicator wave to reverse in the opposite direction, the price should exceed the number of points (pip*10) set in the parameters. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading  the previous waves.

The volume of the wave together with pip distance that the price has covered and the number of bars are displayed. Speed Index is a new function shows the speed of the wave  and can be displayed on the chart (the smaller this number is the faster the wave is and the larger this number is the slower the wave is)

Furthermore, an alert (popup, email, push, sound) can be setup if the cumulative volume of the current wave exceeds a certain number specified in the parameters. An alert can also be setup if Speed Index exceeds a specific value and/or is below a specific value.

Trading Strategies:

1. Trend trading: trade with the trend on retracement levels if the volume of the retracement wave is insignificant.
2. Too much volume but not significant price move: Something is going to happen, wait for the price to break a significant level and follow it (High Speed Index).
3. Other strategies  can be found on the internet.

Setup Parameters

• Difference: Number of points required for the current wave to reverse and form a new wave
• AutoDifference: true/false - Neglects the Difference parameter and adjusts the Difference automatically creating more accurate waves.
• AutoSensitivity: The higher the number the higher the sensitivity and therefore more waves are formed.
• Format Parameters for Auto Difference value displayed on chart as "WP Difference:xx" (Corner, Y offset, X offset, Font, Font Size)
  
• VolDivBy: Volume divider in order to avoid big numbers on the display
• PipDivBy: Pip distance  divider in order to avoid big numbers on the display
• Negative_style: negative down waves

Weight Volume Parameters - Weight Volume According to Sessions London-US-Asia

• Weighted Volume: true/false - Weights volume of  different sessions taking into consideration that when London and US are operating at same time have the highest volume of all sessions occurs and adjusts the rest of the sessions. With this parameter it very easy visualize which volumes are significant even on Asian hours or non-significant on London-US hrs.    
  

Not to be used with constant tick charts.

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