To use this script you must set the wave size. Using the traditional Weis method simply enter the desired wave size in the box "Select Weis Wave Size" In this example, it is set to 5. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method a more automatic way to set wave size would be to use ATR. This is not the true Weis method but it does give you similar waves and, importantly, without the hassle described above. Once the Weis wave size is set then the pip wave will be shown.
I have put a pip of a 5 point Weis wave on the bar chart - that is a different script. I have added it to allow your eye to see what a Weis wave looks like. You will notice that the wave is not in straight lines connecting wave tops to bottoms this is a function of the limitations of Pinescript version 1. This script would need to be in version 4 to allow straight lines. There are too many calculations within this script to allow conversion to Pinescript version 4 or even Version 3. I am in the process of rewriting this script to reduce the number of calculations and streamline the algorithm.
The numbers plotted on the chart are calculated to be relative numbers. The script is limited to showing only three numbers vertically. Only the highest three values of a number are shown. For example, if the highest recent pip value is 12,345 only the first 3 numerals would be displayed ie 123. But suppose there is a recent value of 691. It would not be helpful to display 691 if the other wave size is shown as 123. To give the appropriate relative value the script will show a value of 7 instead of 691. This informs you of the relative magnitude of the values. This is done automatically within the script. There is likely no need to manually override the automatically calculated value. I will create a video that demonstrates the manual override method.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart. Weis specifically uses candle or bar closes to define all wave action ie a line chart.
David Weis did a futures video which is a popular source of information about his method.
This is the identical script with the identical settings but without the offending links. If you want to see the pip Weis method in practice then search Weis pip wave. If you want to see Weis chart in pdf then message me and I will give a link or the Weis pdf . Why would you want to see the Weis chart for May 27, 2020? Merely to confirm the veracity of my algorithm. You could compare my Weis chart here (https://www.tradingview.com/x/tNeK79Fu/) from the same period to the David Weis chart from May 27. Both waves are for the ES!1 4 hour chart and both for a wave size of 5.
The wave size shown is a traditional Weis wave size of $1.
I am abandoning the Version 1 Pinescript version in favour of Pinescript Version 4 which now allows lines and labels up to 500. Until this happened last November there was no point in creating the version 4 adaption of my script. Pinescript 4 allows for horizontal numbers and much improved wave plotting. The dialogue boxes are more intuitive. The use of this script still requires a working knowledge of the Weis method. Version 4 is a work in progress. The current draft is here. The script is currently protected until I have a final version that I am comfortable with. David Weis passed away on December 17, 2020. May he rest in peace. jayy:
В истинном духе TradingView автор этого скрипта опубликовал его с открытым исходным кодом, чтобы трейдеры могли понять, как он работает, и проверить на практике. Вы можете воспользоваться им бесплатно, но повторное использование этого кода в публикации регулируется Правилами поведения. Вы можете добавить этот скрипт в избранное и использовать его на графике.
//blackr=black // to change text colour on a dark screen try blackr=yellow just put // in front of this line and remove it from the next then save
You can put any colour instead of yellow.
Alternately, read my March 29 comments above and use the link (click on the chart graphic) to use the temporary pinescript version 4 script. Version 4 introduces a new way of plotting labels/characters and certain types of lines, including the associated colour, the limit on these new kinds of plots is 5000. You will find a line in the dialogue box to adjust the text colour. jayy