jayy

WWV_LB pivotfix histogram jayy

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This is a modification of LazyBear's WWV_LB which plots cumulative volume of waves.  The reversal points are defined through relative closing prices. I made adjustments to the script to show waves turning on actual/true low or high pivots as opposed to the bar/candle identified in the LazyBear script. What I mean by that is that the actual/true low or high pivots are in fact the true WWV_LB pivots . The original WWV_LB script calculates cumulative volume from reversal confirmation bar  to reversal confirmation bar as opposed to the true WWV_LB pivot bar to pivot bar.  As such the waves can have slightly different start and end points.  As such the cumulative volume can also be different from te WWV_LB script.  This is because confirmation of a wave reversal can lag a few bars after the true reversal pivot bar.  In the script notes, you will see the original key WWV_LB script lines that identify the true high or low pivots and confirm the wave direction has reversed. I have taken these lines from LazyBear's original script. I have included the LazyBear script within the script notes so that the original can be compared to what I have added/changed. Instead of "trendDetectionLength"  I have inserted "Trend Detection Length".   You can of course change the descriptor to what you wish by editing script line 33 to the original term or whatever you wish.  You might also wish to set the default to the value "2" as per the original script.  I have set the default to "3". This script should be used in conjunction with "WWV-LB zigzag pivot fix jayy" script which is shown on this screen for comparison. Here is a link to the original LazyBear histogram script which can be used for comparison.  The differences are subtle, however, the histograms will regularly be different by a bar or two:
  
The lowest panel has the original LazyBear WWV_LB script for comparison.  All three scripts have been set to a Trend Detection Length of 3.jayy
Скрипт с открытым кодом

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.

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Комментарии

Great!Thank you so much!
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may I know if possible to create notification for every change of histogram color?

for example notification when green turns to red and wise versa?
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jayy hafizias
@hafizias, it is possible, but understand this: this script is intended to show accurately the wave volume associated with the original WWV_LB script waves. Wave reversal points (bar colour change points) are often not entry points. To determine entry points a judgement is made based on how wave volume is increasing or decreasing relative to other waves both up and down. Other factors such as breaking channel lines and wave time etc. are also used in the method. The David Weis method requires the implementation of the Wyckoff method to find "change in behaviour" denoting a trend turning point. If you make decisions based on a change of colour ie the confirmed reversal of a wave then you will be at risk of losing money. Turning points in of themselves do not guarantee a wave will last long enough to make a profit. In fact, it would be a losing proposition. The original WWV_LB script will do just as well for what you want although a notification would have to be added to that script. The WWV_LB script is not a true Weis wave script the turning points are calculated in a very different way and yet I find the algo to be simple for certain true Weis wave sizes quite similar. You could try to emulate the method described by Weis. The go-to video is the futures.io David Weis webinar on YouTube. You will not that wave size cannot be set with the WWV_LB script in the way Weis describes. Instead of a wave size defined by how far price moves the waves are defined by a comparison of bar closes with a variable lookback (Trend Detection Length). The Trend Detection Length is best set to a value of 2. Larger values create unstable results particularly above 4. If you use this script or the original WWV_LB on Renko then the Trend Detection Length should be set to "1".
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@jayy, noted and thanks for the comment
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jayy hafizias
@hafizias, you can also try this temporary Weis script. jayy
Please read the associated notes: There are notes here as well but I think the above v4 script is easier to work with:
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Your indicated giv good signal but anforchunaly it's repaint.
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jayy alpeshahir143
@alpeshahir143, You are correct this script repaints - by design. The whole concept is to understand the true wave volume. The wave volume of consecutive up and down waves signals future wave direction ie to discern minor vs major waves or major trend reversals. Knowing true wave volume is key to the Weis wave decision-making logic. The wave volume can only be defined once a minor wave direction is confirmed to have reversed. This confirmation can be a few bars after the wave peak and therefore requires repainting. This particular indicator is similar to the Weis wave (my pip Weis wave scripts are true Weis waves) in wave plotting but is not a true Weis wave. The original WWB script linked above has no repainting. However, I caution you in using either version as an entry trigger. I urge you to seek out the David Weis futures.io podcast on youtube to better understand how this script, even though it is not a true Weis algorithm, can be used to trigger entries. In any case, anyone who wants a script that does not repaint must look elsewhere. jayy
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Cool; and nice adjustment bro; thank you so much for your posting; keep it up friend <3
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jayy ICEKI
@ICEKI, you are welcome. jayy
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Whats the use if its Repait ?
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