Sometimes the simplest things turn out to be surprisingly useful.
Wyckoff's second law of cause and effect implies that price movement (up or down) should be proportional to the effort (volume) supplied. Price is not subject to gravity; without volume it cannot move.
This one-line indicator acts a bit like a lie detector for price action.
It simply...
View Total Volume, Bull Volume, and/or Bear Volume. View Volume Effectiveness to reveal how Volume has effected the price. View the Moving Average of any of the above metrics, selecting one or more types of moving averages(SMA, EMA, RMA, SWMA, VWMA, WMA, or ALMA). Create nearly infinite crossovers by activating the Secondary Moving Average and choosing a longer...
This is my implementation in TradingView of my modified version of the "Weis Wave".
Given the limitations of TradingView in alter past variable values, whenever the close change direction and the wave don't I sum the volume to the present wave and also to a possible future wave.
This results in columns of a mixed color within the columns of the histogram. By...
- If ControlSMA(16) exceeds 0 means market is bullish, below 0 means market is bearish.
- Difference between SMA(3,10) is represented with blue area.
- You can operate using changes in color or trend, or simply knowing that once 0 is crossed upwards, it means the pullback is proportional so we just need a simple pattern in the price or, entering after it just...
This indicator gathers data from the Weis Wave indicator (thanks to @LazyBear for the original code), and coverts it to something like a VPCI or a Chaikin Oscillator. This indicator is quite versatile. It can be ran with Weis Wave turned on and the Bands + MA turned on together, though I find the scaling becomes an issue. If it is the only indicator you're using,...
![EURNOK: The Lie Detector [LucF]](https://s3.tradingview.com/s/SeO3jRdj_mid.png "The Lie Detector [LucF]")
