Weis Wave with Speed Index
Additional Features
Apart from the powerfull Speed Index and the regular Volume Waves the following features are available:
Net Volume
What is Net Volume ? Instead of adding all the volumes in a wave two options are available to add and subtruct the volume depending on the price bar close.
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Option 1 (Price Close) : if the price bar is bullish the volume bar is added and if price bar is bearish the volume bar is subtructed within the wave.
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Option 2 (Price Median): if price close of the bar is above the median price of the price bar the volume bar is added and if the price close is below the median of the rice bar the volume bar is subtracted within the wave.
The chart below shows the three different setups.
Wave Type
What is Wave Type? With Wave Type you can selected one of the following waves to be displayed as a cumulative histogram:
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Option 0 : Regular Volume Waves
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Option 1 : Pip Waves
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Option 2 (Progressive Volume Rate): This algorithm calculates the progressive volume rate within the wave. It shows if the volume increases or decreases while the wave progresses. It is a very important graphical representation and can be used to confirm entry and exit points.
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Option 3: Time Waves
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Option 4: Emphasized Volume Waves. An algorithm emphasizes Large Volume Waves
The chart below shows the three different setups.
