Weis Pip Wave
This is a Weis Pip Wave indicator which is based on Richard D. Wyckoff theory but instead of plotting volume waves it plots pip waves. It works in all time periods and it can be applied to any market.
This indicator is adding the pips (open to close) 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 must exceed the number of Points (pips*10) set in the parameters of the indicator. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading mainly the previous waves.
Combining this indicator with the "Weis Wave with Speed Index" indicator makes it much easier to visualize what is happening in the market.
Available for MT4 and MT5
Attention: Weis Pip Indicator does not provide the zig zag line, as well as any display information about volume, pips, number of bars and Speed Index. All this information is generated by Weis Wave with Speed Index indicator (Weis Wave with Alert on the mql site)