Weis Wave with Speed Index
with Automated Plutus Patterns Signal Alert
This is an Advanced Weis Wave indicator which is based on Richard D. Wyckoff theory. It works in all time periods, range bar and tick bar charts and it can be applied to any market. The new Autowaves feature eliminates changing the parameters when switching time frames.
This is indicator is an evolution of Weis Wave since it offers several additional features to make chart reading easy as well as Alerting for high probability trade setups through Plutus Patterns which utilize volume, price move, time and structure. This indicator is an All in One tool because you can selected any of the following Wave Types: Volumes, Pips, Time, Volume Rate or Emphasized Volume 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 should exceed the number of points (pips*10) set in the indicator parameters. 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.
The Wave Type you selected together with pip distance that the price has covered and the number of bars are displayed at the end of this wave. Speed Index notes the speed of the wave and can be displayed on the chart (the smaller this number is the faster the wave is and the larger this number is the slower the wave is)
Furthermore, an Alert (popup, email, push, sound) can be setup if the cumulative volume of the current wave exceeds a certain number specified in the parameters. An Alert can also be setup if Speed Index exceeds a specific value and/or is below a specific value.
Available for MT4 and MT5