PROTECTED SOURCE SCRIPT
Weis zig zag vol Jayy
Updated
I have had a few requests to publish the script I used here: 
in May 2015. I have been reluctant because it was a very cumbersome script. However, for those few people who actually want to play with this script here it is. I have cleaned it up to make the script more usable. Read my notes associated with "Weis Wave Jayy" for more details on the use of the Weis wave. There are some additional inputs to show the correct volume range on the screen. I think a short video is the best way to convey the information.
The traditional way of displaying Weis Wave as developed by David Weis is to use price. This is a bit of a tricky concept. I hope my video helps to clarify.
In a nutshell to use: open the script. The default is the traditional method used by Weis. Change the value to a wave size of interest in the "Select Weis Wave size" dialogue box. To use "What percent of avg price to set wave size" first click on "Use percent of avg price to set wave size". To use "What percent of last leg to determine reverse" click on "Use percent of last leg?" and be sure that "Use percent of avg price to set wave size" is unclicked.
To display volume correctly as three digits it is necessary to take a number such as 176,895,570 to value that can be displayed within three digits. The number must also be relative to other numbers in the field. If the highest volume on the page is: 2,654,763,889 and with only three numbers available to display the result. The values shown must be 18 and 265 respectively so that the relative magnitudes are understood. Therefore, all numbers in the field of view must be truncated by the same factor.
To do this make sure that "input multiplication factor to show volume must be non zero, if zero multiplication factors shown " is set at 0. Then click on ok at the bottom of the dialogue box. you should see various numbers across the screen each at a pivot point. Scan and select the highest number visible. I some red zeros are visible you should go back to the dialogue box and choose a smaller wave size.
Go back to the dialogue box and replace the 0 in the "input multiplication factor to show volume must be non zero, if zero multiplication factors shown " box with the value you have chosen, Click ok. You should now see the wave with volume. Represented as 1, 2 or 3 numbers read vertically.
Lastly, you can toggle between what I call a lagged wave or a no lag version using "Show weis wave (lagged pivots) unclick to show the no lag version?". What does this mean? The no lag version has a wave that turns at the actual top or bottom. However, price lags the turning point. Price is printed above or below the point at which a new wave is confirmed. What I mean by this is as follows. Suppose that closing prices are in a downward wave over several bars. Each new bar is examined relative to the "Weis wave size". Suppose the current bar closes at a new low, within the current down wave, at $30.00. If the Weis wave size is $0.10 then the algorithm will remember the $30.00 close and compare it to the close of the next bar. If the price goes lower to $29.99, for example, that is the new low and price is continuing down. If price climbs back up to a close of $30.11 then because price has moved more than $0.10 (the Weis wave size) then that is a wave reversal with a new wave starting up.
However if instead of rising by 11 cents it rose only 5 cents $30.05. Since price did not rise 10 cents The wave is still in a downward trend and the trend is not reversed. It is a bit in limbo. As long a closing price on the ensuing bars does not close at or below $30.00 or at or above $30.10 the wave remains in limbo. Suppose price closes for 5 bars between $30.00 and $30.10 and then on the 6th bar closes at or below $30.00. In that case, the downward trend is confirmed and the wave continues. The bars that closed in limbo are part of the downward trend. On the other hand, if the 6th bar close is 30.11 this means that a trend reversal is confirmed - now the trend is up. The turning point of the wave is 6 bars before at the $30.00 closing bar.
As such, turning points of waves can take some time to be confirmed to reverse in direction. Turning points can be 1, 2, 3 or more bars ahead of wave confirmation. A nice straight line for waves connecting highs and lows as used by Weis is not possible since series are not allowed in the plot statement for offsets. As such price is plotted above or below the point at which the wave was confirmed not the actual turning point. The Weis wave turning points plot at the same place as price. The "no lag" wave plot is not a straight line but does show the actual turning points. The volume is the volume for the actual turning point, not the point at which it is plotted.
The smaller the "Weis wave size" the less the lag will be.
If you have questions message me.
Jayy
The traditional way of displaying Weis Wave as developed by David Weis is to use price. This is a bit of a tricky concept. I hope my video helps to clarify.
In a nutshell to use: open the script. The default is the traditional method used by Weis. Change the value to a wave size of interest in the "Select Weis Wave size" dialogue box. To use "What percent of avg price to set wave size" first click on "Use percent of avg price to set wave size". To use "What percent of last leg to determine reverse" click on "Use percent of last leg?" and be sure that "Use percent of avg price to set wave size" is unclicked.
To display volume correctly as three digits it is necessary to take a number such as 176,895,570 to value that can be displayed within three digits. The number must also be relative to other numbers in the field. If the highest volume on the page is: 2,654,763,889 and with only three numbers available to display the result. The values shown must be 18 and 265 respectively so that the relative magnitudes are understood. Therefore, all numbers in the field of view must be truncated by the same factor.
To do this make sure that "input multiplication factor to show volume must be non zero, if zero multiplication factors shown " is set at 0. Then click on ok at the bottom of the dialogue box. you should see various numbers across the screen each at a pivot point. Scan and select the highest number visible. I some red zeros are visible you should go back to the dialogue box and choose a smaller wave size.
Go back to the dialogue box and replace the 0 in the "input multiplication factor to show volume must be non zero, if zero multiplication factors shown " box with the value you have chosen, Click ok. You should now see the wave with volume. Represented as 1, 2 or 3 numbers read vertically.
Lastly, you can toggle between what I call a lagged wave or a no lag version using "Show weis wave (lagged pivots) unclick to show the no lag version?". What does this mean? The no lag version has a wave that turns at the actual top or bottom. However, price lags the turning point. Price is printed above or below the point at which a new wave is confirmed. What I mean by this is as follows. Suppose that closing prices are in a downward wave over several bars. Each new bar is examined relative to the "Weis wave size". Suppose the current bar closes at a new low, within the current down wave, at $30.00. If the Weis wave size is $0.10 then the algorithm will remember the $30.00 close and compare it to the close of the next bar. If the price goes lower to $29.99, for example, that is the new low and price is continuing down. If price climbs back up to a close of $30.11 then because price has moved more than $0.10 (the Weis wave size) then that is a wave reversal with a new wave starting up.
However if instead of rising by 11 cents it rose only 5 cents $30.05. Since price did not rise 10 cents The wave is still in a downward trend and the trend is not reversed. It is a bit in limbo. As long a closing price on the ensuing bars does not close at or below $30.00 or at or above $30.10 the wave remains in limbo. Suppose price closes for 5 bars between $30.00 and $30.10 and then on the 6th bar closes at or below $30.00. In that case, the downward trend is confirmed and the wave continues. The bars that closed in limbo are part of the downward trend. On the other hand, if the 6th bar close is 30.11 this means that a trend reversal is confirmed - now the trend is up. The turning point of the wave is 6 bars before at the $30.00 closing bar.
As such, turning points of waves can take some time to be confirmed to reverse in direction. Turning points can be 1, 2, 3 or more bars ahead of wave confirmation. A nice straight line for waves connecting highs and lows as used by Weis is not possible since series are not allowed in the plot statement for offsets. As such price is plotted above or below the point at which the wave was confirmed not the actual turning point. The Weis wave turning points plot at the same place as price. The "no lag" wave plot is not a straight line but does show the actual turning points. The volume is the volume for the actual turning point, not the point at which it is plotted.
The smaller the "Weis wave size" the less the lag will be.
If you have questions message me.
Jayy
Release Notes
slight variable changeRelease Notes
A slight refinement to plot statements.Release Notes
Just wanted to add a "How to" video. The same video is also below in the comment section. Also, this script is not "Invite Only" but it is "Protected". You can just add the script to your list of favourites. That is easier for you and easier for me. Jayy
Release Notes
Corrected the script titleRelease Notes
I have added the ability to either show or not show volume. Showing volume on screen is the default.Release Notes
I have updated the Weis zig-zag script to include an automatic wave volume calculator. It is still critical to select the correct wave size. Watch this video to learn more about this feature: 
Also if you are having difficulty picking a wave size consider this info at about 2 minutes in: youtube.com/watch?time_continue=14&v=07EotJThOOY
There are of course lots of videos re Weis wave on youtube. See the references here:
If you do not have access to my Weis wave script message me.
Jayy
Release Notes
Updated Weis script to fix a script issue. Release Notes
Correct version. Release Notes
Added ATR to this script. The view here is from Nov 7, 2018. David Weis published chart for the same period is here for comparison: dropbox.com/sh/tu03lbt820vx1he/AABykczRJCFc6-cyxa4qYeEMa?dl=0 The chart is emini. The wave size is .75 on a 5 min chart. Here is an archived pic of the screen above. Please, watch the videos for the Weis wave as well as the zigzag.
Jayy
Release Notes
This is a minor update to my Weis Wave script. The multiplication factor associated with ATR has been updated so that fractions can be used - not just whole numbers. ATR is not the true Weis method but using ATR makes switching between charts easier because you do not need to select a new wave size for each chart and each timeframe. This particular script is invite-only. So you must ask me for permission to use the script. I have been unable to change it to a protected only mode, however......
There is an alternative version that has the same features plus more and it does not need my permission to add to your favourites. This version of the script, below, is a private script meaning you cannot search it in the public Tradingview scripts. The lowest row in the display above shows the delta version using Delta price of a $4 wave. In this case, it is displaying the price movement of the Weis wave. Because some of the features are experimental I did not want to replace my original Weis Wave script with the developmental script. TV will not allow it to be a public script because of the similarity to my original script. Simply add it to favourites/favorites. I have made some modifications to the script to include some optional waves as described in the linked script. Please watch the videos in the description of the Weis Delta script regarding options. Here is the link to the version that does not need permission: <deleted>
There are also my Weis zigzag scripts which as yet I have been too lazy to convert from Pinescript version 1 to Pinsecript version 4. Pinescript version 4 would give me more flexibility with putting numbers on the screen, plotting waves and changing background colours so it is on a to-do list. The various zigzag scripts can be found here:
delta version with additional waves are here:
Please watch my videos associated with the scripts. In some videos you will need to look in the comments of both scripts, this is especially important for the Weis zig zag script. If you have questions let me know. Here are some additional videos on Weis generally - David Weis youtube.com/watch?v=uzISUr1itWg&;amp;t=4222s, and others using some of the tools in the Delta form of of the script: youtube.com/watch?v=cexAzhrZkDo, In particular watch two minutes into the video where there is a description of how to choose wave size. This same individual has currently more Weis related videos which you can find on his youtube channel.
Additionally, here are a few Weis wave pdfs by Weis: dropbox.com/sh/tu03lbt820vx1he/AABykczRJCFc6-cyxa4qYeEMa?dl=0 You can also sign up for a nightly day in review PDF from David Weis here: weisonwyckoff.com/nightly-report/
Here is the Sept 4 3 hour Emini (ES1!) chart with a $4 wave (Weis' preferred wave size for this ES1! and this timeframe) using this script in Tradingview using bars:
Here is David Weis' chart for the same day: dropbox.com/s/dy00oinjc2noq4a/weis 3hr $4 ES1! wave September-4-2019.pdf?dl=0
Be mindful that the data feed on different platforms are provided by different suppliers and so volume and bars may not be 100% comparable. This is also true with BATS data vs the paid data within Tradingview.
If any of the links do not function please message me. Jayy
Jayy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.