OPEN-SOURCE SCRIPT
ShareScope Weiss Wave approximation v1
ShareScope Weis Wave Approximation v1
Overview
This indicator is an attempt to reproduce the behaviour of the Weis Wave implementation available in ShareScope using TradingView Pine Script.
The objective is not to recreate every interpretation of David H. Weis's work, but rather to approximate the wave-construction and cumulative volume behaviour observed in ShareScope's Volume Weis Wave indicator.
Methodology
The indicator organises market volume into directional price waves using a percentage-based ZigZag reversal threshold.
A wave remains active while price continues moving in the current direction. When price reverses by the specified percentage amount, the current wave is completed and a new wave begins. Volume is accumulated throughout the life of each wave and displayed as a cumulative histogram.
Available options include:
• ZigZag Value (%) – percentage reversal required to start a new wave.
• Use High/Low – uses candle extremes rather than closing prices when determining wave reversals.
• Symmetric Calculation – applies proportional reversal mathematics so that up and down reversals are geometrically symmetrical.
The calculation updates dynamically as new price data arrives and completed waves become fixed only after the reversal threshold has been reached.
What This Indicator Is Not
Please note - This is not an ATR-based Weis Wave model.
Some modern Weis Wave implementations use Average True Range (ATR), volatility measurements, adaptive thresholds or other dynamic methods to determine wave reversals. This indicator does not use ATR, volatility bands, adaptive filters, moving averages or volume-based reversal logic.
Wave changes are driven solely by the selected percentage reversal threshold, consistent with the behaviour described for ShareScope's Weis Wave implementation.
Notes
David H. Weis never published a single definitive formula for constructing Weis Waves and various software platforms implement the concept differently. As a result, indicators carrying the "Weis Wave" name may produce substantially different results depending on the wave-construction methodology used.
This script focuses specifically on approximating ShareScope's percentage-based wave model rather than ATR-based, volatility-based or proprietary alternatives.
For research and comparison purposes, several exportable data series are included:
• Wave Direction
• New Wave Trigger
• Active Wave Volume
• ZigZag Value
• Current Swing Extreme
These outputs can be accessed through TradingView's Data Window and CSV export facilities.
Overview
This indicator is an attempt to reproduce the behaviour of the Weis Wave implementation available in ShareScope using TradingView Pine Script.
The objective is not to recreate every interpretation of David H. Weis's work, but rather to approximate the wave-construction and cumulative volume behaviour observed in ShareScope's Volume Weis Wave indicator.
Methodology
The indicator organises market volume into directional price waves using a percentage-based ZigZag reversal threshold.
A wave remains active while price continues moving in the current direction. When price reverses by the specified percentage amount, the current wave is completed and a new wave begins. Volume is accumulated throughout the life of each wave and displayed as a cumulative histogram.
Available options include:
• ZigZag Value (%) – percentage reversal required to start a new wave.
• Use High/Low – uses candle extremes rather than closing prices when determining wave reversals.
• Symmetric Calculation – applies proportional reversal mathematics so that up and down reversals are geometrically symmetrical.
The calculation updates dynamically as new price data arrives and completed waves become fixed only after the reversal threshold has been reached.
What This Indicator Is Not
Please note - This is not an ATR-based Weis Wave model.
Some modern Weis Wave implementations use Average True Range (ATR), volatility measurements, adaptive thresholds or other dynamic methods to determine wave reversals. This indicator does not use ATR, volatility bands, adaptive filters, moving averages or volume-based reversal logic.
Wave changes are driven solely by the selected percentage reversal threshold, consistent with the behaviour described for ShareScope's Weis Wave implementation.
Notes
David H. Weis never published a single definitive formula for constructing Weis Waves and various software platforms implement the concept differently. As a result, indicators carrying the "Weis Wave" name may produce substantially different results depending on the wave-construction methodology used.
This script focuses specifically on approximating ShareScope's percentage-based wave model rather than ATR-based, volatility-based or proprietary alternatives.
For research and comparison purposes, several exportable data series are included:
• Wave Direction
• New Wave Trigger
• Active Wave Volume
• ZigZag Value
• Current Swing Extreme
These outputs can be accessed through TradingView's Data Window and CSV export facilities.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.