OPEN-SOURCE SCRIPT
ShareScope Weiss Wave approximation
ShareScope Weiss Wave approximation
This TradingView script is intended to provide a close visual approximation of the ShareScope Weis/Weiss Wave indicator. It is not an exact clone because ShareScope's proprietary source code is not known.
It has been prepared to facilitate comparison of several Weiss Waves against one another with different ZigZag values.
The indicator uses a configurable percentage ZigZag-style reversal threshold to define each wave, then accumulates volume during the active wave. When a new wave is confirmed, cumulative volume resets and a new wave-volume sequence begins.
The ZigZag Value (%) controls how much price must reverse before a new wave begins. The default value is 10%, matching the commonly observed ShareScope default.
ShareScope's suggested settings, comments and starting values:
Daily swing trading: 3–5%
Daily active/tactical: 2–3%
Weekly: 5–8%
Intraday 5-minute/hourly: 0.5–1.5%
UK mid-cap/AIM daily charts: often 5–7%
Large liquid FTSE 100 stocks: often 3–4%
Use High/Low is enabled by default. This uses the full candle high/low range and is intended to better capture true price extremes and turning points. If disabled, the script uses close-only logic, which is smoother but may miss intrabar extremes.
Symmetric Calculation is normally left OFF to remain closer to standard Weis Wave-style interpretation.
The practical purpose of this script is visual comparison. For example, users can apply two instances of the indicator to the same TradingView chart with different ZigZag percentage values, such as 10% and 4%, and compare how the wave structure changes against another indicator such as a stochastic curve.
Important caveat: because the exact ShareScope calculation engine is not public, this script should be treated as an approximation for visual study, not a guaranteed replication of ShareScope's historical or live Weis/Weiss Wave engine.
This TradingView script is intended to provide a close visual approximation of the ShareScope Weis/Weiss Wave indicator. It is not an exact clone because ShareScope's proprietary source code is not known.
It has been prepared to facilitate comparison of several Weiss Waves against one another with different ZigZag values.
The indicator uses a configurable percentage ZigZag-style reversal threshold to define each wave, then accumulates volume during the active wave. When a new wave is confirmed, cumulative volume resets and a new wave-volume sequence begins.
The ZigZag Value (%) controls how much price must reverse before a new wave begins. The default value is 10%, matching the commonly observed ShareScope default.
ShareScope's suggested settings, comments and starting values:
Daily swing trading: 3–5%
Daily active/tactical: 2–3%
Weekly: 5–8%
Intraday 5-minute/hourly: 0.5–1.5%
UK mid-cap/AIM daily charts: often 5–7%
Large liquid FTSE 100 stocks: often 3–4%
Use High/Low is enabled by default. This uses the full candle high/low range and is intended to better capture true price extremes and turning points. If disabled, the script uses close-only logic, which is smoother but may miss intrabar extremes.
Symmetric Calculation is normally left OFF to remain closer to standard Weis Wave-style interpretation.
The practical purpose of this script is visual comparison. For example, users can apply two instances of the indicator to the same TradingView chart with different ZigZag percentage values, such as 10% and 4%, and compare how the wave structure changes against another indicator such as a stochastic curve.
Important caveat: because the exact ShareScope calculation engine is not public, this script should be treated as an approximation for visual study, not a guaranteed replication of ShareScope's historical or live Weis/Weiss Wave engine.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.