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.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.