OPEN-SOURCE SCRIPT
Weis Wave with Main Pane Renko Volume Labels
Weis Wave with Renko Peak/Trough Volume Labels
This script is an amended/forked version of the original “Weis Wave Volume” indicator published by modhelius.
Full credit is given to modhelius for the original Weis Wave Volume calculation, Renko assignment methodology and histogram implementation. The original calculation has been retained, converted to Pine Script v6 and extended with automatic price-chart labels and connector lines.
OVERVIEW
The indicator accumulates volume, or True Range where selected, into directional Weis Waves. The completed wave values are displayed as columns in the lower indicator pane.
This amended version additionally places each completed Weis Wave value on the main Renko price chart at the corresponding wave peak or trough.
Up-wave values are displayed using green labels and down-wave values using red labels by default.
PEAK AND TROUGH LABELS
When a directional wave is completed:
• The script identifies the Renko box containing the actual peak or trough of that wave.
• The completed Weis Wave volume value is placed above or below that box, according to the user settings.
• A vertical connector line links the centre of the relevant Renko box to its value label.
• The label is positioned retrospectively at the completed wave extreme once the subsequent change of direction confirms the wave.
The labels therefore identify the completed wave rather than the first brick of the new opposing wave.
CURRENT UNCOMPLETED WAVE
An optional provisional label displays the accumulated value of the current uncompleted wave.
The provisional label:
• Moves when the current wave makes a new peak or trough.
• Updates as additional volume is accumulated.
• Uses a translucent label and dashed connector line to distinguish it from confirmed wave values.
• Remains subject to change until an opposing wave confirms completion.
The provisional label can be disabled independently.
USER SETTINGS
The script provides controls for:
• Renko assignment method: ATR, Traditional or Part of Price.
• Renko assignment value.
• Price source.
• Use of volume or True Range.
• Oscillating histogram display.
• Normalised wave values.
• Completed-wave labels on or off.
• Current uncompleted-wave label on or off.
• Peak-label placement above or below the peak.
• Trough-label placement above or below the trough.
• Independent peak and trough vertical distances.
• Distance measured in Renko boxes, minimum ticks or price units.
• Label font size.
• Connector lines on or off.
• Connector-line thickness.
• Volume-value divisor.
• Number of decimal places.
• Maximum number of historical labels retained.
TIMEFRAME
The indicator calculates using the current chart timeframe. It does not use a separate indicator timeframe because the Weis Wave calculation, Renko structure and price-chart labels must remain aligned.
RENKO CHART NOTE
Renko charts are synthetic charts constructed from price movement rather than fixed time intervals. Wave boundaries and accumulated volume values may therefore change when the chart timeframe, Renko method or Renko box size is changed.
For consistent comparisons, use the same Renko configuration and indicator settings.
This indicator is intended as an analytical visualisation tool. It does not generate trading entries, exits or investment recommendations.
CREDIT
Original Weis Wave Volume script and core calculation:
modhelius
Pine Script v6 conversion and extensions:
Automatic Renko peak/trough labels, adjustable positioning, connector lines and provisional current-wave display.
This script is an amended/forked version of the original “Weis Wave Volume” indicator published by modhelius.
Full credit is given to modhelius for the original Weis Wave Volume calculation, Renko assignment methodology and histogram implementation. The original calculation has been retained, converted to Pine Script v6 and extended with automatic price-chart labels and connector lines.
OVERVIEW
The indicator accumulates volume, or True Range where selected, into directional Weis Waves. The completed wave values are displayed as columns in the lower indicator pane.
This amended version additionally places each completed Weis Wave value on the main Renko price chart at the corresponding wave peak or trough.
Up-wave values are displayed using green labels and down-wave values using red labels by default.
PEAK AND TROUGH LABELS
When a directional wave is completed:
• The script identifies the Renko box containing the actual peak or trough of that wave.
• The completed Weis Wave volume value is placed above or below that box, according to the user settings.
• A vertical connector line links the centre of the relevant Renko box to its value label.
• The label is positioned retrospectively at the completed wave extreme once the subsequent change of direction confirms the wave.
The labels therefore identify the completed wave rather than the first brick of the new opposing wave.
CURRENT UNCOMPLETED WAVE
An optional provisional label displays the accumulated value of the current uncompleted wave.
The provisional label:
• Moves when the current wave makes a new peak or trough.
• Updates as additional volume is accumulated.
• Uses a translucent label and dashed connector line to distinguish it from confirmed wave values.
• Remains subject to change until an opposing wave confirms completion.
The provisional label can be disabled independently.
USER SETTINGS
The script provides controls for:
• Renko assignment method: ATR, Traditional or Part of Price.
• Renko assignment value.
• Price source.
• Use of volume or True Range.
• Oscillating histogram display.
• Normalised wave values.
• Completed-wave labels on or off.
• Current uncompleted-wave label on or off.
• Peak-label placement above or below the peak.
• Trough-label placement above or below the trough.
• Independent peak and trough vertical distances.
• Distance measured in Renko boxes, minimum ticks or price units.
• Label font size.
• Connector lines on or off.
• Connector-line thickness.
• Volume-value divisor.
• Number of decimal places.
• Maximum number of historical labels retained.
TIMEFRAME
The indicator calculates using the current chart timeframe. It does not use a separate indicator timeframe because the Weis Wave calculation, Renko structure and price-chart labels must remain aligned.
RENKO CHART NOTE
Renko charts are synthetic charts constructed from price movement rather than fixed time intervals. Wave boundaries and accumulated volume values may therefore change when the chart timeframe, Renko method or Renko box size is changed.
For consistent comparisons, use the same Renko configuration and indicator settings.
This indicator is intended as an analytical visualisation tool. It does not generate trading entries, exits or investment recommendations.
CREDIT
Original Weis Wave Volume script and core calculation:
modhelius
Pine Script v6 conversion and extensions:
Automatic Renko peak/trough labels, adjustable positioning, connector lines and provisional current-wave display.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.