Weis Waive Indicator

You can call me by my first name. Pete. No need to call me by my last name.

A zigzag study is already included with Thinkorswim (actually there are several).

I've never heard of Weis Waves so you will need to provide specifications. A screenshot does not provide the specifications. We don't reverse engineer studies here. We provide solutions based on a set of specifications provided by the audience.

Frank, here is the Weis Wave Volume thinkscript.

declare lower;

def price = hlc3;

input reversalAmount = 1.5;

input reversalMode = {price, default percent};

def mode = if reversalMode == reversalMode.price then ZigZagTrendSign(price = price, reversalAmount = reversalAmount) else ZigZagTrendPercent(price = price, reversalAmount = reversalAmount);

def inflection = if reversalMode == reversalMode.price then if !IsNaN(ZigZagSign(price = price, reversalAmount = reversalAmount)) then 1 else 0 else if !IsNaN(ZigZagPercent(price = price, reversalAmount = reversalAmount)) then 1 else 0;

rec trend = if inflection == 1 and mode == -1 then 1 else if inflection == 1 and mode == 1 then -1 else trend[1];

rec upWaveVolume = if inflection == 1 and trend == 1 and close > open then volume else if inflection == 1 and trend == 1 and close <= open then 0 else if trend == 1 or (inflection == 1 and trend == -1 and close >= open) then upWaveVolume[1] + volume else 0;

rec downWaveVolume = if inflection == 1 and trend == -1 and close < open then volume else if inflection == 1 and trend == -1 and close >= open then 0 else if trend == -1 or (inflection == 1 and trend == 1 and close <= open) then downWaveVolume[1] + volume else 0;

plot upvol = upWaveVolume;

upvol.SetDefaultColor(color.dark_green);

upvol.SetPaintingStrategy(PaintingStrategy.Histogram);

upvol.SetLineWeight(5);

plot dnvol = downWaveVolume;

dnvol.SetDefaultColor( Color.DownTICK);

dnvol.SetPaintingStrategy(PaintingStrategy.Histogram);

dnvol.SetLineWeight(5);