Weis Wave Volume
David Weis' original wave volume method is a Wyckoff-derived, discretionary chart-reading technique - he judged wave boundaries by eye on tape and bar charts, and there is no single published formula for exactly where one wave ends and the next begins. This submission makes a specific, mechanical choice so the idea can run unattended on a chart: a wave continues while price keeps making a new extreme in its direction, and ends once price retraces InpReversalPoints points from that extreme - the same kind of fixed-point reversal threshold a point-based zigzag uses. Every closed bar's volume from the start of the wave to its end is summed, and once the wave is confirmed the total is drawn as one histogram bar in a subwindow plus a green (up wave) or red (down wave) number at the wave's pivot on the price chart itself. The volume comparison at the heart of Weis' method - rising volume on up-waves versus down-waves as a sign of demand overtaking supply, or the reverse - depends on genuine traded volume. Forex brokers do not provide that; MetaTrader's volume field on forex symbols is tick_volume, the count of price updates, which correlates with activity but is not the same thing as shares or contracts traded. This is the standard, honestly-stated limitation every forex volume tool on this platform shares, not something specific to this implementation. Notes and limitations - Wave boundaries are defined by a fixed-point reversal threshold, a deliberate mechanical substitute for Weis' own discretionary chart reading - see the full description above. - Volume is tick_volume (price update count), not genuine traded volume, because forex brokers do not supply the latter. Treat magnitudes as relative activity between waves on the same symbol, not as trade counts. - A wave only finalises once price has retraced the full threshold from its extreme, so the histogram bar for the current, still-forming wave always lags behind the live chart by design - the cost of not repainting. - A very long loaded history triggers a one-off full recount of the wave state machine on chart open.
Indicator · MT5 · v1.0 · Free
About Weis Wave Volume
Weis Wave Volume is an indicator for MetaTrader 5. It can alert you with a pop-up, sound, email or push message. It has 4 settings, such as Reversal points, Show labels and Font size. MQL source code included.
Files in the download: WeisWaveVolume.ex5, WeisWaveVolume.mq5, WeisWaveVolume.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Reversal points | 300 | Points of retracement from the wave extreme that ends a wave |
| Show labels | true | Print the wave's total volume as a chart-window text label |
| Font size | 8 | Label font size |
| Alerts | true | Alert once per closed bar when a wave completes |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Pivot Points · Volume · Alerts · MT5 Indicator · MQL5 Source Code