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Weis Wave, Ord-Volume, Neoclassical Trend, and Pivot Breakout Indicator & Scanner for Thinkorswim

$99.99 $89.99

This indicator combines features similar to L.A. Little’s work on objective trend identification and pivot breakout evaluation using volume, with the work of David Weis and the Weis Wave concept, plus the ideas of Timothy Ord and his Ord-Volume indicator, as well as other traders/authors such as Anna Coulling and of course Richard Wyckoff.

Description

Weis Wave Indicator Walk-Through [VIDEO]

This Thinkorswim indicator combines features similar to L.A. Little’s work on objective trend identification and pivot breakout evaluation using volume, with the work of David Weis and the Weis Wave concept, plus the ideas of Timothy Ord and his Ord-Volume indicator, as well as other traders/authors such as Anna Coulling and of course Richard Wyckoff.

What It Does

The upper indicator plots the classic zig-zag waves, swings, and pivots — using closing prices — based on either an absolute (price based) reversal, average true range (ATR) multiple reversal, or percentage reversal (your choice).

It then sums up all the volume in each “leg” or wave/swing and provides the absolute volume at the pivot high or low (useful for evaluating pivot breakout challenges), the total cumulative volume for the swing/wave/leg (similar to David Weis’ Weis Wave indicator), and the average volume for the swing/wave/leg (similar to Timothy Ord’s Ord-Volume). It can also plot challenges to a prior high that do not happen at a pivot point and plot the absolute volume for that particular bar on the chart (see image — this, again, is useful to comparing the challenge-bar’s volume to the prior pivot it is challenging, to see if it has enough volume to win the challenge).

The lower indicator plots the cumulative, average, and absolute volumes per swing/wave/leg as a lower study similar to an oscillator or volume readout. This is a useful add on for those who don’t want to keep the bubbles on the main chart — they can instead just look below and see what the current wave volume readings are.

Why You Need It

  • Helps you identify trends in a more objective way using L.A. Little’s concepts of confirmed and suspect trends.
  • Helps you evaluate the quality of breakouts more effectively using L.A. Little’s pivot challenge techniques.
  • Brings the popular Weis Wave indicator to ThinkOrSwim in a much more powerful and customizable way.
  • Brings the popular Ord-Volume indicator to ThinkOrSwim — previously completely unavailable.
  • Allows for a deeper, three-dimensional view of volume for Richard Wyckoff analysis enthusiasts.

What You Get

  1. Upper Indicator
    1. Show/hide labels, chart bubbles, and pivot test bubbles.
    2. Choose between absolute (price-based), percentage, or ATR multiple-based reversal calculations for swings/waves.
    3. Customizable zig-zag colors.
    4. Customizable bubble offset spacing around price chart.
    5. Use either upper study, lower study, or both together.
    6. Makes a great complement for other Wyckoff-style volume analysis tools such as my Relative Volume indicators.
  2. Lower Indicator
    1. Choose between absolute (price-based), percentage, or ATR multiple-based reversal calculations for swings/waves.
    2. Customizable swing/wave colors.
    3. Weis Wave Volume: View cumulative total volume traded during the wave
    4. Ord-Volume: View each wave’s average per-bar volume (cumulative volume divided by the number of bars in the wave)
    5. Use either upper study, lower study, or both together.
    6. Makes a great complement for other Wyckoff-style volume analysis tools such as my Relative Volume indicators.
  3. NEW! Bullish Pivot Breakout Scan
    1. Look for pivot point breakouts with the new included scan
  4. NEW! Bearish Pivot Breakdown Scan
    1. Look for pivot point breakdowns with the new included scan
  5. NEW! Bullish/Bearish Pivot Break Column
    1. Displays bright green when there’s a bullish pivot breakout on the current bar
    2. Displays bright red when there’s a pivot breakdown on the current bar
    3. Displays dark green when the current wave is upward
    4. Displays dark red when the current wave is downward

 

L.A. Little Neoclassical Trend, David Weiss Wave, and Timothy Ord Volume Indicator

L.A. Little Neoclassical Trend, David Weiss Wave, and Timothy Ord Volume Indicator

 

Weis Wave volume indicator thinkorswim with bubbles
Weis Wave volume indicator thinkorswim with bubbles

 

Weis wave volume indicator thinkorswim without bubbles
Weis wave volume indicator thinkorswim without bubbles

 

Weis wave volume upper indicator for thinkorswim values
Weis wave volume upper indicator for thinkorswim values

 

Weis wave volume upper indicator settings 1 for thinkorswim
Weis wave volume upper indicator settings 1 for thinkorswim

 

Weis wave volume upper indicator settings 2 for thinkorswim
Weis wave volume upper indicator settings 2 for thinkorswim

 

Weis wave volume lower indicator for thinkorswim
Weis wave volume lower indicator settings for thinkorswim

 

thinkorswim weis wave zig zag scanner window
thinkorswim weis wave zig zag scanner window

 

thinkorswim weis wave pivot breakdown scan and column
thinkorswim weis wave pivot breakdown scan and column

 

thinkorswim weis wave pivot breakout scan and column
thinkorswim weis wave pivot breakout scan and column

 

thinkorswim pivot breakout breakdown column
thinkorswim pivot breakout breakdown column