Wako Volume ratio

This oscillator proposed here is the WAKO Volume ratio, first published by IFTA, edited by Stewart Gault. You can find it at this link: https://ifta.org/public/files/journal/d_ifta_journal_08.pdf

Wako calculates the difference between volumes of days (or other timeframes) defined distributive volume, if close is greater than open, and the others defined accumulative volume, if close is less than open, comparing the difference obtained with the total volume of the period.

The formula is therefore: (Total distributive volume-Total accumulative volume) / Total volume * 100

Wako uses only volume for its construction, a rare feature for this kind of oscillators.

Wako offers indications of distributional and accumulative phases, above and below the zero line. Attention levels vary with the different assets considered (approximately 40/60, -40/-60). Above 80 and below -80 there are indications of extreme possible return to the equilibrium line. Reading the pdf provides every detail of the author’s work.

I thank Roberto Gozzi for his help in the realization of the oscillator for Prorealcode.

// WAKO volume ratio IFTA anno 2008

period=X

daypositivevolume = 0
daynegativevolume = 0


If Close > Open then
daypositivevolume = Volume

else
 
daypositivevolume = 0
endif

sommadaypositive= summation [X](daypositivevolume)


If Close < Open then
daynegativevolume = Volume

else
 
daynegativevolume = 0
endif

sommadaynegative= summation [X](daynegativevolume)


totalvolume=summation [X] (volume)


Wako=(sommadaypositive-sommadaynegative)/totalvolume * 100



Return Wako as "Wako Volume ratio" ,0 as "linea 0",50 as "linea attenzione 50",-50 as "linea attenzione -50"