ZigZag Cumulative Volume
The theory is based on R Wyckoff works and refined by D Weis. In the nutshell cumulative volume helps to asses the strength of the ZigZag section which is difficult to measure if you looking at the individual volume bars only.
This indicator has been coded from a request on the english support forum:
https://www.prorealcode.com/topic/zigzag-with-cumulative-volume/
The indicator is based on percent variation ZigZag, the new peak or tough are triggered by a new price variation of X percent you can change with the “percentVariation” parameter in the indicator window.
I hope it will be helpful for people interested in Wave Weis analysis.
//PRC_CumulativeVolume ZigZag | indicator
//17.02.2017
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
// --- parameters
// percentVariation = 9
zz = ZigZag[percentVariation](close)
peak = zz<zz[1] and zz[1]>zz[2]
tough = zz>zz[1] and zz[1]<zz[2]
cumV = cumV+volume
if peak then
text = cumV/1000
drawtext("#text#K",barindex[1],cumV[1]+0.17*cumV[1],Dialog,Bold,12) coloured(0,200,0)
drawsegment(barindex[1],cumV[1]+0.20*cumV[1],previousX,previousY)
cumV = Volume
color = -1
previousX = barindex[1]
previousY = cumV[1]+0.20*cumV[1]
elsif tough then
text = cumV/1000
drawtext("#text#K",barindex[1],cumV[1]+0.23*cumV[1],Dialog,Bold,12) coloured(200,0,0)
drawsegment(barindex[1],cumV[1]+0.20*cumV[1],previousX,previousY)
cumV = Volume
color = 1
previousX = barindex[1]
previousY = cumV[1]+0.20*cumV[1]
endif
return cumV coloured by color
Comments
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Hi Nicolas. Thank you for this excellent indicator. I am using it in particular for Wykoff-Weis analysis. Are you able to advise how i would also calculate the price movement of each swing. i.e. if it is an upswing, the price delta would be the close - trough price. Else if it is a downswing, the price delta wold be a peak price - close. This is the Weis Pip Swing wave. similar to the volume wave, just calculating the price movement of each swing.
Bonjour Nicolas, en trading automatique avec la dernière version de ProRealCode: la fonction ZigZag est renseignée comme obsolète - comment détourner celà? - merci d'avance
Hi Nicolas. Thanks for this helpful indicator. I wonder if you'd consider a modification? My idea is to plot the cumulative swing vol on the price chart, but as line thickness. For example, if the swing has high volume, it's thick, if low it's thin... with graded thickness. I'd love to do this myself but lack the coding skills. Would you mind please? Many thanks.
Thank you, Nicolas, for the swift response, however, i do add it as an oscillator not on chart and am getting the same result
Hello Nicolas, pls I don't know what I have done wrong, cos this indicator don't work on my chart when insert it, it will appear in an area form and not exactly the way it is on the site. pls, help. Many Thanks Boby
Grazie Nicolas
Come posso fare per inserire uno proscreener che mi trovi quando lo zig zag cumulative presenti una candela verde?
Hello Nicolas, I have a cumulative histogram update problem, the indicator often updates only after restarting the indicator, what should I try to do?
Hola, funciona en P11? lo he puesto y no me sale como en la imagen. gracias.