Weis Wave Indicator needing ATR Option

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Weis Wave Indicator needing ATR Option

Postby Pro Retail Trader » Thu Jun 27, 2019 1:52 pm

Hello Apprentice,
I am attaching an indicator that I would like to have the ATR function added.

The indicator should allow a trader to set the ATR period based on days and also be able to set a PERCENTAGE of ATR value for the wave formation (reversal).

The percent should be affixed to the top or bottom of each wave.

This function is vital as volatility analysis goes hand in hand with volume analysis. All traders can benefit from this indicator regardless of strategy.

Please Note: I request this indicator be made for MT4.

Thank you.
Best Regards,
Pro Retail Trader.
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WeisWave3c1.mq4
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Re: Weis Wave Indicator needing ATR Option

Postby Apprentice » Sun Jun 30, 2019 6:07 pm

Your request is added to the development list under Id Number 4758
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Re: Weis Wave Indicator needing ATR Option

Postby Apprentice » Wed Jul 03, 2019 12:50 pm

I don't understand the logic required. How to calculate that values which should be shown on every reversal? ??Some_Value?? / ATR?
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Re: Weis Wave Indicator needing ATR Option

Postby Pro Retail Trader » Thu Jul 04, 2019 1:29 pm

Apprentice wrote:I don't understand the logic required. How to calculate that values which should be shown on every reversal? ??Some_Value?? / ATR?


The values should be calculated based on a running calculation of the ATR of the daily chart no matter what lower time frame a person is looking at.

For example: When choosing the Daily ATR period, 5, 10, 20, etc... The indicator will determine what the ATR is and will always run the calculation going forward each new day so it will adjust the percentage of ATR distance moved values derived on each swing which will be based on the ATR period value calculated at the beginning of each day.
(No back-painting! Only adjust for new forming waves)

The next calculation would be for the swing or wave reversal calculation. It is to be based on a percentage of ATR distance moved. For example: if the ATR period is 5 and that equals a 100 pips and the percentage of ATR movement (difference) is set to 10% then it would take a 10 pip move to start a new wave. The values at the top of each peak or bottom of each valley will reflect the percentage of ATR that particular wave moved. 10% would be the minimum in this example but the wave could have continued and traveled a distance of 50% of ATR.

Also, very important that the option to calculate the reversal change be based on high to low of each candle and not just candle open and close.

I hope this helps with understanding the logic. It is just changing the wave reversal from a static variable (pips) to a dynamic one based on volatility calculations which are much more helpful. Thank you for all your work and effort.

Best and Kind Regards,
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Re: Weis Wave Indicator needing ATR Option

Postby logicgate » Thu Jul 04, 2019 6:44 pm

Apprentice wrote:I don't understand the logic required. How to calculate that values which should be shown on every reversal? ??Some_Value?? / ATR?


I think that the next leg of the wave starts plotting when the reversal move exceeds the ATR you set.
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Re: Weis Wave Indicator needing ATR Option

Postby Pro Retail Trader » Mon Jul 08, 2019 10:53 pm

Apprentice wrote:I don't understand the logic required. How to calculate that values which should be shown on every reversal? ??Some_Value?? / ATR?



Hello Apprentice did you understand my last post? Please let me know if more clarification is necessary.

The values shown will be in Percentages of the ATR. It can be shown as a 10%, 14%, 40%, etc...

Thank you for your time.

Best Regards,
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Re: Weis Wave Indicator needing ATR Option

Postby Pro Retail Trader » Mon Jul 15, 2019 11:48 am

Apprentice wrote:I don't understand the logic required. How to calculate that values which should be shown on every reversal? ??Some_Value?? / ATR?



Hi Apprentice, I responded to your question about needing a "value" to show on the wave peaks and valleys. But I did not get a response from you. Are you still in need of more information? I really want to get this indicator out there to traders with the ATR function. Please ask me any questions and I will do the relevant work to make your coding job easier. Thank you.

Best & Kind Regards,
Pro Retail Trader
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Re: Weis Wave Indicator needing ATR Option

Postby Apprentice » Fri Jul 19, 2019 4:58 am

Still can't figure out how it relates to the attached indicator.
WeisWave3c1.mq4
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