Weis Wave Volume Indicator
Platform: MT4 Type: Volatility Last update: September 21, 2024The Weis Wave Volume Indicator for MT4 is a forex technical analysis trading tool that leverages both momentum and volume to gauge buying and selling pressure in the market. By measuring the intensity of price changes alongside the volume of trades, this tool provides insight into market trends.
The wave structure of the Weis Wave Volume Indicator offers convenient entry and exit points for traders. A dip in the wave may indicate a good time to buy, while a rise in the indicator’s wave may signal a good time to sell.
Analysis of the wies wave volume
This is an oscillator that quantifies the volume of price changes in the market. By integrating both momentum and volume, this forex trading tool helps to identify buying and selling pressure.
It is specifically designed to detect a bull market when volume is on the rise and prices are increasing, and a bear market when volume is declining and prices are falling. By analyzing the wave and bars at the bottom of the chart, you can glean insights into the intensity and direction of the trend.
Settings
When it comes to settings, there are only two variables you can customize to fit your preferences or your trading strategy.
How To Trade With The Weis Wave Volume Indicator?
Generally speaking, the signals are based on the size and color of waves/bars. Let’s deep dive into how to exactly use that forex indicator in a few easy steps.
Buy Signal
- There is ongoing green wave
- A price dips and then forms an upward-trend continuation pattern
- Open long trade when the above conditions are met
- Set stop loss a few pips below the most recent market’s low point
- Take profit when wave bars turns red
Sell Signal
- There is ongoing red wave
- A price rises and then forms an downward-trend continuation pattern
- Open short trade when the above conditions are met
- Set stop loss a few pips above the most recent market’s high point
- Take profit when wave bars turns green
Conclusion
The Weis Wave Volume is a versatile forex volume indicator that can be applied to various currency pairs and time frames. This indicator can be used on its own as a trading tool or in combination with other technical analysis measures. However, keep in mind that market conditions and proper money management are also important factors that affect your success when using this indicator.
