Renko Weis Wave VolumeA volume bulls vs bears power indicator that is based entirely on Wyckoff Weis Wave Volume trends. This indicator is part of my DIVINE series RENKO indicators that run on an engine capable of extracting Renko brick information from a time series. As with the Renko RSI and Renko Trend Momentum indicators, swapping between Renko and time series type charts(bar, candlestick , heikin ashi) is seamless.
The algorithm uses the cumulative volume sum during the lifetime of a Renko brick formation. It tries hard to dissect and distribute volume when multiple bricks are formed during a single time candle (bar, candlestick , heikin ashi). Both positive and negative volume are plotted simultaneously, so that any instance where multiple bricks are created in a single time candle, positive and negative volume will be shown.
4 color themes as with all of the other DIVINE series indicators and strategies.
Shows ares of accumulation, distribution, capitulation. volatility .
Shows volatile brick locations with counts that indicate the number of nested bricks that were contained in a single time based candle.
Works well with Renko Price Bars Overlay script.
Reference to explanation of volatile brick information tips.
All feature requests are welcome. PM for access.
