The number must also be relative to other numbers in the field. To display volume correctly as three digits it is necessary to take a number such as 176,895,570 to value that can be displayed within three digits. To use 'What percent of last leg to determine reverse' click on 'Use percent of last leg?' and be sure that 'Use percent of avg price to set wave size' is unclicked. To use 'What percent of avg price to set wave size' first click on 'Use percent of avg price to set wave size'. Change the value to a wave size of interest in the 'Select Weis Wave size' dialogue box. The default is the traditional method used by Weis. The traditional way of displaying Weis Wave as developed by David Weis is to use price.

I think a short video is the best way to convey the information. There are some additional inputs to show the correct volume range on the screen. Read my notes associated with 'Weis Wave Jayy' for more details on the use of the Weis wave. I have cleaned it up to make the script more usable.

However, for those few people who actually want to play with this script here it is. I have been reluctant because it was a very cumbersome script. Where the supply present (selling pressure) has been absorbed.which is also further confirmation of the potential stopping volume.Īnd to help confirm the absorption theory, the next bar is also up.In May 2015. VSA does not really have a word for this type of bar.we have tried naming it (but that is another story.for another time)īut if we look over at Wyckoff for an answer.without going into too much detail right now (later maybe), it is a potential absorption bar. So, it is not an upthrust.even if it looks like it is. but it isn't really in the right position for an upthrust, and it didn't act like an upthrust (next bar was not lower). Yes I know it looks like a nasty upthrust. And all of the trading the next day was above the previous bar's close. This thought is supported by the next bar which is an upbar (how could price close higher if all that volume was selling on the downbar). I suggest there is the potential that the volume on that down bar may have been sufficient (enough) to 'stop' the downward stride (trend), and at least knock the price sideways, and perhaps be the beginnings of some strength in the stock. The only way to resolve the inconsistency between those two bars, is that there was hidden or concealed buying within the down bar marked 'PSV'.Īnd this support/buying/accumulation (or whatever else you might like to call it) narrowed the spread of the bar, and stopped the bar losing as much ground, as compared to the other similar widespread breakdown bar.

Catching trend reversals by david weis