I haven't visited this thread for a while.  There are two detailed readings to grasp the logic for wave volume.  The first is :  Studies in Tape Reading by Richard D. Wyckoff.  The discussion on wave volume starts on page 123 near the bottom.  The second is:  Trades about to happen by David H Weis.  This is very detailed starting on page 127, chapter 9.

One can create a custom custom cumulative indicator like this:  up condition c>c1+0.75, down condition c<c1-0.75, value to add/subrtact v.

This leaves the figure amount easy to adjust to the stock and intra day time.

The obvious draw back is the volume count does not change back to 0 for the wave count after the price change.

Hoping if the program team takes this indicator on this will give them some quick reference.

db

Back again,

Dummy here said multiple charts, but could change the amounts for the box size and use multiple indicators on the same chart to follow what works best with that stock.

db

Thanks Stryder,

I will try to explain how I might try and approach this, but may be a little long.  Two terms in PF charting:  1.  Box size = point or dollar figure to continue column of X&#39;s or O&#39;s, that would be the Retrace Figure in my last post.  2. Reversal = number of box sizes to form a new column of X&#39;s or O&#39;s (a price reversal), that would be the Retrace Method.

That is why Bruce said the formula would be long.

Maybe a work around would be to start out with a one box size reversal.  For example say we are trading a 10.00 dollar stock and our box size was 0.50 and the Reversal number was one.  Assume the stock is in a column of X&#39;s, the price would have to change down by at least 0.50 for a reversal.  The volume count would begin one bar after this set amount.  As long as price did not advance by 0.50 the count would continue.  This may keep the formula fairly simple.

This would also mean creation of several price charts for different box sizes or amounts.  This is common practice to have to change box size and reversals to study different priced charts in PF.  Something else to consider is Dow, Wyckoff, and others only used one box reversals in their studies.  The two and three reversals are something not that old.

http://i120.photobucket.com/albums/o173/dblack90/Chartcraft_zps9793f927.jpg

Hope this helps

db

Hi Stryder,

First I want to compliment Bruce on excellent work. 

The Weis wave is based around point and figure charting.  Most boxes used are based on a set amount/point of change.  The cummulative volume wave is built around David&#39;s wave chart.  That means it is basically a indicator of an indicator.  Below is the example of this thought:

Instead of using the high and low David used the Close.  The retrace is the amount in points or dollar figures. 

The cummulative wave is figured from the same data which means the reversal is always started one bar after the signal bar.

Hope this helps in your studies.

db

FWIW

CHANGE BAR CANDLE BOLDNESS

8/5/13

DB

Bars and Candles are easier to see for older folks like me if they are slightly bolder than the default settings, epically if I shade an area of congestion with a similar color to the chart/bar colors. 

Step 1:  Click Price History, Edit.

Step 2:  Down arrow at Plot Style,  Line.

Step 3:  Choose thicker Line Width from Default.

Step 4:  Plot Style down arrow, choose Style you like to use, eg. OHLC Bar, CandleStick, etc.

Step 5:  Click OK.

Enjoy

db