To use alerts:
- be sure you are on the interval you want to create your alert,
- be sure the indicator inputs are the way you want them,
- create an alert, choose this indicator and then choose one of the 2 conditions.
The alerts trigger on the second bar to avoid noise.
I also changed the default aesthetics, but more importantly the default period (from 2 to 5, because that's what I use most often).
- Converted to v4.
- Selection of 3 display modes: area, columns or histogram
- Display of average wave height (calculated from beginning of history)
- Display of last wave’s height over the current wave
- Possibility (default) of coloring waves with the rising/falling of the wave’s average volume, as calculated in my Ord Volume indicator. It’s important to understand that this does not use the Weis Wave itself, which is the cumulative volume, but rather, the average of all the normal volume bars during the current wave. The coloring often provides early warnings of the Weis Wave coming to an end, even if the wave, as usual, is always increasing in size. I find this very handy, as the eye sometimes does not perceive the slowing momentum in the wave that is common during a trend’s exhaustion.
- Possibility of coloring chart bars with the rising/falling of the wave’s average volume, but only when price moves in the same direction as the wave’s bull/bear direction.
- Now has four alerts:
• 1. On wave transitions (now triggers immediately on transition, rather than one bar late as before)
• 2. On first breach of last wave's height, with possibility of showing all breaches in the background
• 3. On first breach of previous wave's length
• 4. On first breach of average wave height
Alerts can be filtered by longs or shorts only.
Alerts can be created on any combination of alerts. Make sure you are on the interval you want the alert to run at. Using the “Once Per Bar Close” trigger condition is usually the best option.
When an alert is created in TradingView, a snapshot of the indicator’s settings is saved with the alert, which then takes on a life of its own on TV servers. That is why even though there is only one alert to choose from when you bring up the alert creation dialog box and choose “Weis Wave”, that alert can be triggered from any number of conditions. You select those conditions by activating the markers you want the alert to trigger on before creating the alert. If you have selected multiple conditions, then it will be wise to record a reminder in the alert’s message field, and have the corresponding markers showing on the chart to figure out which one of your conditions triggers an alert, as there is currently no way to dynamically change the alert’s message field from within the script.
Background settings will not trigger alerts; only marker configurations.
Tools and ideas for all Pine coders: http://www.pinecoders.com