Weis trading volume dynamic indicator download for MetaTrader 4 | Foreign exchange indicator download - MT4/MT5 resources

The Weis Volume Dynamic Indicator is a Technical analysis tool for analyzing trading volume and price changes, designed for use on the MetaTrader 4 (MT4) platform.

This indicator is based on Richard Wyckoff's analytical method of using volume data to identify the strengths and weaknesses of bullish and bearish trends.

Weis volumetric dynamic specification table

The following table reviews the Weiss volume dynamics indicator.

Uptrend Conditions

In the price chart of the EUR/CHF currency pair on the 5-minute time frame, as the price increases and buying volume increases, the color of the oscillator in MT4 changes to pink and the histogram bars show an upward trend. Under these conditions, a Buy signal is generated.

Later, when the price reaches the end of the trend and the trading volume at the last pivot point is calculated , as the color of the oscillator changes, an Exit signal is provided.

downtrend conditions

The price in the price chart of the AUD/CAD currency pair is falling on the 15 minute time frame and, therefore, the oscillator changes from pink to yellow . At the same time, the increasing height of the histogram indicates the strength of the bearish trend, confirming the Sell signal.

Indicator Settings

The image below shows the adjustable parameters of the Weis Volume Dynamic Indicator :

• Minimum Spread to Confirm Wave Change: The minimum price movement required to identify a new wave
• Movement of Volume Label Position (Pipette): Adjust the display position of the volume label on the chart
• Toggle visibility of volume labels on charts: Option to show or hide volume labels on charts
• Division factor for display volume (Volume Scaling): Sets the scale to display volume values ​​more clearly
• Wave Trendline Color: Defines the color of the price wave trendline
• Wave trend line width: adjust the thickness of the wave trend line
• Peak label color: Set the color of the label showing peak price points
• Trough label color: Set the color of the label showing the trough (low) price point

Conclusion

The Weis Volume Dynamic Indicator provides important information through volume analysis, trendline drawing , pivot point identification , and histogram bar color changes .

These key insights include trend direction and strength, allowing traders to find suitable entry and exit points .