Weis Wave with Alert is a trading indicator that was published on the mql5 website in May of 2018 by author Panagiotis Diamantopoulos. The most recent update to version 5.9 occurred in September of 2019.
Overview
The Weis Wave indicator is based on Richard D. Wyckoff’s theory, which involves a 5-step approach to stock selection and trade entry. To explain its purpose more directly, the indicator adds the volume of previous price waves, draws a histogram, and follows a special pattern that predicts where the market will go by reading previous waves. Each wave moves up or down until it reverses, and in order for the wave to reverse in the opposite direction, the price must exceed the number of points set in the parameters. Although the last wave repaints, the trading method still manages to let traders know which way the market is heading.
This is especially helpful for trend trading, although other strategies can be used as well. Here are a few key facts about the indicator:
-Works on the award-winning MetaTrader 4 platform.
-Can be used in any market or timeframe with range bar and tick bar charts (not to be used with constant tick charts).
-Speed Index has been added to show the speed of the wave.
-Alerts can be set up when the waves meet certain criteria set in the parameters or if the Speed Index is above/below a certain value.
-Manual and YouTube channels are provided to explain wave trading.
Service Cost
The author offers three separate pricing options, along with demo accounts:
- Rent for $140 USD for one month
- Rent for $320 USD for 3 months
- Purchase for $420 USD
Each option comes with 5 total activations of the product. For an indicator, the price is set fairly high, as traders can find many options in the $30 range, or purchase an automated trading robot for less than the monthly renting price in some cases. Keep reading to find out if others got their money’s worth.
Conclusion
Weis Wave with Alert is based on the Wyckoff Method, which was created by Richard D. Wyckoff, who is considered a pioneer in the technical approach of the stock market. The indicator analyzes waves, follows a system to predict which way the market will go, and provides traders with helpful alerts when waves follow certain criteria. It’s on the expensive side, so we were curious about other’s experiences. Fortunately, 5/5 users have left a 5-star review. Here are a few examples:
“Simply a good quality indicator. It helps me to understand what the market is doing. Suitable for a different type of strategies.” -johnlyj
“This purchase was smooth and the indicator delivered exactly as it promised.” -knighttrader7
“…The alerts help you monitor wave pips and the download is perfect and trouble-free, an upgraded indicator is certainly worth paying for and also has many different trading opportunities…” -forix7
The last user went on the claim that the product paid for itself within the first 12 hours of using it, although this wouldn’t be the case for everyone. Still, feedback for this product is excellent and it seems to be a helpful tool when used correctly. If you can afford it, then you’ll want to consider whether this indicator could be helpful in combination with your personal trading strategies.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/29677
