eSignal Indicators & Trading Tools
MCT Wyckoff Wave Volume

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MCT Wyckoff Wave Volume

This Indicator / Tool set for eSignal users, together with the Supply and Demand Tools are our Flag Ship Tool Sets and was inspired by the work of Richard Wyckoff and is based on Wyckoff principals. The Wyckoff Wave Volume Tool (Similar to Weis wave plugin) gives a fundamental perspective of the markets with a definite edge in anticipating direction of price.

The MCT Wyckoff Wave Tool will display Volume, Price length and Delta Volume in waves. Wyckoff noted that when studying price movement on charts, it is clear that there is a lot of noise on most charts. A lot of this bar to bar noise are eliminated and nullified when studying the movements in waves and allows one to establish the real intentions of the market participants and see who are in control, the buyers or the sellers. Greater movements happen when the market is in imbalance (supply and demand are not equal).

Consists of 2 separate Indicators / Tools, the Chart version and the Histogram version. Chart version shows waves and values on chart itself. In the Histogram version, Histograms are plotted as sub windows beneath the chart.

Can plot 3 different wave properties each:

Cumulative Volume, Wave Length (Points Move) and Delta Volume (Buying or Positive Volume Minus Selling or Negative Volume)

The Histogram indicator can be loaded 3 times and each Histogram can be set to a different wave property separately, showing all wave properties on one chart as Histograms.

Both the Chart and Histogram versions can be plotted in multiple Time Frames, for example a Weekly wave can be plotted on a Daily chart. On the Chart version the Highest and Lowest values based on the number of wave swings selected can be plotted in different colors for easy reference. On the histogram version signals can be plotted as an optional function. This is not Buy and Sell signals, but helps to compare waves to one another and comes in handy for first time users of this powerful tool. The number of waves to compare can also be adjusted. There are 3 different signals: Highest of X-number of waves, Lowest of X-number of waves where signals are plotted as arrows or triangles, and then the wave color will change in an up or down wave if the volume was more than the previous up or down wave, but the length (point move) was lower than previous wave (Effort versus Result).

Retracements can be selected between: Points move, Percent move and ATR (Average True Range). The ATR option makes it very easy to use a specific ATR setting on different markets/instruments, without having to change the retracement (Points) every time for different markets. We tested this option extensively, and in our opinion it gives an even better result than a fixed points move retracement, although the results are very similar.

We have 2 different tool sets, one that uses the close of the bar to calculate the retracements and one that use the highs and lows to calculate the retracements. We use the highs and lows when we look at Delta Volume, and for normal volume we use the closes to calculate retracements.

These futures of this tool suite makes it even more powerful and easy to use effectively.

The manual named MCT Wyckoff Trading Wave System Manual can be downloaded in PDF format under the Documents section.

Using the Wyckoff Wave Volume Tools


Click on this link for a detailed description of the Wyckoff Method.