The largest market participants named "big players" or "smart money", those who move substantial volume in the market. This includes the largest banks, firms, global companies, insurance companies, Hedge Funds, as well as speculative traders around the world. The volume is so large that their position cannot be opened and closed in a single order without spiking the market. It is important to understand that although the banks might control the majority of the daily volume, the large part of that volume is those banks acting as a market maker for the other types of traders. If banks are primarily market makers then they will by default drive the market to and from areas of supply and demand which is the foundation in how we track them. It would be very interesting to identify where large market participants are likely to enter or exit their position based on likely areas of supply and demand, or manipulation points (trapping moves) as we term them because the top 10 banks control well over 60% of the daily forex market volume.
The ZZ WeisWave Indicator uses the ZigZag Auxiliar Indicator to get the data and draw the accumulated volume in buy waves and down waves. In the image below, you can see the DI ZigZag Aux Indicator plotted on the chart.
In the next image, we plotted the second indicator – DI ZZ WeisWave in the Chart. This indicator uses the data from ZigZag Aux Indicator and draws the accumulated volume of the buy waves and down waves.
NOTE: Is very important to plot the DI ZigZag Aux Indicator first and the DI ZZ WeisWave after, because the DI ZZ WeisWave use the data from DI ZigZag Aux Indicator.
Configuring the DI ZigZag Aux Indicator:
This indicator has one parameter only. The Deviation is a per cent variation from the waves changes to a buying wave or a selling wave. So if you use a short time like M1 or M5 you can use a range from 3% until 12% of deviation (recommended). For a large time frame like H1 or H4, you can use a range from 18% until 35-50%. For all times is recommended the calibration of the lines of the waves in the chart (backtest).
Configuring the DI ZZ WeisWave Indicator:
This indicator has one parameter only. Is the Data Source.
Select the DI ZigZag Wave as a source from data. The WeisWave will be calculated and plotted on the chart. See image below
How To Install The Indicator
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install onto the platform.