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The version from David Weis works on Ninja, tradestation and maybe one other. The versions on futures.io (formerly BMT) are for ninja I think. I'm not aware of an interactive brokers version
Thrust 1 moves down at the rate of 16.42 points per 5min( PP5)
Thrust 2= 10.22 PP5
Thrust 3= 6.85 PP5
-Price struggles to move down with the same velocity.
-The time spent attempting to form a base(10 bars), was longer than any other attempt on the way down.
-Volume contracts from A-C
-Price forms an ABC correction, where the length of X to A, is equal to B to C.
-Creates a spring that is quickly rejected and couldn't close under the low, even on a retest.
-In a long term uptrend where all the dips out of balance have quickly found buyers looking for value
According to Gary Dayton's chart reading course it can be either high or low volume. More important is the context of the market. Take springs in up trends and up thrusts in down trends.
I haven't taken Dr Gary's course but that sounds about right. It's all about context.
I think if for example you were looking for a Wyckoff style setup on a daily chart, with the intention of placing a swing trade . Then you want to see volume dry up on the leg down and on the lows, with bigger volume coming in on the up bars. If you're going to enter off a pull back onto support, then you would want to see volume increase with price from the lows/ spring bar, and then contract again on the pullback...
Intra day setups are alot more arbitrary, and often you'll see volume increase on the lows, or "capitulate" into lows which leads to a reversal. For intra day setups I look at Volume Deltas, and ideally want that spring bar to show some kind of delta divergence, or for cumulative delta from that trading session to turn +/- on or around that spring bar.
eg on that YM 5min chart above, the spring bar retest had +delta divergence, it was also made after cumulative delta had turned positive for the session- Cumulative delta was negative on all other prior swing lows...
Gary doesn't discuss volume delta, cumulative delta, or delta divergence in his course. I've never heard David Weis refer to it either, so I don't think it's part of Wyckoff. With that said, it still may be useful to those that use it, but it's not Wyckoff.
I believe the context is the key with springs and up thrusts. You can have volume diminish on the spring indicating lack of supply, or, you can have equal or high volume which may indicate capitulation, or effort vs. reward. The Weis Wave can be helpful in seeing this type of behavior.
I just wanted to post and update to MS. I had posted on July 17th a potential UT. It did make a new high after the UT and then sold off and made a spring and is bouncing from there. I'll take a look at it again in the futures.