Elliott Wave [LuxAlgo]The Elliott Wave indicator allows users to detect Elliott Wave (EW) impulses as well as corrective segments automatically on the chart. These are detected and displayed serially, allowing users to keep track of the evolution of an impulse or corrective wave.
Fibonacci retracements constructed from detected impulse waves are also included.
This script additionally allows users to get alerted on a wide variety of trigger conditions (see the ALERTS section below).
🔶 SETTINGS
🔹 Source
• "high" -> options high, close, maximum of open/close
• "low" -> options low, close, minimum of open/close
🔹 ZigZag
• The source and length are used to check whether a new Pivot Point is found.
Example:
• source = high/low, length = 10:
• There is a new pivot high when:
- previous high is higher than current high
- the highs of 10 bars prior to previous high are all lower
• These pivot points are used to form the ZigZag lines, which in their turn are used for pattern recognition
🔶 USAGE
The basic principles we use to identify Elliott Wave impulses are:
• A movement in the direction of the trend ( Motive/Impulse wave ) is divided in 5 waves (Wave 1 -> 5)
• The Corrective Wave (against the trend) is divided in 3 waves (Wave A -> C)
• The waves can be subdivided in smaller waves
• Wave 2 can’t retrace more than the beginning of Wave 1
• Wave 4 does not overlap with the price territory of Wave 1
Here we see an example:
Let's look at the development:
• 1 bar after point (5) a confirmed 5 Motive Wave pattern is found (1 -> 5; The 5 Waves can also be seen as one large Wave 1 ).
• Next, the script draws a set of Fibonacci lines, which are area's where the Corrective Wave potentially will bounce.
Here we see the fifth wave is getting larger, the previous highest point is updated, and the Wave 5 is larger than Wave 3 :
(At this point, the pattern is invalidated, and it display as dotted)
Further progression in time:
At this point, a confirmed " 3 Corrective Wave pattern " is found (a -> c)
When a new high has developed, a circle is drawn (in the same color of the lines)
However, when the bottom of the drawn box has breached, a red cross will be visualized.
Further progression:
Later on, a bearish confirmed " 5 Motive Wave pattern " is found (1 -> 5):
When a Corrective Wave becomes invalidated, the ABC pattern will display as dashed (not dotted):
🔶 TECHNIQUES
Pine Script™ introduces methods!
• More information can be found here:
• Pine Script™ v5 User Manual 👉 Methods
• Pine Script™ language reference manual 👉 method
🔶 ALERTS
Dynamic alerts are included in the script, you only need to set 1 alert to receive following messages:
• When a new EW Motive Pattern is found (Bullish/Bearish )
• When a new EW Corrective Pattern is found (Bullish/Bearish )
• When an EW Motive Pattern is invalidated (Bullish/Bearish )
• When an EW Corrective Pattern is invalidated (Bullish/Bearish )
• When possible, a start of a new EW Motive Wave is found (Bullish/Bearish )
• Here is information how you can set these alerts()
Elliottwaveprojection
OJLJ Elliott Waves detector (Free)This script is made to identify Elliot Waves by setting a zigzag line as principal source, it identifies patterns with the most common rules, in the chart you will see a number in each wave detected, a wave could have the characteristics to be two different waves so it will be plotted the options that could be, To identify which one is most trustable I suggest to use the Fibonacci levels options as an additional note this is a free update to my existing script.
Features:
+ All waves ? (Option to show just the 5 Wave patterns recognition)
+ Draw zigzag line (Option to show the zigzag line)
+ Supports Multiple instruments, from FOREX to Stocks
+ It works on all the timeframes
+ Show Fib levels (Option to show the Fibonacci levels)
+ Fibonacci levels fit test (Green crosses mark were should a Bull wave be to fit with a Fibonacci Level While the purple crosses show were should the wave fit to be a bear trend, the more closer with the point of the wave the most trustable Example, a 5 Wave Bull could also be a 2 Bear Wave, if the green cross is closer to the orange point of the wave then is a 5 Wave Bull, if the purple cross is closer to the orange point)
+ A background color also show when a 5 pattern is identified
+ The way to plot the zigzag can be changed with 3 Input options
Characteristics to add in future updates (Please if you like it you can support me with coins):
+ Detect more than 1 cycle at the same time
+ Use a volume indicator to identify how many volume was traded in each wave
+ Implement the use of the EWO ( Elliot Wave Oscillator)
+ Improve the display
+ Identify ABC patterns
+ Add triangles and Zigzag formations
Multi ZigZag EW - ImpulseSimilar to the previous script on Elliot Wave Impulse:
But, here we are trying to use multiple zigzags instead of just one.
You can select upto 4 different Zigzags and set different length, line color, line width and style for each. Parameters ShowZigZag , ZigZag Length, ZigZag Color, ZigZag Width, ZigZag Style can be used for adjusting these.
ErrorPercent lets you set error threshold calculation of ratios for pattern identification
EntryPercent is used for marking Entry and T.Stop (Tight Stoploss) based on the length of Wave 2.
Target of the script is same as before. We are trying to identify Wave 1 and 2 of Elliot Impulese Wave and then project Wave 3. Chances of price following the pattern are there. Hence, we set Stoploss based on levels which fails the pattern.
Ratios are taken from below link: elliottwave-forecast.com - Section 3.1 Impulse
Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 - used for identifying the pattern.
Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 - used for setting the targets
Since we use multiple zigzags, labels can be quite messy at times. In such scenarios, just disable one of the zigzag length causing label overlaps.
Elliot Wave - ImpulseLets dabble a bit into Elliot Waves.
This is a simple script which tries to identify Wave 1 and 2 of Elliot Impulese Wave and then projects for Wave 3.
Ratios are taken from below link: elliottwave-forecast.com - Section 3.1 Impulse
Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 - used for identifying the pattern.
Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 - used for setting the targets
Important input parameters
Length : Zigzag Length. Keep the numbers low if you are looking for smaller and shorter trades. Keep the numbers high if you are looking for longer and bigger trades.
Error Percent : Adjustments for ratios as it is not always possible to find exactly equal retracement ratio.
Entry Percent : Once Wave 2 is formed, entry is set after reversing 30% of wave 2. This number can be increased or decreased. Caution: Keeping the number too low may result in false signals.
Ignore Trend Direction : If unchecked, it will only look for pattern if Wave 1 has made a higher high. If not, it will ignore Wave 1 condition and only look at wave 1 to 2 ratio.
Handle Duplicates : Since, the labels are generated upon crossover of entry price, this crossover may happen multiple times. Or sometimes wave 2 can further extend and generate new signal with same wave 1. This parameter says how to handle such cases. Keep Last is set to default and is most preferred option.
ShowRatios and ShowWaves lets you display wave line and retracement ratios for each pivots
[blackcat] L1 Elliott Wave3 CatcherLevel: 1
Background
Elliott wave theory is a method of technical analysis that looks for recurring long-term price patterns that are related to persistent changes in investor sentiment and psychology. The theory identifies waves that are identified as impulse waves that form a pattern and corrective waves that counteract the larger trend.
Function
L1 Elliott Wave3 Catcher is trying to observe Elliott wave more clear with different color candles.
Key Signal
var7 --> bull reveral signal which exists along motive wave
var7-var9 --> long in green color; short in red color; retracement in fuchsia color
var26/27/28 --> they are used for wave swing low detection and long entry
Pros and Cons
Pros:
1. Exhibit Elliott waves in different color candles
2. Highlight motive wave with yellow candles
3. Detect bottom and long entry points
Cons:
1. No complete long and short entries can be obtained
2. It cannot be applied for crypto due to lack of financial() functions
Remarks
Tribute to Elliott
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
Confluence Zone Calculation for Support in Bullish TendsConfluence Zone Calculation for Support in Bullish Tends
(or Restance in bearish ones)
Ever wondered why sometimes the zag of an Elliot Wave zigzag is stopped after just a few points?
(Like in the given Chart where I draw a line for a typical zag action.)
It has often to do with confluence Zones. Most people think that the lower edge of a narrow range, repeated a few times, creates big support - confluence zones are stronger.
You can make them visible by getting fibonaccis from just one specific high to several different significant lows (for example the range lines mentioned above). The areas where significant lows and their fibos appear very close together are confluence zones. They can brake a falling price like a security net.
This script caluculates Confluence zones for you by using a second useful "secret": the secret that signifant lows test or create temporal rsi lows (vice-verse with highs).
The thicker (non-aqua clored)lines show actual lows, are corresponding with those rsi lows, the thinner are fibo lines deriving from them. (The white line stands for the high taken for the calculation.)
Note: Only those lines are valid which reach to the actual last bar.
Best practise is to let the script calculate,then redraw your lines of interest by hand and get rid of the rest of the spider web-like turmoil of lines by deleting the script from the chart.
Note further: I had to omit some calculations, because otherwise calculation time gets too long for TV and it stops with calculation Time out. (For your transparency I calculated all fibo codes but skipped some in "sline"-function; the number-suffix makes a jump when i omit a value ).
Note further further: Resistance confluence lines for bullish trends need a different script, because if you do it totally right vou in this case work from a single LOW of your interes t.
I hope it enriches your knowledge and is a help for your studies and tradings.
Feedback and Questions welcome
yoxxx
Filtered Waves [NXT2017] #Linda Raschke #basics on Arthur MerrilHI BIG PLAYERS,
this script I wrote for an enquiry of a tradingview-user. It should represent the Filtered Waves idea from Arthur Merril and used by Linda Raschke.
It's similar like a visualization of Elliott Waves.
On YouTube title "MTA UK Chapter Presentation with Linda Raschke" between 34-36 minutes Linda Raschke shows the rules for her Filterd Waves.
Any questions? Ask me!
King regards
NXT2017
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TO MY PERSON
I'm the second winner of the official German Forex Trading Competition in 2018.
Look here to the ranks:
deutsche-trading-meisterschaften.de
I speak german, english and russian.
My strength in trading are Wolfe Wave pattern.
