Motive Wave Scanner [Trendoscope®]Motive Wave Scanner is a simple algorithm to find out motive waves as per the rules of Elliott Wave theory.
It is an extension to our previous open source script Interactive Motive Wave Checklist which provides interactive capability to select six points of a five wave formation. Once users select them, the rules of motive waves are applied to manually selected points to highlight them as either diagonal wave, motive wave or none.
This indicator does the same. But, instead of requesting the pivots manually from the user, the indicator automatically picks and scans them through zigzag.
We have already published a similar script as protected source. But, due to some changes in the pine engine, there have been few issues in the runtime. In this publication, we not only address those runtime issues but also making it open source for the users to make use of the source code and enhance it further.
🎲 What are motive waves
Motive waves are strong upward or downward movement with 5 subwaves.
Motive Wave in the upward direction will start with Swing High, Ends with Swing High and consists of 3 Higher Highs and 2 Higher Lows representing strong upward trend.
Motive Wave in the downward direction will start with Swing Low, Ends with Swing low and consists of 3 Lower Lows and 2 Lower Highs representing strong downward trend.
🎲 Types of Motive Waves
Motive Waves are broadly classified by two types:
Impulse Waves
Diagonal Waves
Diagonal Waves are further classified into Contracting and Expanding Diagonals. These can fall into the category of either leading diagonal and ending diagonal.
🎲 Rules of Motive Waves
🎯 Generic Rule of any motive waves are as follows
Should consist of 5 alternating waves. (Swing High followed by Swing low and vice versa)
This can start from Swing High and end in Swing High or start from Swing Low and end in Swing Low of a zigzag.
Wave-2 should not move beyond Wave-1. This means, the Wave-2 is always shorter than Wave-1 with respect to distance between the price of start and end.
Wave-3 always moves beyond Wave-1. This means, the Wave-3 is always longer than Wave-2 in terms of price
Among Wave-1, Wave-3, and Wave-5, Wave-3 is never the shortest one. This means, either Wave-1 or Wave-5 can be longer than Wave-3 but not both. Wave-3 can also be longest among the three.
Here is the pictorial representation of the rules of the Motive Waves
For a wave to be considered as motive wave, it also needs to follow the rules of either impulse or diagonal waves.
🎯 Rules for a 5 wave pattern to be considered as Impulse Wave are:
Wave-4 never overlaps with Wave-1 price range
Wave-1, Wave-3 and Wave-5 should not be either expanding or contracting. Meaning, we cannot have Wave-1 > Wave-3 > Wave-5 , and we cannot have Wave-1 < Wave-3 < Wave-5
Pictorial representation of the impulse wave rules are as below:
🎯 Rules for the Diagonal Waves are as follows
Contrary to the first rule of impulse wave, in case of diagonal wave, Wave-4 always overlaps with Wave-1 price range. But, it will not go beyond Wave-3
Waves are progressively expanding or contracting - Wave1 > Wave3 > Wave5 and Wave2 > Wave4 to be contracting diagonal. Wave1 < Wave3 < Wave5 and Wave2 < Wave4 to be expanding diagonal wave.
Pictorial representation of the Contracting Diagonal Wave is as below. Here, the Wave-1, Wave-3 and Wave-5 are in contracting formation.
Pictorial representation of the Expanding Diagonal Wave is as below. Here, the Wave-1, Wave-3 and Wave-5 are in expanding formation.
🎲 Indicator Settings
Indicator settings are defined as below:
Repaint Warning : If Repaint is selected, the indicator will throw a runtime error after certain bars or when alerts are set. This is due to some pine internal issue. At present, we do not have any solution for this until the internal issue is resolved by Tradingview Pine Team.
Elliotwaveanalysis
Bull Bear Trend IndicatorIntroduction: Origin of the Swing Point Indicator
In the quest for a reliable indicator that accurately predicts trend directions and identifies valid highs and lows, the genesis of the Swing Point Indicator emerged. Faced with the challenge of finding a tool that provided comprehensive market analysis and actionable insights, the need for a novel solution became evident. Combining insights gleaned from market analysis and innovative algorithmic approaches, the Swing Point Indicator was born.
Enhanced Feature: Highs and Lows Labeling in Trend Direction
In addition to its core functionalities, the Swing Point Indicator incorporates an advanced feature that enhances the visualization of trend direction. This feature provides further clarity by selectively labeling highs and lows based on the prevailing trend, reinforcing the identification of higher highs and lower lows in uptrends and downtrends, respectively. Overlapping labels on highs and lows signify a potential trend change, providing traders with valuable insight into market reversals.
Detailed Description:
1. Uptrend Labeling:
- Higher Highs (Green Label with Price): In an uptrend, where higher highs are observed, the indicator labels these points with vibrant green color and includes the corresponding price value. This visually highlights the significance of higher highs as pivotal points in the upward trajectory of prices.
- Higher Lows (Red Marker without Text or Diamond): To complement the identification of higher highs, higher lows are marked with a distinct red marker or diamond, devoid of any accompanying text. While these points are crucial in delineating the ascending trend, their emphasis lies in their role as support levels, providing a foundation for upward price movements.
2. Downtrend Labeling:
- Lower Lows (Red Label with Price): Conversely, in a downtrend characterized by lower lows, the indicator labels these points with conspicuous red color, accompanied by the corresponding price value. Lower lows signify critical levels of downward price momentum, acting as indicators of potential bearish continuation.
- Lower Highs (Green Marker without Text or Diamond): Lower highs, indicative of downward retracements in a downtrend, are marked by distinctive green markers or diamonds without accompanying text. While these points denote temporary pauses or pullbacks in the bearish trend, their emphasis lies in their role as resistance levels, impeding upward price movements.
Functionality and Utility:
- Customizable Lookback Candle Count: Traders have the option to adjust the lookback candle count, which is set by default at 108 candles in the settings. This flexibility allows traders to tailor the indicator to their specific trading preferences and timeframes.
- Equal Highs or Lows Option: When enabled, the Swing Point Indicator can identify equal highs or equal lows, providing traders with additional insight into market dynamics.
- Formation Confirmation: A new higher high along with its higher low or a new lower low along with its lower high is confirmed after two candles have closed following the swing point candle. This ensures the reliability of the identified trend direction.
Conclusion:
The incorporation of selective labeling for highs and lows based on trend direction, alongside the introduction of customizable settings and formation confirmation criteria, enhances the effectiveness of the Swing Point Indicator. This feature-rich tool empowers traders with a nuanced understanding of market dynamics, highlighting critical price levels and trend reversals. By offering enhanced visualization, customizable options, and confirmation criteria, the Swing Point Indicator equips traders with the confidence and precision needed to navigate the markets successfully, contributing to more informed and profitable trading strategies.
Elliott's Quadratic Momentum - Strategy [presentTrading]█ Introduction and How It Is Different
The "Elliott's Quadratic Momentum - Strategy" is a unique and innovative approach in the realm of technical trading. This strategy is a fusion of multiple SuperTrend indicators combined with an Elliott Wave-like pattern analysis, offering a comprehensive and dynamic trading tool. It stands apart from conventional strategies by incorporating multiple layers of trend analysis, thereby providing a more robust and nuanced view of market movements.
*Although the script doesn't explicitly analyze Elliott Wave patterns, it employs a wave-like approach by considering multiple SuperTrend indicators. Elliott Wave theory is based on the premise that markets move in predictable wave patterns. While this script doesn't identify specific Elliott Wave structures like impulsive and corrective waves, the sequential checking of trend conditions across multiple SuperTrend indicators mimics a wave-like progression.
BTC 8hr Long/Short Performance
Local Detail
█ Strategy, How It Works: Detailed Explanation
The core of this strategy lies in its multi-tiered approach:
1. Multiple SuperTrend Indicators:
The strategy employs four different SuperTrend indicators, each with unique ATR lengths and multipliers. These indicators offer various perspectives on market trends, ranging from short to long-term views.
By analyzing the convergence of these indicators, the strategy can pinpoint robust entry signals for both long and short positions.
2. Elliott Wave-like Pattern Recognition:
While not directly applying Elliott Wave theory, the strategy takes inspiration from its pattern recognition approach. It looks for alignments in market movements that resemble the characteristic waves of Elliott's theory.
This pattern recognition aids in confirming the signals provided by the SuperTrend indicators, adding an extra layer of validation to the trading signals.
3. Comprehensive Market Analysis:
By combining multiple indicators and pattern analysis, the strategy offers a holistic view of the market. This allows for capturing potential trend reversals and significant market moves early.
█ Trade Direction
The strategy is designed with flexibility in mind, allowing traders to select their preferred trading direction – Long, Short, or Both. This adaptability is key for traders looking to tailor their approach to different market conditions or personal trading styles. The strategy automatically adjusts its logic based on the chosen direction, ensuring that traders are always aligned with their strategic objectives.
█ Usage
To utilize the "Elliott's Quadratic Momentum - Strategy" effectively:
Traders should first determine their trading direction and adjust the SuperTrend settings according to their market analysis and risk appetite.
The strategy is versatile and can be applied across various time frames and asset classes, making it suitable for a wide range of trading scenarios.
It's particularly effective in trending markets, where the alignment of multiple SuperTrend indicators can provide strong trade signals.
█ Default Settings
Trading Direction: Configurable (Long, Short, Both)
SuperTrend Settings:
SuperTrend 1: ATR Length 7, Multiplier 4.0
SuperTrend 2: ATR Length 14, Multiplier 3.618
SuperTrend 3: ATR Length 21, Multiplier 3.5
SuperTrend 4: ATR Length 28, Multiplier 3.382
Additional Settings: Gradient effect for trend visualization, customizable color schemes for upward and downward trends.
SeongMo_MA_V3(Elliot_helper)Made to make it easier to count Elliott waves.
If you renew your new high price, you'll continue your new high price
When the new low is renewed, the new low is continued.
If you are within the range of the previous candle, use the ratio of the difference between the median value of the previous candle and the closing price of the current candle to determine whether to continue the high or low price.
If a can with a tail that updates a new high price and a new low price at the same time comes out, the phrase "Check_candle!" appears to mean that you should check it with a lower time zone candle.
CDC Fibonacci Retracement and ExtensionThis indicator is meant to be used as a tool to quickly identify
fibonacci retracements and projections in multiple charts during
the same date range.
Users can set the calculation date range and quickly flip through
different charts for comparisons
Steps for using this indicator is as follows:
1. Specify Start Date and End Date for calculations
2. Choose Open-ended mode for just retracements, this will disregard
end date in calculations.
3. Select price source, if Use Highs/Lows is selected, the indicator will
use high and low prices for calculation, if not, closing price eill
be used instead
4. Select and/or modify retracement / projection lines as you see fit.
5. Enjoy the result!
Elliot wave : Wave 3 finder This indicator built for find wave 3 of elliot wave and It also calculate risk reward ratio, minimum target for wave 3 extention and stop loss.
------------ How to use -------------
1. Add this indicator on your chart.
2. If you asset are follow Condition*, buy label with risk reward ratio, Target price and Stop loss will pop up.
*Condition
-50% rebound from the end of wave 2.
-Indicator can detect wave 0, 1 and 2.
If you find any problem please leave comment.
3rd WaveHello All,
In Elliott Wave Theory, 3rd wave is not the shortest one in the waves 1/3/5 and it's usually longest one. so if we can catch it then we may get good opportunities to trade. This script finds 3rd wave experimentally. it can be also the 3rd waves in the waves 1, 3, 5, A and C. the 3rd wave should have greater volume than other waves, the script can check its volume and compare with the volumes of the waves 1 and 2 optionally.
Pine Team released Pine version 5! This script was developed in v5 and it uses Library feature of Pine v5 for the zigzag functions. This script is also an example for the Pine developers who learn Pine v5 and Libraries.
Options:
Zigzag Period: is the length that is used to calculate highest/lowest and the zigzag waves
Min/Max Retracements: is the retracement rates to check the wave 2 according to wave 1. for example; if min/max values are 0.500-0.618 then wave 2 must be minimum 0.500 of wave 1 and maximum 0.618 of wave 1.
Check Volume Support: is an option to compare the volumes of1. 2. and . waves. if you enable this option then the script checks their volume and 3rd wave volume must be greater then 1 and 2
there are 4 options for the targets. you can enable/disable and change their levels. targets are calculated using length of wave 1.
Options to show breakout zone, zigzag, wave 1 and 2.
and some options for the colors.
The Library that is used in this script:
P.S. This is an experimental work and can be improved. So do not hesitate to drop your comments under the script ;)
Enjoy!
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
EWO Breaking Bands & XTLElliott Wave Principle, developed by Ralph Nelson Elliott , proposes that the seemingly chaotic behaviour of the different financial markets isn’t actually chaotic. In fact the markets moves in predictable, repetitive cycles or waves and can be measured and forecast using Fibonacci numbers. These waves are a result of influence on investors from outside sources primarily the current psychology of the masses at that given time. Elliott wave predicts that the prices of the a traded currency pair will evolve in waves: five impulsive waves and three corrective waves. Impulsive waves give the main direction of the market expansion and the corrective waves are in the opposite direction (corrective wave occurrences and combination corrective wave occurrences are much higher comparing to impulsive waves)
The Elliott Wave Oscillator ( EWO ) helps identifying where you are in the 5 / 3 Elliott Waves , mainly the highest/lowest values of the oscillator might indicate a potential bullish / bearish Wave 3. Mathematically expressed, EWO is the difference between a 5 period and 35 period moving average. In this study instead 35-period, Fibonacci number 34 is implemented for the slow moving average and formula becomes ewo = sma (HL2, 5) - sma (HL2, 34)
The Elliott Wave Oscillator enables traders to track Elliott Wave counts and divergences. It allows traders to observe when an existing wave ends and when a new one begins. Included with the EWO are the breakout bands that help identify strong impulses.
The Expert Trend Locator ( XTL ) was developed by Tom Joseph (in his book Applying Technical Analysis) to identify major trends, similar to Elliott Wave 3 type swings.
Blue bars are bullish and indicate a potential upwards impulse.
Red bars are bearish and indicate a potential downwards impulse.
White bars indicate no trend is detected at the moment.
Added "TSI Arrows". The arrows is intended to help the viewer identify potential turning points. The presence of arrows indicates that the TSI indicator is either "curling" up under the signal line, or "curling" down over the signal line. This can help to anticipate reversals, or moves in favor of trend direction.
Elliott Wave AnalysisInitially, Elliott wave analysis is designed to simplify and increase the objectivity of graph analysis using the Elliott method. Probably, this indicator can be successfully used in trading without knowing the Elliott method.
The indicator is based on a supertrend. Supertrends are built in accordance with the Fibonacci grid. The degree of waves in the indicator settings corresponds to a 1-hour timeframe - this is the main mode of working with the indicator. I also recommend using weekly (for evaluating large movements) and 1-minute timeframes.
When using other timeframes, the baseline of the indicator will correspond to:
1 min-Submicro
5 minutes-Micro
15 minutes-Subminuette
1 hour-Minuette
4 hours-Minute
Day-Minor
Week-Intermediate
Month-Primary
Those who are well versed in the Elliott method can see that the waves fall on the indicator almost perfectly. To demonstrate this, I put the markup on the graph
