blackcat1402

[blackcat] L1 Elliott Wave3 Catcher

Level: 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.
Release Notes: In order to obey the House Rule, remove the irrelevant MA Cross display.
Release Notes: Corrected unspported PINE grammar and upgrade it to latest one.
Release Notes: Eliminate nonrelated indicators displayed
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
"Win$ & Donate w/ This" Address:
BTC: 1GeuxGE6UUato7AgMnNUjSg56mSzQ6Wxxk
USDT TRC20: TWVYATJFN7SsbrmH8jLVrWHaV2aNruvvcT
USDT ERC20: 0xfd4d0eb131e81f44530849c1a966cb261dd6bda2
ETH: 0xfd4d0eb131e81f44530849c1a966cb261dd6bda2
LINK: 0xfd4d0eb131e81f44530849

Comments

Nice indicator. Thanks a lot. Would you please guide me more in to key signals
+4 Reply
can you make it for multi time frame like if my current resolution is 1 min we have 1 hr candle elliot wave detector
+2 Reply
No puedo dejar un comentario, no he podido probarlo. Saludos
+1 Reply
Does not working on gold, too.
+1 Reply
@Jittra, thanks for reminding, financial() is used in this script so this indicator is only applicable for tradingpairs that support tradingview financial() function :)
+1 Reply
Hello.. its says resolve_errır "FUND"
Reply
nice indicator.. why this indi not available with index futures.. example XAUUSD

Study error
Resolve error... "=(\"session\"
Reply
line 45: Cannot call 'operator *' with arguments (series, literal float); available overloads: *(const integer, const integer) => const integer; *(const float, const float) => const float; *(input integer, input integer) => input integer; *(input float, input float) => input float; *(integer, integer) => integer; *(float, float) => float; *(series, series) => series; *(series, series) => series
Reply
can u please help
Reply