OPEN-SOURCE SCRIPT
Updated 3rd Wave
Hello 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!
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!
Release Notes
fixed volume support partOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.