Elliot Wave Oscillator

4471 8 1650
EWO             Indicator, helps to indentify waves

Similar like LazyBear's Indicator: ElliotWave Oscillator

I extended and changed the following:

  • Allow custom SMA interval default 5 and 35. Dont use EMAs
  • Choose input source: default close, f.e. use HL2
  • Show difference of SMAs in percent based on current candle default "true", this is very useful for historical charts
Release Notes: fixed typo... Ralph Nelson Elliott
Release Notes: seems like renaming not possible yet
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Do you have any idea how to make the escape bands/break out bands?

I await your response.
Good work,theres a typo on line 3, space needed after 'study'
thanks for 1000 likes :-)
+1 Reply
Hi, is it possible to number the waves on the chart, just as you have done to show the xample. That would be great, rather than having to manually do this. If you have a small script to add to do this, would love to know it.
just curious, why use 5 and 35? Also, how is this concept difference than MACD? Thanks!
janor123 janor123
Lastly, why not use EMA or VWMA? Why is the SMA the right one for this?
koryu janor123
@janor123, The concept is similar, MACD using the EMAs and also applys another EMA on the difference between EMAs. I think Perry Kaufman was the first to come up with the SMA and 5, 35 parameter. I prefer SMA because i dont want to smooth the price data too much. But you might find better working concept or parameters. Experimentation is the mother of creation. :)
thanks for 100 likes :-)