Tom Joseph MACD 5-35 for Elliot Waves — Indicator by Ampsicora

centeredoscillator oscillator waveanalysis tomjoseph macdhistogram elliottwavestheory elliottwavesanalysis elliottwavecount

This oscillator for the Elliott Theory has been invented by Tom Joseph and it's useful to correctly count the impulsive and corrective waves.

Its difference compared to a simple MACD is the peculiarity to use the ratio between the Fast SMA (default period set to 5) and the Slow SMA (default period se to 35).

The used formula is as below:
( (fast_SMA / slow_SMA) -1 ) * 100

Hope you could find it useful! 😉

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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.

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