OPEN-SOURCE SCRIPT
Wave Velocity Directional PRO
📊 Wave Velocity Directional PRO
Wave Velocity Directional PRO is a manual structural analysis tool designed to compare the strength and sharpness of two selected price waves.
The indicator allows you to manually select:
Wave 1 (start → end)
Wave 2 (start → end)
It then automatically calculates:
Directional Range
Velocity (price movement per bar)
Velocity Ratio (Wave 1 / Wave 2)
Structural Status evaluation
🔍 Directional Range Logic
The range is calculated directionally to capture the full movement dimension of the wave:
For bullish waves:
Range = High_end − Low_start
For bearish waves:
Range = High_start − Low_end
This ensures the full wave amplitude is measured from its true origin to its completion.
⚡ Velocity
Velocity = Range / Number of Bars
Velocity measures how aggressively price moved per bar.
Higher velocity = sharper, more impulsive movement.
📈 Velocity Ratio
Ratio = Velocity_Wave1 / Velocity_Wave2
This helps evaluate structural quality:
> 1.5 → Strong impulse
1.2–1.5 → Healthy structure
1–1.2 → Weak
< 1 → Structural warning
🎯 Use Cases
Elliott Wave validation
Impulse vs correction comparison
Structural asymmetry analysis
1–2 continuation filtering
Manual wave strength benchmarking
⚠️ Notes
This is a manual analysis tool.
Designed for structural comparison.
Does not generate trading signals.
Works independently of chart scaling or zoom.
Wave Velocity Directional PRO is a manual structural analysis tool designed to compare the strength and sharpness of two selected price waves.
The indicator allows you to manually select:
Wave 1 (start → end)
Wave 2 (start → end)
It then automatically calculates:
Directional Range
Velocity (price movement per bar)
Velocity Ratio (Wave 1 / Wave 2)
Structural Status evaluation
🔍 Directional Range Logic
The range is calculated directionally to capture the full movement dimension of the wave:
For bullish waves:
Range = High_end − Low_start
For bearish waves:
Range = High_start − Low_end
This ensures the full wave amplitude is measured from its true origin to its completion.
⚡ Velocity
Velocity = Range / Number of Bars
Velocity measures how aggressively price moved per bar.
Higher velocity = sharper, more impulsive movement.
📈 Velocity Ratio
Ratio = Velocity_Wave1 / Velocity_Wave2
This helps evaluate structural quality:
> 1.5 → Strong impulse
1.2–1.5 → Healthy structure
1–1.2 → Weak
< 1 → Structural warning
🎯 Use Cases
Elliott Wave validation
Impulse vs correction comparison
Structural asymmetry analysis
1–2 continuation filtering
Manual wave strength benchmarking
⚠️ Notes
This is a manual analysis tool.
Designed for structural comparison.
Does not generate trading signals.
Works independently of chart scaling or zoom.
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.
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.
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.