HeWhoMustNotBeNamed

Multi ZigZag EW - Impulse

Similar to the previous script on Elliot Wave Impulse:


But, here we are trying to use multiple zigzags instead of just one.

You can select upto 4 different Zigzags and set different length, line color, line width and style for each. Parameters ShowZigZag, ZigZagLength, ZigZagColor, ZigZagWidth, ZigZagStyle can be used for adjusting these.

ErrorPercent lets you set error threshold calculation of ratios for pattern identification
EntryPercent is used for marking Entry and T.Stop (Tight Stoploss) based on the length of Wave 2.

Target of the script is same as before. We are trying to identify Wave 1 and 2 of Elliot Impulese Wave and then project Wave 3. Chances of price following the pattern are there. Hence, we set Stoploss based on levels which fails the pattern.

Ratios are taken from below link: https://elliottwave-forecast.com/elliott... - Section 3.1 Impulse

  • Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 - used for identifying the pattern.
  • Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 - used for setting the targets

Since we use multiple zigzags, labels can be quite messy at times. In such scenarios, just disable one of the zigzag length causing label overlaps.
Release Notes: Fix zigzag calculation error
Release Notes: Convert to pine 5

Request trial access: https://www.trendoscope.com.au/contact-us
Reach me on telegram: https://t.me/HeWhoMustNotBeNaamed
Join tradingview: https://www.tradingview.com/gopro/?share_your_love=sudh
USDT (TRC20): TCaz4CG9aZyR4jp3Ygf7MESWJPmcJgoep5
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.

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.

Want to use this script on a chart?