LazyBear

Indicator: ElliotWave Oscillator [EWO]

12090 20 2045
This oscillator has to be used in conjunction with other EW tools (certainly cannot be the main indicator).

EWO             has:
- Higher values during third waves' up
- Lower but still Positive values during the first and fifth waves up
- Negative values during the biggest corrections or downtrend impulse waves.

Personally, I am still trying to figure out EW, so do not use this. Just wanted to publish this for the EW masters out there who can put this to good use.

Appreciate any comments/feedback.
Remove from Favorite Scripts Add to Favorite Scripts
//
// @author LazyBear
//
study(title = "Elliot Wave Oscillator [LazyBear]", shorttitle="EWO_LB")
s2=ema(close, 5) - ema(close, 35)
c_color=s2 <= 0 ? red : lime
plot(s2, color=c_color, style=histogram, linewidth=2)
Hi I like so much your indicator, I don´t known write code, but i Found a php code with breaking bands, like advanced get, but I can´t fix to pine editor.
Best regard,


/***
Reference to Picture in:
http://www.traderslaboratory.com/forums/trading-indicators/7319-ew-oscillator-breaking-bands.html

--Converted by Kelvinhand --

***/

K=1;
K2=0.0555;
Len=5;


//--
MP = (H+L)/2;
Price1 =ma(MP,5) - ma(MP,35) ;
AvgP = ema(Price1,Len);


clr = IIf(AvgP > 0, colorrgb(183,179,142), IIf(AvgP < 0, colorrgb(110,136,177), colorGrey50));
Plot(AvgP, "AvgP", clr, styleNoLabel|styleHistogram|styleThick);


clr = IIf(Price1 > 0, colorYellow, IIf(Price1 < 0, colorBlue, colorGrey50));
Plot(Price1, "Osc535", clr, styleNoLabel|styleHistogram|styleThick);



for(i=0; i<40; i++)
UpperBand =LowerBand= Price1;
+2 Reply
@tradinggg, @LazyBear the EWO + Braking bands could be a great trading combo , do you test both in the same script?
Reply
Thx for this indicator! Here (http://www.tradingfives.com/articles/elliott_oscillator.htm) is written that: "The Elliott Oscillator is most effective when the chart has the "correct" number of bars. From 100 to 150 bars is the correct number of bars to use with the oscillator. Dr. Bill Williams suggests 100-140. Tom Joseph implies that 150 is right. We like to use about 120 bars, which is comfortably in the middle of that range, and which has consistently produced reliable results." IF this should be the truth, could you please modify the script that once in use it will "per default" push to display only certain Nr of the bars?
Thank you
Reply
Sinuhet Sinuhet
OK,
1) I modified the script as Lasy Bear mentioned above
2) Created 2 snapshots: the dirrerence between two is by the 2nd chart I simply used the "backward" button to load almost 2 years of daily bars additionally. I personally do not see any difference in form or amplitude, between both these charts...
snapshot
snapshot
Reply
Sinuhet Sinuhet
sorry, by mistake published 2 same charts... this is the other one for comparision...
snapshot
Reply
I do not think there is a way to force a specific number of bars to be displayed. It is an interesting request, though.

Can you plz post this in getsatisfaction? Thanks.
Reply
richyrmgy LazyBear
Is there anyway to include the breakout bands showing on the last page on this link: http://www.esignal.com/support/advancedget/manual/eSignal_Manual_ch7.pdf
Reply
richyrmgy richyrmgy
http://fxcodebase.com/code/viewtopic.php?f=17&t=14631&start=0 I think you can use this link as a guide to add the breakout bands.
Reply
I believe it uses SMA instead of EMA.
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out