Indicator: ElliotWave Oscillator [EWO]

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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.
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// @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:

--Converted by Kelvinhand --



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;
+3 Reply
@tradinggg, @LazyBear the EWO + Braking bands could be a great trading combo , do you test both in the same script?
Thx for this indicator! Here ( 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
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...
sorry, by mistake published 2 same charts... this is the other one for comparision...
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.
richyrmgy LazyBear
Is there anyway to include the breakout bands showing on the last page on this link:
+1 Reply
richyrmgy richyrmgy I think you can use this link as a guide to add the breakout bands.
I believe it uses SMA instead of EMA.
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