Indicator: ElliotWave Oscillator [EWO] by LazyBear

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.

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

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

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Want to use this script on a chart?

//
// @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)