- 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.
// // @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)
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;
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...