LazyBear

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

Comments

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;
+9 Reply
FedeMerello tradinggg
@tradinggg, @LazyBear the EWO + Braking bands could be a great trading combo , do you test both in the same script?
Reply
fitaliano tradinggg
@tradinggg, you can found this here
+1 Reply
Hey Lazy Bear, run this by https://www.tradingview.com/u/DanV/#published-charts. He's a big EW guy and I'd be curious what he has to say.

Cheers!
+1 Reply
LazyBear grahvity
Yup, checked with him before publishing. The "warning" in the first line is from him actually.

My plan now is to take one of his EW charts and add this indicator there to see how EWO confirms his EW wave cycles :) Hopefully will get to it tomm.
+5 Reply
grahvity LazyBear
Cool. I look forward to seeing that.
+2 Reply
Solomon_A LazyBear
@LazyBear,
Hi i have question how to set up marker wave counter in your indicator. thanks you
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 /x/skwMSzIA/https://www.#
Reply
Sinuhet Sinuhet
sorry, by mistake published 2 same charts... this is the other one for comparision...
Reply
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