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[ A L P H A X ] Elliott Wave Detection & Fibonacci Golden ZoneAlphaX Wave – Elliott Wave Detection, Fibonacci Golden Zone Mapping, Multi-Confluence Scoring & Smart SL/TP System AlphaX Wave is a professional-grade Elliott Wave analysis and trade signal system built on a proprietary multi-engine architecture that fuses automated wave counting, Fibonacci golden zone projection, multi-factor momentum scoring, and structure-based stop loss and target placement into a single cohesive tool. It identifies impulse wave patterns (waves 1–5), detects corrective ABC structures, projects Fibonacci retracement zones, scores trade setups across eight independent confluence factors, and generates graded entry signals with intelligent SL/TP levels derived from swing structure, Fibonacci levels, and wave projections. Designed for traders who use Elliott Wave theory as their primary framework on instruments like XAUUSD, indices, forex majors, and crypto. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 🔬 The Wave Engine — How It Works At the core of AlphaX Wave is an automated Elliott Wave detection algorithm that identifies the classical 5-wave impulse structure and 3-wave corrective patterns in real-time. Unlike manual wave counting, this engine applies strict mathematical validation rules derived from Elliott Wave theory to ensure only structurally valid patterns are labeled. Impulse Wave Detection (Waves 1–5) The engine uses a rolling buffer of confirmed swing highs and swing lows detected via a configurable pivot lookback. When at least three swing highs and three swing lows are available, the engine tests them against the following Elliott Wave rules: Wave 2 must not retrace beyond the start of Wave 1 — validated by checking that the second swing low remains above the first swing low (bullish) or below the first swing high (bearish) Wave 3 must not be the shortest impulse wave — validated by comparing the Wave 3 range to at least 70% of the Wave 1 range Wave 4 must not overlap into Wave 1 territory — validated by checking that the Wave 4 low stays above the Wave 2 low (bullish) or Wave 4 high stays below the Wave 2 high (bearish) Wave 2 retracement must be between 15% and 95% of Wave 1 — filters out patterns that are too shallow or too deep Wave 4 retracement must be between 10% and 90% of Wave 3 — ensures proper proportionality Temporal ordering must be correct — all six pivot points must occur in strict chronological sequence Wave 5 must exceed Wave 3's high (bullish) or undercut Wave 3's low (bearish) — confirms the impulse completed with a new extreme When all rules pass simultaneously, the engine marks the complete 1–5 impulse structure on the chart with numbered labels and connecting wave lines. Wave 3 and Wave 5 receive larger, brighter labels because they represent the highest-momentum phases of the impulse. Corrective Wave Detection (ABC Pattern) After an impulse completes, the engine monitors for corrective price action: For a completed bullish impulse — the engine watches for a pullback that retraces between 20% and 72% of the impulse range, indicating an ABC correction is forming For a completed bearish impulse — the engine watches for a bounce that retraces between 20% and 72% of the impulse range The correction must originate after Wave 5 completes — ensures proper sequence A configurable cooldown prevents multiple correction labels from firing on the same structure Corrective zones are particularly valuable because they represent potential entry opportunities in the direction of the prior impulse trend — the market is pulling back within a larger trend structure. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📐 Fibonacci Golden Zone System When an impulse wave completes, the engine automatically projects Fibonacci retracement levels across the entire impulse range: 38.2% Retracement — the shallowest institutional retracement level 50.0% Retracement — the equilibrium midpoint of the impulse 61.8% Retracement — the golden ratio level, highest-probability reversal zone The area between the 38.2% and 61.8% levels forms the Golden Zone — a shaded box that represents the highest-probability area for the corrective wave to terminate and the trend to resume. This is where institutional traders typically place their limit orders. The Golden Zone system includes intelligent lifecycle management: Zones automatically expire after a configurable maximum age (default 80 bars) Zones are removed when price closes significantly beyond them (1.5 ATR past the zone boundary) — indicating the zone has been invalidated Maximum active zones are capped (configurable) to keep the chart clean The indicator tracks whether price is currently inside a bullish or bearish Golden Zone — this information feeds directly into the confluence scoring engine ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📊 Wave 3 Setup Detection Wave 3 is traditionally the strongest and longest wave in Elliott Wave theory. AlphaX Wave includes a dedicated Wave 3 Setup Scanner that identifies potential Wave 3 initiations in real-time: Detects when price has completed a valid Wave 1 (impulse move) followed by a Wave 2 (pullback between 15% and 90% of Wave 1) Confirms the pullback low remains above the Wave 1 starting point (bullish) or below it (bearish) — validating the wave structure Requires a directional confirmation candle (close above prior high for bullish, close below prior low for bearish) Marked with small purple triangles — ▲ below bar for bullish Wave 3 setups, ▼ above bar for bearish Wave 3 setups are among the highest-probability trade entries in all of technical analysis because they align with the strongest phase of the impulse trend. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 🧠 8-Factor Confluence Scoring Engine Every potential trade signal is evaluated across eight independent confluence factors . Each factor scores either 0 or 1 point, producing a confluence score from 0 to 8. Only signals meeting your configured minimum confluence threshold are displayed. Factor 1 — Wave 3 Setup (W3) Is a valid Wave 3 initiation pattern present? This is the single most powerful factor — Wave 3 moves are the strongest in Elliott theory Factor 2 — ABC Correction Zone (ABC) Is the market currently in a corrective phase following a completed impulse? Corrections within trends offer the best risk/reward entries Factor 3 — Price in Fibonacci Golden Zone (FIB) Is price currently inside an active Golden Zone box (between 38.2% and 61.8% retracement)? Golden Zone entries have institutional backing Factor 4 — Price at Specific Fibonacci Level (FLV) Is price at or near the 38.2%, 50.0%, or 61.8% retracement level specifically? Precision Fibonacci entries add edge beyond just being "in the zone" Factor 5 — Momentum Alignment (MOM) Are RSI slope, MACD direction, MACD histogram momentum, and Stochastic all aligned in the signal direction? Requires at least 2 of 5 momentum sub-factors to confirm Factor 6 — RSI Divergence (DIV) Is a confirmed RSI divergence present (price makes new low but RSI makes higher low, or vice versa)? Divergence is one of the most reliable reversal confirmation signals Factor 7 — Volume Confirmation (VOL) Is current volume above the moving average with a candle closing in the signal direction? Volume validates institutional participation in the move Factor 8 — EMA Trend Alignment (EMA) Are the Fast (21), Medium (50), and Slow (200) EMAs properly stacked in the signal direction? Or is price at least above/below the 200 EMA with Fast above/below Medium? ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📊 Confidence Scoring & Grade System Beyond the 8-factor confluence count, each signal receives a weighted confidence score from 0 to 100% that reflects the quality and strength of the setup: Wave Structure (up to 22 points) Wave 3 Setup present = 22 points (highest single contributor) ABC Correction active = 12 points Fibonacci Alignment (up to 22 points) Price inside Golden Zone = 15 points Price at 61.8% level = 7 points, at 50.0% = 5 points, at 38.2% = 4 points Momentum Confirmation (up to 23 points) Momentum aligned (2+ sub-factors) = 12 points Strong momentum (4+ sub-factors) = additional 6 points MACD crossover on signal bar = 5 points RSI Analysis (up to 14 points) RSI divergence confirmed = 10 points RSI slope in ideal range = 4 points RSI already at opposite extreme (penalty) = -5 points Volume & Trend (up to 20 points) Volume above average + directional candle = 5 points Volume spike + directional candle = 3 points Full EMA alignment (Fast > Medium > Slow or reverse) = 8 points Cloud direction confirmed = 4 points Signals are classified into grades based on the final confidence score: A+ Grade (70%+) — Exceptional setup. Maximum confluence across wave structure, Fibonacci, momentum, and trend. A Grade (55–69%) — High-quality setup. Most major factors aligned. B Grade (40–54%) — Solid setup. Core conditions met with moderate confirmation. C Grade (25–39%) — Marginal setup. Basic conditions met but weaker confirmation. Hidden by default. D Grade (below 25%) — Weak setup. Minimal confluence. Hidden by default. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📊 Signal Labels — What They Show Each entry signal label displays comprehensive information in a compact format: Direction — ▲ LONG or ▼ SHORT with spaced lettering Grade — A+, A, B, C, or D classification Confidence Percentage — The weighted score from the confidence engine Confluence Count — How many of the 8 factors are active (e.g., 5/8) Active Factor Checklist — Shows exactly which factors contributed: ✓W3 ✓ABC ✓FIB ✓FLV ✓MOM ✓DIV ✓VOL ✓EMA Label colors follow the grade system: Bull signals — Bright green (A+), Primary green (A), Dim green (B), Neutral gray (C/D). All use dark text for readability. Bear signals — Bright red (A+), Primary red (A), Dim red (B), Neutral gray (C/D). All use white text for readability. A thin dotted line connects the signal label to the price bar, keeping the label offset from price action to avoid chart clutter. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 🎯 Smart SL/TP System — Structure-Based Risk Management Every entry signal automatically generates three trade management levels — Stop Loss, Target 1, and Target 2 — using a multi-source calculation engine that prioritizes structural price levels over arbitrary ATR multiples. Stop Loss Calculation The SL engine searches for the optimal stop placement using this priority cascade: Nearest swing structure — Finds the closest confirmed swing low (for longs) or swing high (for shorts) within a 50-bar lookback. Places the SL beyond this level with ATR padding. ATR floor and cap — Ensures the SL is never too tight (70% of base ATR multiple) or too wide (180% of base ATR multiple) regardless of swing structure. Confidence modifier — Higher-grade signals receive tighter stops (0.85× for A+, 0.92× for A, 1.0× for B, 1.15× for C/D). This reflects the higher-probability nature of strong setups. Target 1 Calculation TP1 represents the conservative take-profit level: Nearest opposing swing — Searches for the closest swing high above entry (longs) or swing low below entry (shorts) that provides at least 1.2× the SL distance. Fibonacci level targeting — If an active Fibonacci zone has a 38.2% or 50.0% level above/below entry that provides better targeting than the swing level, the Fib level is used. Minimum R:R enforcement — TP1 is guaranteed to provide at least the configured ATR multiple (default 2.5×) of risk-reward. Target 2 Calculation TP2 represents the extended profit target: Wave-based projection — If an impulse wave is active, TP2 is calculated as 61.8% of the total impulse range — representing the typical next-wave target. Far swing structure — Searches for swing levels further than TP1 that provide at least 1.3× the TP1 distance. Fibonacci extension — If the 61.8% Fibonacci level provides a target beyond TP1, it is used as TP2. Minimum spacing — TP2 is guaranteed to be at least 1.5× the TP1 distance from entry. Break-Even Protection When TP1 is hit, the system automatically adjusts the Stop Loss to the entry price (break-even). The SL label changes to "BE" with a neutral color, visually confirming that the trade is now risk-free on the remaining position targeting TP2. Hit Tracking All SL/TP levels are tracked in real-time: When a level is hit, the label changes color — red fill for SL hits, green fill for TP hits SL hits are processed first — if the SL is hit, TP levels for that trade are no longer tracked TP1 must be hit before TP2 tracking activates the break-even mechanism Historical SL/TP groups are automatically trimmed to keep the chart clean (configurable history count) ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📐 Trend Context Layer Three independent trend analysis systems provide structural context: Triple EMA System Fast EMA (21) — Yellow-green crosses. Immediate momentum reference. Medium EMA (50) — Gray line. Intermediate trend filter. Slow EMA (200) — Dark gray, thicker line. Macro structural backbone used in confidence scoring. When all three are properly stacked (Fast > Medium > Slow for bullish, reverse for bearish), trend alignment scores maximum points. Trend Cloud Calculated from the midpoints of the highest high / lowest low over fast (9) and slow (26) periods When the fast midpoint is above the slow midpoint, the cloud fills green — bullish bias When below, the cloud fills red — bearish bias Cloud direction adds 4 points to the confidence score when aligned with the signal RSI Divergence System Detects classical RSI divergence using pivot-based comparison Bullish divergence — price makes a lower low but RSI makes a higher low Bearish divergence — price makes a higher high but RSI makes a lower high Divergence must occur within a valid lookback window (5–50 bars between pivots) and be recent (within 3 bars of the current RSI pivot) Marked with small diamond shapes — green below bar for bullish, red above bar for bearish ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📊 Momentum Engine The momentum engine combines four oscillator systems into a unified momentum score: RSI Slope — Smoothed RSI direction over 2 bars. Bullish when RSI is between 40–75 and rising. Bearish when RSI is between 25–60 and falling. MACD Direction — MACD Line above Signal Line = bullish, below = bearish. MACD Histogram Momentum — Histogram increasing = bullish momentum, decreasing = bearish momentum. Stochastic Alignment — %K above %D with room to run (below 80) = bullish. %K below %D with room to fall (above 20) = bearish. MACD Crossover — Fresh MACD crossover on the signal bar adds additional confirmation. Scores of 2+ out of 5 confirm momentum alignment. Scores of 4+ indicate strong momentum — adding bonus points to the confidence score. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📐 Dashboard Intelligence A comprehensive 3-column AlphaX-branded dashboard provides real-time analysis across all engine layers: Wave & Fibonacci Status Current wave phase — Impulse 1–5 (detected/active), Corrective ABC, or Scanning Wave trend direction — Bullish or Bearish impulse context Fibonacci status — In Golden Zone, at specific level, or no active zone Active Fibonacci zone count Momentum & Trend Momentum state — Strong Bull/Bear, Bullish/Bearish, or Flat Bull/Bear sub-factor scores (e.g., 3▲ 1▼) EMA trend alignment — Bull Aligned, Bear Aligned, or Mixed Price position relative to 200 EMA Cloud direction — Bullish, Bearish, or Flat Volume & Oscillators Relative volume — Spike, High, Normal, or Dry with exact ratio RSI state — Overbought, Oversold, Rising, Falling, or Neutral with numeric value Confluence & Verdict Bull confluence score — count out of 8, confidence percentage, and letter grade Bear confluence score — count out of 8, confidence percentage, and letter grade Verdict — the engine's overall assessment: High Confidence Long, High Confidence Short, Lean Long/Short with Caution, Mixed — Stand Aside, or No Clear Edge ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 🚀 How to Trade with AlphaX Wave — Step by Step Step 1 — Identify the Wave Structure Look for completed impulse patterns (numbered 0–5 on the chart) Check the Dashboard: What is the current Wave Phase? If "SCANNING" — no valid wave structure detected yet. Wait for pattern formation. Step 2 — Wait for Correction or Wave 3 Setup After an impulse completes, watch for the "ABC CORRECTION ZONE" label — this is where the market is pulling back within the trend Watch for Wave 3 Setup triangles (▲/▼) — these mark the beginning of the strongest wave Check if price is entering a Fibonacci Golden Zone (purple shaded box) Step 3 — Enter on Confluence Signal Wait for a graded entry label (▲ LONG or ▼ SHORT) to appear Check the grade — A+ and A signals have the highest probability Review the factor checklist — more ✓ marks = stronger setup The SL and TP levels are automatically plotted for immediate trade management Step 4 — Manage the Trade Monitor the SL/TP levels on the chart — they update automatically When TP1 is hit, the label lights up green and the SL moves to break-even Hold the remaining position for TP2 risk-free If SL is hit first, the label turns red — accept the loss and wait for the next setup Step 5 — Read the Verdict The Dashboard Verdict row summarizes the engine's real-time assessment "HIGH CONFIDENCE LONG/SHORT" — all systems aligned, actively look for entries "LEAN LONG/SHORT — CAUTION" — some alignment but not full, trade with reduced size "MIXED — STAND ASIDE" — conflicting signals, do not trade "NO CLEAR EDGE" — insufficient data, wait for structure to develop ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ ⚠ When NOT to Trade — Reading the Warning Signs Dashboard shows "SCANNING" — No valid wave structure detected. The market may be in a complex correction or transition phase. Verdict shows "MIXED — STAND ASIDE" — Bull and bear confluence are both active simultaneously. Conflicting signals cancel each other. Cloud is flat or rapidly switching colors — No established trend direction. Signals during cloud transitions are less reliable. EMAs are tangled and flat — Range-bound market. Wave patterns in choppy conditions produce lower-quality signals. Only C or D grade signals appearing — Insufficient confluence. These grades are hidden by default for a reason. RSI showing "OVERBOUGHT" on a long signal — The confidence engine already penalizes this (-5 points), but it is worth noting visually as well. Volume showing "DRY" — Low-volume environments reduce the reliability of all technical patterns including waves. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ ⚡ Key Features 🔬 Automated Elliott Wave impulse detection (1–5) with strict rule validation 📐 ABC corrective pattern recognition with retracement depth validation 🎯 Wave 3 Setup Scanner — identifies the strongest wave initiation points 📊 Fibonacci Golden Zone projection with intelligent lifecycle management 🧠 8-factor confluence scoring — Wave, ABC, Fibonacci, Fibonacci Level, Momentum, Divergence, Volume, EMA 📈 Weighted confidence scoring (0–100%) with A+ through D grade classification ▲▼ Detailed signal labels showing grade, confidence, confluence count, and active factor checklist 🎯 Structure-based SL/TP system — swing levels, Fibonacci targets, and wave projections 🛡 Automatic break-even protection when TP1 is hit 📊 Real-time hit tracking with visual color changes on SL/TP labels ☁ Trend Cloud with gradient fill for instant directional bias 📐 Triple EMA system (21/50/200) for structural trend context 💎 RSI divergence detection with pivot-based validation 📊 Multi-oscillator momentum engine (RSI, MACD, Stochastic) 📊 Volume spike detection with configurable multiplier 📐 Comprehensive 3-column dashboard with verdict system 🎨 Cohesive triple-tone color theme — Green for bull, Red for bear, Purple for wave structure 🔔 10 alert conditions — signals, impulses, corrections, Wave 3 setups, and divergences ⚙ Fully configurable — wave detection, Fibonacci, momentum, signals, SL/TP, and all visuals ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ ⚙ Settings Reference Wave Detection Swing Detection Length — Pivot lookback for identifying swing highs and lows (default: 6) Show Wave Count Labels — Toggle the numbered 0–5 labels on impulse waves Show Wave Structure Lines — Toggle the connecting lines between wave points Show Impulse Completion — Toggle the "IMPULSE COMPLETE" notification labels Show Corrective Patterns — Toggle the "ABC CORRECTION ZONE" labels Show Wave 3 Setup Markers — Toggle the purple triangle markers Wave Pattern Cooldown — Minimum bars between wave pattern detections (default: 18) Fibonacci Show Fib Golden Zone Boxes — Toggle the shaded 38.2%–61.8% retracement zone Max Fib Zone Boxes — Maximum simultaneous Golden Zones (default: 3) Fib Zone Max Age — Bars before a zone auto-expires (default: 80) Momentum RSI Length / Smoothing — Core RSI calculation parameters MACD Fast / Slow / Signal — MACD oscillator parameters Show RSI Divergence — Toggle divergence diamond markers Volume Volume MA Length — Baseline period for volume comparison (default: 20) Volume Spike Multiplier — Threshold for spike detection (default: 1.6×) Show Volume Spike Dots — Toggle volume spike indicators at bar bottom EMA Settings Fast / Medium / Slow EMA — Independently toggle visibility and set periods Defaults: 21 / 50 / 200 Trend Cloud Show Trend Cloud — Toggle the gradient cloud fill Cloud Fast / Slow Length — Midpoint calculation periods (default: 9 / 26) Confluence Engine Min Confluence Score — Minimum factors required for a signal (default: 3 of 8) Show Entry Signals — Toggle signal labels Signal Cooldown — Minimum bars between signals (default: 10) Signal Label Offset — Distance below/above bar in ATR units (default: 3.0) Show Grade C / D Signals — Toggle lower-quality signal visibility (default: off) SL / TP Show Stop Loss & Targets — Toggle all SL/TP visual elements Stop Loss (× ATR) — Base ATR multiple for stop loss calculation (default: 2.0) Target 1 (× ATR) — Base ATR multiple for conservative target (default: 2.5) Target 2 (× ATR) — Base ATR multiple for extended target (default: 5.0) Limit SL/TP History — Cap the number of visible historical trade levels SL/TP History Count — Maximum trade groups shown (default: 8) Move SL to Break Even after TP1 — Enable/disable break-even protection Display Show Dashboard — Toggle the information panel Dashboard Position — Top Right, Top Left, Bottom Right, Bottom Left Dashboard Text Size — Tiny, Small, Normal Dashboard Background — Background color for the panel Theme Colors Bull Primary / Bright / Dim — Green family for bullish elements Bear Primary / Bright / Dim — Red family for bearish elements Wave Primary / Bright / Dim — Purple family for wave structure elements Fibonacci Levels / Dim — Purple-pink family for Fibonacci zones EMA colors — Fast (green), Medium (gray), Slow (dark gray) Neutral — Gray for inactive/mixed states ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 🔔 Alert Conditions Wave Long Signal — Fires when a graded bullish entry signal appears Wave Short Signal — Fires when a graded bearish entry signal appears Bullish Impulse Complete — Fires when a full 1–5 bullish impulse is detected Bearish Impulse Complete — Fires when a full 1–5 bearish impulse is detected Wave 3 Bull Setup — Fires when a bullish Wave 3 initiation pattern is detected Wave 3 Bear Setup — Fires when a bearish Wave 3 initiation pattern is detected RSI Bull Divergence — Fires when bullish RSI divergence is confirmed RSI Bear Divergence — Fires when bearish RSI divergence is confirmed Bullish ABC Correction — Fires when a bullish corrective zone is identified Bearish ABC Correction — Fires when a bearish corrective zone is identified All alert messages include {{ticker}} and {{interval}} placeholders for clean webhook integration. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 🎯 Default Settings — Optimized For The default configuration is tuned for XAUUSD (Gold) and major instruments on the 5-minute to 1-hour timeframes : Swing Length at 6 captures wave structure without excessive lag on intraday charts Minimum confluence at 3/8 ensures signals have meaningful multi-factor backing Signal cooldown at 10 bars prevents rapid-fire signals during volatile wave transitions SL at 2.0 ATR with structure-based adjustment provides adaptive risk sizing TP1 at 2.5 ATR and TP2 at 5.0 ATR provide minimum 1.25R and 2.5R risk-reward ratios Break-even protection ensures profitable trades are protected after TP1 Grade C and D signals hidden by default to maintain signal quality For other instruments or timeframes, adjust: Higher timeframes (4H, Daily) — Increase Swing Length to 8–14, increase Wave Cooldown to 30–50, increase SL/TP ATR multiples Lower timeframes (1m) — Reduce Swing Length to 4–5, reduce Signal Cooldown to 5–7, increase Min Confluence to 4 Forex majors — Use defaults, optionally reduce Swing Length to 5 for tighter wave detection Crypto — Increase Swing Length to 8–10 (higher volatility), increase SL ATR multiple to 2.5–3.0 Fewer, higher-quality signals — Increase Min Confluence to 4–5, increase Signal Cooldown, hide Grade C/D More signals — Reduce Min Confluence to 2, enable Grade C signals, reduce cooldown ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 👥 Who This Is For 📐 Elliott Wave Practitioners — Automated wave counting with strict rule validation eliminates subjective bias 📊 Fibonacci Traders — Automatic Golden Zone projection with lifecycle management removes manual drawing 🥇 Gold & Forex Intraday Traders — Optimized for instruments with clean wave structures on fast timeframes 🧠 Systematic Traders — The 8-factor confluence + weighted confidence system provides a fully quantitative framework 🎯 Traders who want complete trade plans — Entry, SL, TP1, TP2, and break-even all generated automatically 📈 Traders learning Elliott Wave — The visual wave labels and structure lines serve as an educational overlay ⚠ Traders who struggle with exit management — The SL/TP system with hit tracking and break-even automation removes emotional decision-making ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 📝 Notes Wave detection uses confirmed pivot points (offset by the swing length) — wave labels appear after structural confirmation, not in real-time. This prevents repainting. The indicator requires sufficient bar history to populate swing buffers — allow at least 100+ bars of data before expecting wave pattern detection Elliott Wave rules are applied as mathematical approximations of the classical theory — certain complex wave structures (extended waves, truncations, diagonal triangles) may not be detected SL/TP levels are calculated at signal time and do not adjust afterward (except the break-even mechanism on TP1 hit) Maximum 500 labels, 500 lines, and 500 boxes are used — on very low timeframes with extended history and many signals, oldest drawings may be automatically removed by TradingView's rendering limits The SL/TP history is automatically trimmed to the configured limit (default 8 trade groups = 24 labels/lines) to stay within TradingView's drawing limits All confluence factors and confidence scores are recalculated on every bar — the dashboard reflects the current bar's state, not the last signal's state ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ ⚠ Disclaimer This indicator is a technical analysis and visualization tool intended for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any financial instrument. Elliott Wave patterns, Fibonacci levels, and all signals are generated from historical and real-time price data using mathematical calculations — their accuracy or profitability is not guaranteed. Elliott Wave theory is inherently subjective and interpretive; automated detection provides one possible wave count among many valid alternatives. Past wave patterns and signal performance do not guarantee future results. Always conduct your own analysis, use proper risk management, and consult a licensed financial advisor before making any trading decisions. The author accepts no responsibility for any losses incurred from the use of this indicator. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Built for traders who demand clarity, confidence, and precision from their charts.
Pine Script® indicator
by AlphaX-Trade
6
Elliott Wave Detector PRO [TGTBTB]Elliott Wave Advanced v3 — Validated Wave Counting with Pattern Detection A word before you start Elliott Wave is supposedly one of the most powerful frameworks in technical analysis — and also one of the most difficult to apply correctly. The theory involves layers of rules, guidelines, pattern variations, and degree relationships that even experienced practitioners argue about. Automating it is genuinely hard, and no indicator (including this one) will get every count right every time. I felt like banging my head onto my desk more than once while trying to translate the rules into code.... What I tried to do here is capture the core rules and guidelines as faithfully as possible and make them accessible in a way that keeps things honest. The indicator won't show you a wave count unless it actually passes validation. That means you'll sometimes stare at a chart full of dot markers with no labels — and that's a feature, not a bug. I'd rather tell you "I don't know" than confidently show you something wrong. I've put serious effort into getting the rule enforcement, pattern detection, and Fibonacci relationships right, but Elliott Wave will always involve interpretation. Treat this as a tool that tries to take the objective parts of the theory off your shoulders so you can focus on the parts that require judgment. I deliberately made this indicator open source because I am not an Elliott Wave expert. So if you notice anything that is absolutely wrong according to the rulebook of Elliott Wave leave a message below or contact me directly so I can bug fix this indicator. The goal is to make Elliott Wave theory accessible to everyone. What differentiates this indicator from other Elliot Wave indicators This indicator attempts to solve the biggest problem with Elliott Wave analysis on charts: most auto-labelers just slap wave numbers onto every swing without checking if the count is actually valid. Elliott Wave theory has three rules that cannot be broken. Ever. If your wave count violates any of them, it's wrong — no discussion. This indicator enforces all three before putting a single label on your chart: 1. Wave 2 never retraces beyond the start of Wave 1 2. Wave 3 is never the shortest among waves 1, 3, and 5 3. Wave 4 does not enter Wave 1's price territory (unless it's a diagonal) If the pivots on your chart don't satisfy these rules, you won't see wave numbers — you'll see neutral dot markers instead. That's intentional. I'd rather show you nothing than show you a wrong count. Too many indicators out there label every zig-zag as "wave 3" and give people false confidence. This one stays quiet when it's not sure. Pattern Detection The indicator identifies five pattern types: Impulse (5-wave motive) — Five alternating swings validated against all three cardinal rules, with confidence scoring based on Fibonacci proportions between the waves. Wave 3 at 1.618x Wave 1 - a high-confidence impulse. Wave 3 barely longer than Wave 1? Still valid, but lower confidence, which gets reflected by the score Diagonal (Leading / Ending) — Same five-wave structure, but with the key difference that Wave 4 overlaps Wave 1. The indicator checks for a converging wedge shape and progressively shorter waves. These show up at the start or end of larger wave sequences and are easy to miscount as impulses if you're not checking for overlap. Zigzag (A-B-C sharp correction) — Three-wave correction where Wave B typically retraces 38-79% of Wave A, and Wave C often equals Wave A in length. The indicator validates B doesn't exceed A's origin and C reaches beyond A's end. Flat (Regular & Expanded) — Wave B retraces almost all of Wave A (or exceeds it in an expanded flat), and Wave C approximates Wave A's length. The indicator distinguishes between regular flats (B ≈ 100% of A) and expanded flats (B > 105% of A) because they have different trading implications. Contracting Triangle (A-B-C-D-E) — Five-wave sideways pattern with converging boundaries. Each successive wave should be shorter than the previous one. The indicator checks that highs are declining and lows are rising, and requires at least 3 out of 4 contraction relationships to hold (real markets aren't always perfectly geometric). Guidelines Elliott Wave has rules (hard constraints) and guidelines (soft constraints that affect probability). This indicator checks both of them: Alternation — If Wave 2 is a sharp, deep correction, Wave 4 should be a shallow, sideways one, and vice versa. The indicator classifies each correction based on retracement depth and duration relative to the preceding impulse, then checks whether waves 2 and 4 have different character. This isn't a dealbreaker if it fails, but it affects the confidence score and is shown on the info panel (✓ or ✗). Sub-wave structure — Motive waves (1, 3, 5) should subdivide into 5 sub-waves internally, while corrective waves (2, 4) should subdivide into 3. The indicator counts secondary pivots within each primary wave's time range and checks if the internal structure is consistent with what Elliott Wave theory expects. Again, not a hard gate, but it influences confidence scoring. Fibonacci Analysis The Fibonacci levels are calculated with proper anchor points: Retracements are projected from the last completed wave — showing where the current correction might find support/resistance. Extensions use the correct Elliott Wave method: the prior impulse wave's length is projected from the corrective wave's end. So if you've completed waves 1-2, the Wave 3 target is projected as a 1.618 extension of Wave 1's length measured from Wave 2's end. Not from some arbitrary reference point. When a validated pattern exists, the extension anchors are taken directly from the identified wave structure. When there's no confirmed pattern, it falls back to geometric pivot-based projection (and tells you so). The Forecast Panel I made a deliberate design choice for this: the forecast is gated behind pattern confirmation. If the indicator has identified a validated impulse, zigzag, flat, triangle, or diagonal, the forecast panel shows "CONFIRMED" and provides wave-structure-aware targets and scenarios. After a completed correction, it projects the next impulse in the correct direction. After a completed impulse, it anticipates the corrective phase. If no pattern has been validated, the forecast shows "UNCONFIRMED" and limits itself to cautious directional observations based on raw pivot geometry. No wave labels, no "Wave 3 starting!" claims, but a honest reporting of what the price structure looks like without pretending to know more than it does. The projection lines on the chart reflect this too — confirmed forecasts get solid, visible projections; unconfirmed ones are thinner and more transparent. Trade Signals Three signal types, all requiring some degree of pattern confirmation: -Wave 3 Entry — Fires after a valid Wave 2 retracement (38.2-78.6%) when the indicator has at least moderate confidence in the count - Wave 5 Exit — Triggers when momentum is waning in a confirmed impulse (last wave significantly shorter than the overall move) - Wave C Reversal — Signals when a validated zigzag or flat correction is complete and the reversal should begin Signals won't fire on an unconfirmed wave count. If the indicator isn't sure what wave you're in, it won't pretend to give you entries. Settings & Tuning Swing Detection — The two most important inputs. "Primary Wave Swing Length" controls how many bars are needed to confirm a major swing (lower = more sensitive, more pivots, more patterns detected but potentially noisier). "Min Swing %" sets the minimum percentage move to qualify as a primary wave — for crypto on daily timeframes, 5-10% works well. For forex or equities you'll want to bring this down. Sub-Wave Swing Length — Controls the secondary pivot detection used for internal structure validation. Keep this lower than the primary setting. Everything else in the settings is display-related and fairly self-explanatory. Colors, text sizes, which elements to show/hide. What this is NOT This is not a crystal ball. Elliott Wave analysis is inherently subjective — two analysts can look at the same chart and produce different valid counts. What this indicator does is enforce the objective constraints of the theory and give you a probabilistic assessment of which pattern best fits the current structure. It works best on higher timeframes (4H, Daily, Weekly) where the swing structure is cleaner. On 1-minute charts you'll mostly see dot markers because the noise rarely resolves into validated patterns — and that's the indicator doing its job correctly. Use it alongside your other analysis. The wave count gives you context for where you are in the cycle. The Fibonacci levels give you targets. The signals give you timing. But none of it replaces risk management and position sizing.
Pine Script® indicator
by GoodBadBitcoin
24
Harmonic Pulse Tracker [JOAT]Harmonic Pulse Tracker Introduction The Harmonic Pulse Tracker is an open-source institutional-grade wave and rhythm analysis system that combines Elliott Wave principles, Fibonacci harmonic analysis, WaveTrend oscillator mechanics, and cycle detection into a unified oscillator. This sophisticated system integrates multiple proven methodologies to identify high-probability reversal zones where harmonic patterns, wave cycles, and momentum indicators converge. The indicator is designed for traders who understand that market movements follow natural harmonic patterns and cyclical rhythms. By synthesizing detrended price oscillation, Fibonacci retracement levels, WaveTrend momentum analysis, money flow dynamics, and volume confirmation, this tool helps identify structural market turning points with mathematical precision. Why This Integration Exists This indicator combines six distinct analytical frameworks that complement each other: Harmonic Wave Analysis: Uses detrended price oscillation combined with Ehlers cycle detection to identify natural market rhythms Fibonacci Harmonic Levels: Calculates dynamic Fibonacci retracements and extensions based on wave swing points WaveTrend Oscillator: Implements LazyBear's WaveTrend algorithm for momentum and overbought/oversold detection Money Flow Integration: Tracks institutional buying and selling pressure through Money Flow Index analysis Volume Analysis: Confirms wave movements with volume spikes and directional volume pressure Elliott Wave Counting: Simplified wave counting system to identify impulse and corrective wave phases Each component addresses different aspects of market rhythm and harmony. The harmonic wave engine identifies natural price cycles, Fibonacci levels provide mathematical support/resistance, WaveTrend shows momentum extremes, money flow reveals institutional activity, volume confirms genuine moves, and Elliott Wave counting provides structural context. Together, they create a multi-dimensional view of market harmony and discord. Core Components Explained 1. Harmonic Wave Engine The core wave calculation combines two advanced techniques: DPO (Detrended Price Oscillator) = close - sma(close, length/2 + 1) Ehlers Cycle Component = High-pass filtered price with cycle smoothing Harmonic Wave = Smoothed DPO + (Cycle Component * 0.5) This creates a wave that removes trend bias while preserving cyclical components, revealing the natural harmonic rhythm of price movement. Wave Derivatives: - Wave Momentum: Rate of change in harmonic wave - Wave Acceleration: Rate of change in momentum - Wave Velocity: Percentage rate of change over 5 periods These derivatives help identify wave phase transitions and momentum shifts before they become obvious in price. 2. Fibonacci Harmonic Level System The indicator calculates dynamic Fibonacci levels based on harmonic wave swing points: Standard Retracements: - 23.6%, 38.2%, 50.0%, 61.8%, 78.6% of wave range Extensions: - 127.2%, 161.8%, 261.8% beyond wave high Golden Pocket Zone: The critical 61.8% to 78.6% retracement zone where most harmonic reversals occur. This zone represents the mathematical sweet spot where Fibonacci ratios converge with natural market rhythm. Harmonic Resonance Detection: The system identifies when price is within 5% of key Fibonacci levels and calculates confluence scores when multiple levels align. 3. WaveTrend Oscillator Integration Implements the proven WaveTrend algorithm: ESA = ema(hlc3, channel_length) D = ema(abs(hlc3 - ESA), channel_length) CI = (hlc3 - ESA) / (0.015 * D) WT1 = ema(CI, average_length) WT2 = sma(WT1, 4) WaveTrend Signals: - Crossovers in oversold zone (< -50): Bullish reversal signals - Crossunders in overbought zone (> 50): Bearish reversal signals - Regular crossovers: Momentum shift confirmation 4. Money Flow Analysis Tracks institutional buying and selling pressure: MFI = Money Flow Index over specified period MFI Centered = (MFI - 50) * multiplier - Positive MFI: Institutional buying pressure - Negative MFI: Institutional selling pressure - Strong MFI: Absolute value > 25 indicates significant institutional activity 5. Volume Analysis Engine Comprehensive volume analysis including: Volume Spikes: Volume > Average Volume * Threshold Volume Ratio: Current volume / Average volume Volume Strength: Normalized volume intensity (0-100) Directional Volume: - Bullish Volume Spike: High volume + green candle - Bearish Volume Spike: High volume + red candle 6. Elliott Wave Phase Detection Simplified wave analysis to identify market structure: Impulse Waves: - Impulse Up: Positive momentum + acceleration + velocity - Impulse Down: Negative momentum + acceleration + velocity Corrective Waves: - Mixed momentum and acceleration signals indicating consolidation Wave Counting: Basic 5-wave count system that resets after wave 5 completion, helping identify potential reversal zones. Multi-Factor Confluence Scoring System The indicator calculates a real-time confluence score (0-100) by weighting each component: Confluence Score Components: - Fibonacci Zone: Up to 20 points (Golden Pocket = 20, other Fib levels = 4 each) - Wave Strength: Up to 20 points (based on wave momentum intensity) - WaveTrend: Up to 20 points (extreme zone crossovers = 20, regular = 15) - Money Flow: Up to 20 points (strong institutional activity = 20) - Volume: Up to 20 points (volume spikes = 20, elevated = 15) Scores above 80 indicate exceptional confluence for potential trades. The dashboard displays individual component scores for transparency. Perfect Harmonic Alignment Detection The system identifies rare "Perfect Harmonic" setups when: - Price is in Golden Pocket zone - Impulse wave phase is active - Wave strength > 70 - WaveTrend crossover in extreme zone - Positive money flow (for bullish) or negative (for bearish) - Volume spike confirmation These setups represent the highest probability reversal opportunities. Visual Elements Harmonic Wave: Main oscillator with gradient coloring based on wave position Wave Momentum: Histogram showing rate of change in wave movement Fibonacci Levels: Key retracement and extension levels (38.2%, 50%, 61.8%, 78.6%, 161.8%) Golden Pocket Zone: Highlighted area between 61.8% and 78.6% levels WaveTrend Lines: WT1 and WT2 with overbought/oversold zones Money Flow Columns: Institutional buying/selling pressure visualization Volume Strength: Volume intensity histogram Signal Markers: Perfect Harmonic signals and strong confluence alerts Background Zones: Golden Pocket and Perfect Signal highlighting Dashboard: Real-time display of all component values and confluence score How Components Work Together The integration creates a harmonic analysis approach: Layer 1 - Wave Rhythm: Harmonic wave identifies natural market cycles and turning points Layer 2 - Mathematical Levels: Fibonacci ratios provide precise support/resistance zones Layer 3 - Momentum Context: WaveTrend shows overbought/oversold extremes Layer 4 - Institutional Flow: Money flow reveals smart money positioning Layer 5 - Volume Confirmation: Volume analysis validates genuine moves vs noise Layer 6 - Wave Structure: Elliott Wave context provides structural framework Example scenario: Harmonic wave reaches Golden Pocket zone (Layer 1 + 2) during WaveTrend oversold crossover (Layer 3) with positive money flow (Layer 4) and volume spike (Layer 5) in corrective wave phase (Layer 6). This confluence suggests exceptional reversal probability. Input Parameters Wave Settings: Wave Length: Period for harmonic wave calculation (default: 34) Smoothing Period: Wave smoothing factor (default: 5) WaveTrend Settings: Show WaveTrend: Toggle WaveTrend display WT Channel Length: Channel calculation period (default: 9) WT Average Length: Smoothing period (default: 12) WT Overbought: Overbought threshold (default: 50) WT Oversold: Oversold threshold (default: -50) Money Flow Settings: Show Money Flow: Toggle money flow display MFI Length: Money Flow Index period (default: 14) MFI Multiplier: Sensitivity adjustment (default: 1.5) Volume Settings: Show Volume Analysis: Toggle volume indicators Volume Spike Threshold: Multiplier for spike detection (default: 1.5) Fibonacci Settings: Show Fibonacci Levels: Toggle Fibonacci level display Fibonacci Lookback: Period for swing point calculation (default: 100) Cycle Settings: Cycle Period: Ehlers cycle detection period (default: 20) Cycle Smoothing: Cycle component smoothing (default: 3) How to Use This Indicator Step 1: Identify Wave Phase Check the dashboard for current wave phase (Impulse Up/Down, Corrective, Neutral) and Elliott Wave count. Step 2: Locate Fibonacci Zones Look for price approaching key Fibonacci levels, especially the Golden Pocket zone (61.8%-78.6%). Step 3: Check WaveTrend Position Identify if WaveTrend is in extreme zones and watch for crossovers in oversold/overbought areas. Step 4: Analyze Money Flow Confirm institutional positioning through Money Flow Index - positive for bullish setups, negative for bearish. Step 5: Verify Volume Confirmation Ensure volume supports the move - look for volume spikes in the direction of the expected reversal. Step 6: Review Confluence Score Check the dashboard confluence score. Scores above 80 indicate high-probability setups. Step 7: Wait for Perfect Harmonic Signals The highest probability trades occur when "PERFECT" signals appear, indicating all factors are aligned. Best Practices Use on 15-minute to 4-hour timeframes for optimal harmonic detection Focus on Golden Pocket zone entries - this is where most harmonic reversals occur Wait for WaveTrend crossovers in extreme zones for best risk:reward Confirm with money flow direction - institutional flow should support the trade direction Volume spikes add significant confirmation to harmonic setups Perfect Harmonic signals are rare but offer exceptional probability Wave 5 completions often coincide with major reversal opportunities Use confluence scores above 80 as primary filter for trade selection Indicator Limitations Harmonic patterns can extend beyond expected Fibonacci levels Perfect Harmonic signals are rare - patience is required for best setups Wave counting is simplified and may not match complex Elliott Wave analysis Fibonacci levels are dynamic and may adjust as new swing points form Money flow can remain extreme longer than expected during strong trends Volume confirmation may be less reliable in low-liquidity markets Confluence scoring is mathematical, not predictive of future performance Requires understanding of harmonic analysis principles for effective use Technical Implementation Built with Pine Script v6 using: Advanced detrended price oscillation with Ehlers cycle detection Dynamic Fibonacci calculation based on swing point analysis LazyBear WaveTrend algorithm implementation Real-time Money Flow Index with institutional bias detection Volume analysis with spike detection and directional confirmation Simplified Elliott Wave counting with phase detection Multi-factor confluence scoring system with component weighting Anti-overlap signal filtering to prevent signal clustering The code is fully open-source and can be modified to suit individual trading styles and preferences. Originality Statement This indicator is original in its harmonic integration approach. While individual components (DPO, Fibonacci, WaveTrend, MFI, volume analysis, Elliott Wave) are established concepts, this integration is justified because: It synthesizes six distinct methodologies that address different aspects of market harmony The harmonic wave engine combines detrended oscillation with cycle detection for superior rhythm analysis Dynamic Fibonacci levels adjust to current wave structure rather than using static retracements Golden Pocket zone identification provides mathematical precision for reversal timing Multi-factor confluence scoring quantifies setup quality across all components Perfect Harmonic detection identifies rare, high-probability reversal opportunities Each component contributes unique harmonic information: wave analysis reveals natural cycles, Fibonacci provides mathematical levels, WaveTrend shows momentum extremes, money flow indicates institutional positioning, volume confirms genuine moves, and Elliott Wave provides structural context. The integration's value lies in identifying moments when all these harmonic factors align simultaneously. Disclaimer This indicator is provided for educational and informational purposes only. It is not financial advice or a recommendation to buy or sell any financial instrument. Trading involves substantial risk of loss and is not suitable for all investors. Harmonic analysis and Fibonacci levels are mathematical concepts that do not guarantee future price movement. Past performance and backtested results do not guarantee future results. Market conditions change, and harmonic patterns that worked historically may not work in the future. Always use proper risk management, including stop losses and position sizing appropriate for your account size and risk tolerance. Never risk more than you can afford to lose. Consider consulting with a qualified financial advisor before making investment decisions. The author is not responsible for any losses incurred from using this indicator. Users assume full responsibility for all trading decisions made using this tool. -Made with passion by officialjackofalltrades
Pine Script® indicator
by officialjackofalltrades
2
Elliott Wave (Experimental) [UAlgo]Elliott Wave (Experimental) is an automated swing based Elliott Wave scanner that attempts to classify recent market structure into common motive and corrective wave patterns. The script first converts price into a cleaned swing sequence using pivot confirmation and a minimum swing percentage filter. It then runs a two pass detection process that prioritizes five wave patterns first and fills remaining gaps with three wave corrective structures. Each detected pattern is validated with a rule engine, assigned a confidence score using Fibonacci ratio proximity, and rendered on the chart with wave labels, wave lines, optional channels, and optional Fibonacci projection targets. This indicator is labeled experimental by design. Elliott Wave interpretation is inherently probabilistic and can vary between analysts, so the script focuses on transparent, rule driven validation and a confidence model that helps you judge the quality of each detected structure. Instead of presenting a single rigid count, it can render multiple detected patterns in the swing history and then highlights the latest one in a dashboard with direction, confidence, rule pass ratio, and a next target estimate. 🔹 Features 1) Swing Engine with Pivot Confirmation and Minimum Move Filter The foundation of the scanner is a zigzag style swing engine. Swings are built from pivot highs and pivot lows confirmed by a configurable lookback. A Min Swing percent filter ensures that only meaningful moves are added as new swings. When consecutive pivots of the same type appear, the engine keeps only the better extreme, which helps reduce noise. This creates a stable swing sequence that becomes the input for all wave pattern validators. 2) Multiple Pattern Families Supported The scanner supports a wide set of Elliott structures, each enabled or disabled by inputs: Impulse 1 2 3 4 5 Diagonal leading or ending with contracting or expanding classification Zigzag ABC with a 5 3 5 style model Flat ABC with regular expanded and running classification Triangle ABCDE with contracting or expanding detection Combination WXY for double three style sequences Because patterns can overlap, the script uses a two pass orchestration that gives five wave structures priority, then looks for three wave structures in unused swing segments. 3) Rule Engine with Transparent Results Each validator returns a WavePattern object that contains: Wave list with labeled segments A pattern type tag Direction bullish or bearish Validation state Confidence score Detailed rule results with pass and fail status and descriptive text Rules implement common academic guidelines, such as Wave 2 not exceeding Wave 1 origin, Wave 3 not being the shortest, diagonal overlap behavior, and triangle containment conditions. A relaxed overlap option can be enabled to allow minor Wave 4 overlap into Wave 1 territory when analyzing leveraged or futures markets where strict cash market rules may be less reliable. 4) Fibonacci Based Confidence Scoring When a pattern passes its core rules, it receives a confidence score based on how close key measured ratios are to common Fibonacci ideals. The score is designed to reward clean proportionality and alternation behavior, while penalizing overlap or weak impulse characteristics. Confidence is shown in the dashboard and is also mapped to a color for fast interpretation. 5) Rich Chart Rendering with Optional Components Detected patterns can render several layers of visuals: Wave lines connecting swing points Wave labels placed above highs and below lows Optional wave channel for motive patterns Optional Fibonacci projection levels with labels A developing dashed leg from the last confirmed swing to the current bar to indicate the incomplete swing path A dotted background zigzag to show the underlying swing structure that drives detection All drawings are rebuilt on the last bar to keep the chart clean and ensure only the current best set of objects remains visible. 6) Fibonacci Projection Engine for Next Targets The script generates forward projection levels based on pattern type: After an impulse, it projects common correction retracement levels of the full impulse After ABC patterns, it projects trend resumption extensions based on Wave A length After triangles, it projects post triangle thrust targets The first projection is used as the next target value in the dashboard. 7) Dashboard Summary for the Latest Pattern A compact dashboard shows the latest detected pattern with: Pattern name Direction Confidence percent Active wave label Rules passed count over total rules Next target from the projection list Patterns found count and total swings count This dashboard is designed to provide a quick situational read without requiring you to inspect every label and line manually. 🔹 Calculations 1) Swing Detection and State Management Swings are detected using pivot highs and lows with symmetric confirmation: float ph = ta.pivothigh(high, i_pLen, i_pLen) float pl = ta.pivotlow(low, i_pLen, i_pLen) When a pivot is found, a WavePoint is constructed at the pivot bar index and time, then passed into the swing engine. The engine enforces alternation and minimum percent change: If the new pivot is the same type as the last swing, the more extreme point replaces it If the pivot is the opposite type, it is only accepted if percent change exceeds Min Swing percent This percent change filter is computed as: absolute difference between swing prices divided by last swing price times 100 The swing list is capped to a maximum size to limit memory and improve stability. 2) Two Pass Pattern Orchestration with Segment Claiming The scanner evaluates swing sequences and constructs patterns in two passes: Pass 1 scans for five wave patterns such as impulse diagonal and triangle. If a valid pattern is found, its swing segment is marked as used so later scans do not overlap it. Pass 2 scans the remaining unused segments for three wave patterns such as zigzag flat and combination. This approach reduces overlapping detections and prioritizes larger motive structures. 3) Impulse Validation Rules and Measurements Impulse detection uses six swing points p0 through p5, producing five waves. It validates: Wave 2 does not retrace beyond Wave 1 origin Wave 3 is not the shortest among Waves 1 3 5 Wave 4 does not overlap Wave 1 territory unless relaxed mode is enabled Wave 3 exceeds the end of Wave 1 Wave 5 generally progresses beyond Wave 3 with tolerance for truncation strength Wave 3 shows impulse like momentum using a slope proxy based on wave length divided by bar length Wave ratios are then computed for confidence scoring: Wave 2 retracement relative to Wave 1 Wave 3 extension relative to Wave 1 Wave 4 retracement relative to Wave 3 Wave 5 extension relative to Wave 3 Wave 5 equality relative to Wave 1 Fibonacci closeness is computed by measuring distance to a list of ideal ratios and converting it into a percent score. 4) Diagonal Validation and Contracting Expanding Classification Diagonal validation also uses six points. It enforces overlap between Wave 4 and Wave 1 as a defining feature, plus containment rules and the requirement that Wave 5 exceeds Wave 3. It then classifies: Contracting diagonal when wave lengths shrink in a structured way Expanding diagonal when wave lengths grow in a structured way A confidence score is computed using retracement ratios and a momentum decrease check for contracting diagonals. 5) Corrective Pattern Validators Zigzag ABC validator checks: Wave B does not exceed Wave A origin Wave A has a stronger slope than Wave B as an impulse proxy Wave C ends beyond Wave A Wave B retracement remains within a tolerance range Flat ABC validator checks: Wave B retraces at least 90 percent of Wave A Classifies regular expanded or running based on whether B exceeds the origin and whether C exceeds A Requires C to reach or exceed A for regular and expanded cases Triangle ABCDE validator checks: Contracting triangle containment of C within A D within B and E within C plus shrinking wave sizes Expanding triangle growth conditions Corrective character proxy based on overlap Combination WXY validator checks: X does not exceed W origin W is not triangle like using a size relationship proxy W and Y proportionality and sideways character checks X retracement within corrective bounds Each validator returns rule results and a confidence score when valid. 6) Fibonacci Projection Logic After detection, the script adds projections to the latest pattern: For impulse patterns, it projects correction retracement levels of the full impulse: 38.2 percent, 50 percent, 61.8 percent For ABC patterns, it projects 100 percent and 161.8 percent extensions based on Wave A length For triangles, it projects thrust targets based on Wave A length Projection prices are computed by adding or subtracting a multiple of a reference wave length from the last wave end price, depending on detected direction. 7) Rendering and Object Management On the last bar, the script deletes previous drawing objects and renders the current scan results. Rendering includes: Wave lines with motive waves in bullish or bearish color and corrective waves in corrective color Wave labels placed above highs and below lows Optional wave channel using the wave 2 to wave 4 line and a parallel through wave 3 Fibonacci projection lines and labels extending forward A developing dashed leg from last confirmed swing to current price proxy A dotted zigzag reference connecting all swings This ensures the chart remains responsive and avoids accumulating outdated drawings.
Pine Script® indicator
by UAlgo
3
Elliott Wave Predictor & Dynamic Target Matrix (1 Year Map)Elliott Wave Predictor & Dynamic Target Matrix This indicator takes the guesswork out of complex technical analysis by algorithmically detecting Elliott Wave structures in real-time and continuously projecting the most probable future sequence directly onto your chart. Building upon classical Elliott Wave theory, this tool doesn’t just show you where price has been; it explicitly maps out exactly where price is going. Utilizing smart structural pivot detection, rigorous Fibonacci ratio validation, and a dynamic chronological target matrix, traders can effortlessly visualize unfolding impulsive and corrective cycles before they happen. Core Features: Algorithmic Structural Detection: The engine automatically filters out minor price noise to detect the primary 5-wave impulsive pivot sequence anchoring current market movements, eliminating the need for manual and subjective chart drawing. Predictive Future Sequencing: Instead of merely labeling past waves, the indicator continuously draws forward-looking dashed projection lines into the future, dynamically predicting the entire 9-step Elliott Wave cycle (Impulse 1-5 + Corrective A-B-C-X-Y). Dynamic Chronological Target Matrix: A sleek, user-friendly table mounts directly to your chart, acting as a live forecasting queue. It chronologically outputs the exact price targets, Fibonacci extensions/retracements, and required percentage moves for the immediate next 9 steps of the active cycle. Alternate Scenario Tracking (Bull/Bear Flipping): Toggling the "Alternate Scenario" feature instantly mounts a secondary, fully independent target matrix to your chart and projects the inverted wave structure simultaneously. Never get caught off-guard; always have the mathematical targets for both the primary and alternate market directions mapped out simultaneously. EW Confidence Scoring System: Displays a built-in confidence score evaluating how tightly the detected pivot structure adheres to strict Elliott Wave rules (e.g., assessing if Wave 3 is the shortest, or if Wave 4 overlaps Wave 1), giving you a clear probabilistic health-check on the current wave count. Smart Auto-Adaptation: The forecasting lines originate seamlessly from the absolute tip of the current live candle, constantly updating percentage metrics relative to the real-time exact price. Customization Options: Designed to maintain completely clean and uncluttered charts: Granular control over Wave visibility, allowing you to hide historical structures and focus solely on future predictions. "ZigZag Depth" adjustments allow you to easily fine-tune the indicator's sensitivity to macro or micro trends depending on your timeframe. Fully adjustable aesthetic settings for all text labels, table sizes, and projection line colors. Whether you are long-term investing using daily charts or day-trading intraday volatility, the Elliott Wave Predictor is designed to keep you mathematically tethered to the smartest probabilistic outcome of the next market cycle!
Pine Script® indicator
by TheTankTrades
6
Elliott Wave [BigBeluga]🔵 OVERVIEW Elliott Wave automatically finds and draws an Elliott-style 5-wave impulse and a dashed projection for a potential -(a)→(b)→(c) correction. It detects six sequential reversal points from rolling highs/lows — 1, 2, 3, 4, 5, (a) — validates their relative placement, and then renders the wave with labels and horizontal reference lines. If price invalidates the structure by closing back through the Wave-5 level inside a 100-bar window, the pattern is cleared (optionally kept as “broken”) while key dotted levels remain for context. 🔵 CONCEPTS Reversal harvesting from extremes : The script scans highest/lowest values over a user-set Length and stores swing points with their bar indices. Six-point validation : A pattern requires six pivots (1…5 and (a)). Their vertical/temporal order must satisfy Elliott-style constraints before drawing. Impulse + projection : After confirming 1→5, the tool plots a curved polyline through the pivots and a dashed forward path from (a) toward (b) (midpoint of 5 and (a)) and back to (c). Risk line (invalidator) : The Wave-5 price is tracked; a close back through it within 100 bars marks the structure as broken. Minimal persistence : When broken, the wave drawing is removed to avoid noise, while dotted horizontals for waves 5 and 4 remain as reference. 🔵 FEATURES Automatic pivot collection from rolling highs/lows (user-controlled Length ). Wave labeling : Points 1–5 are printed; the last collected swing is marked b . Projected i & i are shown with a dashed polyline. Breaker line & cleanup : If price closes above Wave-5 (opposite for bears) within 100 bars, the pattern is removed; only dotted levels of 5 and 4 stay. Styling controls : Length (pivot sensitivity) Text Size for labels (tiny/small/normal/large) Wave color input Show Broken toggle to keep invalidated patterns visible Lightweight memory : Keeps a compact buffer of recent pivots/draws to stay responsive. 🔵 HOW TO USE Set sensitivity : Increase Length on noisy charts for cleaner pivots; decrease to catch earlier/shorter structures. Wait for confirmation : Once 1→5 is printed and (a) appears, use the Wave-5 line as your invalidation. A close back through it within ~100 bars removes the active wave (unless Show Broken is on). Plan with the dashed path : The (a)→(b)→(c) projection offers a scenario for potential corrective movement and risk placement. Work MTF : Identify cleaner waves on higher TFs; refine execution on lower TFs near the breaker or during the move toward (b). Seek confluence : Align with structure (S/R), volume/Delta, or your trend filter to avoid counter-context trades. 🔵 CONCLUSION Elliott Wave systematizes discretionary wave analysis: it detects and labels the 5-wave impulse, projects a plausible (a)-(b)-(c) path, and self-cleans on invalidation. With clear labels, dotted reference levels, and a practical breaker rule, it gives traders an objective framework for scenario planning, invalidation, and timing.
Pine Script® indicator
by BigBeluga
15
Golden Pocket Syndicate [GPS]Golden Pocket Syndicate is a multi-layered market analysis toolkit built for precision entries and sniper-style reversals in both trending and ranging conditions. The script fuses volume dynamics, golden pocket structures, market maker behavior, and liquidation cluster tracking into one high-confluence system. Core Features: • 📐 Golden Pocket Zones: Dynamic GP levels from daily, weekly, monthly, and yearly timeframes. These levels update in real-time and serve as confluence zones for entries and exits. • 📊 WaveTrend Divergence Diamonds: Momentum shifts are detected using a custom filtered WaveTrend cross system to mark high-probability reversal conditions. • 🧠 Market Maker Premium Divergence: Tracks price dislocation between CME and Binance to detect large player manipulation using a configurable premium threshold. • 💎 MM Reversal Diamonds: Identifies potential market maker traps and large player pivots using historical candle behavior, EMA alignment, and price structure breaks. • 📉 Stealth Liquidation Cluster Arrows: Volume-based liquidation pressure visualized as lightweight directional arrows based on calculated wick expansion and volume bursts. Highlights key zones where price is likely to bounce or reject. • 🧭 Trend Validation: Uses volume-based trend conditions and short-term EMA positioning to further qualify signals and eliminate noise. How to Use: This indicator is designed to help traders visualize confluence between key institutional price levels, momentum shifts, and volume-based pressure points. Long/short opportunities can be explored at marked reversal diamonds or liquidation zones that align with key GP levels. Intended for use on higher timeframes (15m to 4H), though flexible across any pair or market.
Pine Script® indicator
by RickyTSpanish
2
Motive Wave Scanner [Trendoscope®]Motive Wave Scanner is a simple algorithm to find out motive waves as per the rules of Elliott Wave theory. It is an extension to our previous open source script Interactive Motive Wave Checklist which provides interactive capability to select six points of a five wave formation. Once users select them, the rules of motive waves are applied to manually selected points to highlight them as either diagonal wave, motive wave or none. This indicator does the same. But, instead of requesting the pivots manually from the user, the indicator automatically picks and scans them through zigzag. We have already published a similar script as protected source. But, due to some changes in the pine engine, there have been few issues in the runtime. In this publication, we not only address those runtime issues but also making it open source for the users to make use of the source code and enhance it further. 🎲 What are motive waves Motive waves are strong upward or downward movement with 5 subwaves. Motive Wave in the upward direction will start with Swing High, Ends with Swing High and consists of 3 Higher Highs and 2 Higher Lows representing strong upward trend. Motive Wave in the downward direction will start with Swing Low, Ends with Swing low and consists of 3 Lower Lows and 2 Lower Highs representing strong downward trend. 🎲 Types of Motive Waves Motive Waves are broadly classified by two types: Impulse Waves Diagonal Waves Diagonal Waves are further classified into Contracting and Expanding Diagonals. These can fall into the category of either leading diagonal and ending diagonal. 🎲 Rules of Motive Waves 🎯 Generic Rule of any motive waves are as follows Should consist of 5 alternating waves. (Swing High followed by Swing low and vice versa) This can start from Swing High and end in Swing High or start from Swing Low and end in Swing Low of a zigzag. Wave-2 should not move beyond Wave-1. This means, the Wave-2 is always shorter than Wave-1 with respect to distance between the price of start and end. Wave-3 always moves beyond Wave-1. This means, the Wave-3 is always longer than Wave-2 in terms of price Among Wave-1, Wave-3, and Wave-5, Wave-3 is never the shortest one. This means, either Wave-1 or Wave-5 can be longer than Wave-3 but not both. Wave-3 can also be longest among the three. Here is the pictorial representation of the rules of the Motive Waves For a wave to be considered as motive wave, it also needs to follow the rules of either impulse or diagonal waves. 🎯 Rules for a 5 wave pattern to be considered as Impulse Wave are: Wave-4 never overlaps with Wave-1 price range Wave-1, Wave-3 and Wave-5 should not be either expanding or contracting. Meaning, we cannot have Wave-1 > Wave-3 > Wave-5 , and we cannot have Wave-1 < Wave-3 < Wave-5 Pictorial representation of the impulse wave rules are as below: 🎯 Rules for the Diagonal Waves are as follows Contrary to the first rule of impulse wave, in case of diagonal wave, Wave-4 always overlaps with Wave-1 price range. But, it will not go beyond Wave-3 Waves are progressively expanding or contracting - Wave1 > Wave3 > Wave5 and Wave2 > Wave4 to be contracting diagonal. Wave1 < Wave3 < Wave5 and Wave2 < Wave4 to be expanding diagonal wave. Pictorial representation of the Contracting Diagonal Wave is as below. Here, the Wave-1, Wave-3 and Wave-5 are in contracting formation. Pictorial representation of the Expanding Diagonal Wave is as below. Here, the Wave-1, Wave-3 and Wave-5 are in expanding formation. 🎲 Indicator Settings Indicator settings are defined as below: Repaint Warning : If Repaint is selected, the indicator will throw a runtime error after certain bars or when alerts are set. This is due to some pine internal issue. At present, we do not have any solution for this until the internal issue is resolved by Tradingview Pine Team.
Pine Script® indicator
by Trendoscope
7
Bull Bear Trend IndicatorIntroduction: Origin of the Swing Point Indicator In the quest for a reliable indicator that accurately predicts trend directions and identifies valid highs and lows, the genesis of the Swing Point Indicator emerged. Faced with the challenge of finding a tool that provided comprehensive market analysis and actionable insights, the need for a novel solution became evident. Combining insights gleaned from market analysis and innovative algorithmic approaches, the Swing Point Indicator was born. Enhanced Feature: Highs and Lows Labeling in Trend Direction In addition to its core functionalities, the Swing Point Indicator incorporates an advanced feature that enhances the visualization of trend direction. This feature provides further clarity by selectively labeling highs and lows based on the prevailing trend, reinforcing the identification of higher highs and lower lows in uptrends and downtrends, respectively. Overlapping labels on highs and lows signify a potential trend change, providing traders with valuable insight into market reversals. Detailed Description: 1. Uptrend Labeling: - Higher Highs (Green Label with Price): In an uptrend, where higher highs are observed, the indicator labels these points with vibrant green color and includes the corresponding price value. This visually highlights the significance of higher highs as pivotal points in the upward trajectory of prices. - Higher Lows (Red Marker without Text or Diamond): To complement the identification of higher highs, higher lows are marked with a distinct red marker or diamond, devoid of any accompanying text. While these points are crucial in delineating the ascending trend, their emphasis lies in their role as support levels, providing a foundation for upward price movements. 2. Downtrend Labeling: - Lower Lows (Red Label with Price): Conversely, in a downtrend characterized by lower lows, the indicator labels these points with conspicuous red color, accompanied by the corresponding price value. Lower lows signify critical levels of downward price momentum, acting as indicators of potential bearish continuation. - Lower Highs (Green Marker without Text or Diamond): Lower highs, indicative of downward retracements in a downtrend, are marked by distinctive green markers or diamonds without accompanying text. While these points denote temporary pauses or pullbacks in the bearish trend, their emphasis lies in their role as resistance levels, impeding upward price movements. Functionality and Utility: - Customizable Lookback Candle Count: Traders have the option to adjust the lookback candle count, which is set by default at 108 candles in the settings. This flexibility allows traders to tailor the indicator to their specific trading preferences and timeframes. - Equal Highs or Lows Option: When enabled, the Swing Point Indicator can identify equal highs or equal lows, providing traders with additional insight into market dynamics. - Formation Confirmation: A new higher high along with its higher low or a new lower low along with its lower high is confirmed after two candles have closed following the swing point candle. This ensures the reliability of the identified trend direction. Conclusion: The incorporation of selective labeling for highs and lows based on trend direction, alongside the introduction of customizable settings and formation confirmation criteria, enhances the effectiveness of the Swing Point Indicator. This feature-rich tool empowers traders with a nuanced understanding of market dynamics, highlighting critical price levels and trend reversals. By offering enhanced visualization, customizable options, and confirmation criteria, the Swing Point Indicator equips traders with the confidence and precision needed to navigate the markets successfully, contributing to more informed and profitable trading strategies.
Pine Script® indicator
by shubhambitw02
2
Elliott's Quadratic Momentum - Strategy [presentTrading]█ Introduction and How It Is Different The "Elliott's Quadratic Momentum - Strategy" is a unique and innovative approach in the realm of technical trading. This strategy is a fusion of multiple SuperTrend indicators combined with an Elliott Wave-like pattern analysis, offering a comprehensive and dynamic trading tool. It stands apart from conventional strategies by incorporating multiple layers of trend analysis, thereby providing a more robust and nuanced view of market movements. *Although the script doesn't explicitly analyze Elliott Wave patterns, it employs a wave-like approach by considering multiple SuperTrend indicators. Elliott Wave theory is based on the premise that markets move in predictable wave patterns. While this script doesn't identify specific Elliott Wave structures like impulsive and corrective waves, the sequential checking of trend conditions across multiple SuperTrend indicators mimics a wave-like progression. BTC 8hr Long/Short Performance Local Detail █ Strategy, How It Works: Detailed Explanation The core of this strategy lies in its multi-tiered approach: 1. Multiple SuperTrend Indicators: The strategy employs four different SuperTrend indicators, each with unique ATR lengths and multipliers. These indicators offer various perspectives on market trends, ranging from short to long-term views. By analyzing the convergence of these indicators, the strategy can pinpoint robust entry signals for both long and short positions. 2. Elliott Wave-like Pattern Recognition: While not directly applying Elliott Wave theory, the strategy takes inspiration from its pattern recognition approach. It looks for alignments in market movements that resemble the characteristic waves of Elliott's theory. This pattern recognition aids in confirming the signals provided by the SuperTrend indicators, adding an extra layer of validation to the trading signals. 3. Comprehensive Market Analysis: By combining multiple indicators and pattern analysis, the strategy offers a holistic view of the market. This allows for capturing potential trend reversals and significant market moves early. █ Trade Direction The strategy is designed with flexibility in mind, allowing traders to select their preferred trading direction – Long, Short, or Both. This adaptability is key for traders looking to tailor their approach to different market conditions or personal trading styles. The strategy automatically adjusts its logic based on the chosen direction, ensuring that traders are always aligned with their strategic objectives. █ Usage To utilize the "Elliott's Quadratic Momentum - Strategy" effectively: Traders should first determine their trading direction and adjust the SuperTrend settings according to their market analysis and risk appetite. The strategy is versatile and can be applied across various time frames and asset classes, making it suitable for a wide range of trading scenarios. It's particularly effective in trending markets, where the alignment of multiple SuperTrend indicators can provide strong trade signals. █ Default Settings Trading Direction: Configurable (Long, Short, Both) SuperTrend Settings: SuperTrend 1: ATR Length 7, Multiplier 4.0 SuperTrend 2: ATR Length 14, Multiplier 3.618 SuperTrend 3: ATR Length 21, Multiplier 3.5 SuperTrend 4: ATR Length 28, Multiplier 3.382 Additional Settings: Gradient effect for trend visualization, customizable color schemes for upward and downward trends.
Pine Script® strategy
by PresentTrading
5
SeongMo_MA_V3(Elliot_helper)Made to make it easier to count Elliott waves. If you renew your new high price, you'll continue your new high price When the new low is renewed, the new low is continued. If you are within the range of the previous candle, use the ratio of the difference between the median value of the previous candle and the closing price of the current candle to determine whether to continue the high or low price. If a can with a tail that updates a new high price and a new low price at the same time comes out, the phrase "Check_candle!" appears to mean that you should check it with a lower time zone candle.
Pine Script® strategy
by suc1098
2
CDC Fibonacci Retracement and ExtensionThis indicator is meant to be used as a tool to quickly identify fibonacci retracements and projections in multiple charts during the same date range. Users can set the calculation date range and quickly flip through different charts for comparisons Steps for using this indicator is as follows: 1. Specify Start Date and End Date for calculations 2. Choose Open-ended mode for just retracements, this will disregard end date in calculations. 3. Select price source, if Use Highs/Lows is selected, the indicator will use high and low prices for calculation, if not, closing price eill be used instead 4. Select and/or modify retracement / projection lines as you see fit. 5. Enjoy the result!
Pine Script® indicator
by piriya33
2
Elliot wave : Wave 3 finder This indicator built for find wave 3 of elliot wave and It also calculate risk reward ratio, minimum target for wave 3 extention and stop loss. ------------ How to use ------------- 1. Add this indicator on your chart. 2. If you asset are follow Condition*, buy label with risk reward ratio, Target price and Stop loss will pop up. *Condition -50% rebound from the end of wave 2. -Indicator can detect wave 0, 1 and 2. If you find any problem please leave comment.
Pine Script® indicator
by Qantar
32
3rd WaveHello All, In Elliott Wave Theory, 3rd wave is not the shortest one in the waves 1/3/5 and it's usually longest one. so if we can catch it then we may get good opportunities to trade. This script finds 3rd wave experimentally. it can be also the 3rd waves in the waves 1, 3, 5, A and C. the 3rd wave should have greater volume than other waves, the script can check its volume and compare with the volumes of the waves 1 and 2 optionally. Pine Team released Pine version 5! This script was developed in v5 and it uses Library feature of Pine v5 for the zigzag functions. This script is also an example for the Pine developers who learn Pine v5 and Libraries. Options: Zigzag Period: is the length that is used to calculate highest/lowest and the zigzag waves Min/Max Retracements: is the retracement rates to check the wave 2 according to wave 1. for example; if min/max values are 0.500-0.618 then wave 2 must be minimum 0.500 of wave 1 and maximum 0.618 of wave 1. Check Volume Support: is an option to compare the volumes of1. 2. and . waves. if you enable this option then the script checks their volume and 3rd wave volume must be greater then 1 and 2 there are 4 options for the targets. you can enable/disable and change their levels. targets are calculated using length of wave 1. Options to show breakout zone, zigzag, wave 1 and 2. and some options for the colors. The Library that is used in this script: P.S. This is an experimental work and can be improved. So do not hesitate to drop your comments under the script ;) Enjoy!
Pine Script® indicator
by LonesomeTheBlue
105
Elliot Wave - ImpulseLets dabble a bit into Elliot Waves. This is a simple script which tries to identify Wave 1 and 2 of Elliot Impulese Wave and then projects for Wave 3. Ratios are taken from below link: elliottwave-forecast.com - Section 3.1 Impulse Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 - used for identifying the pattern. Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 - used for setting the targets Important input parameters Length : Zigzag Length. Keep the numbers low if you are looking for smaller and shorter trades. Keep the numbers high if you are looking for longer and bigger trades. Error Percent : Adjustments for ratios as it is not always possible to find exactly equal retracement ratio. Entry Percent : Once Wave 2 is formed, entry is set after reversing 30% of wave 2. This number can be increased or decreased. Caution: Keeping the number too low may result in false signals. Ignore Trend Direction : If unchecked, it will only look for pattern if Wave 1 has made a higher high. If not, it will ignore Wave 1 condition and only look at wave 1 to 2 ratio. Handle Duplicates : Since, the labels are generated upon crossover of entry price, this crossover may happen multiple times. Or sometimes wave 2 can further extend and generate new signal with same wave 1. This parameter says how to handle such cases. Keep Last is set to default and is most preferred option. ShowRatios and ShowWaves lets you display wave line and retracement ratios for each pivots
Pine Script® indicator
by Trendoscope
71
EWO Breaking Bands & XTLElliott Wave Principle, developed by Ralph Nelson Elliott , proposes that the seemingly chaotic behaviour of the different financial markets isn’t actually chaotic. In fact the markets moves in predictable, repetitive cycles or waves and can be measured and forecast using Fibonacci numbers. These waves are a result of influence on investors from outside sources primarily the current psychology of the masses at that given time. Elliott wave predicts that the prices of the a traded currency pair will evolve in waves: five impulsive waves and three corrective waves. Impulsive waves give the main direction of the market expansion and the corrective waves are in the opposite direction (corrective wave occurrences and combination corrective wave occurrences are much higher comparing to impulsive waves) The Elliott Wave Oscillator ( EWO ) helps identifying where you are in the 5 / 3 Elliott Waves , mainly the highest/lowest values of the oscillator might indicate a potential bullish / bearish Wave 3. Mathematically expressed, EWO is the difference between a 5 period and 35 period moving average. In this study instead 35-period, Fibonacci number 34 is implemented for the slow moving average and formula becomes ewo = sma (HL2, 5) - sma (HL2, 34) The Elliott Wave Oscillator enables traders to track Elliott Wave counts and divergences. It allows traders to observe when an existing wave ends and when a new one begins. Included with the EWO are the breakout bands that help identify strong impulses. The Expert Trend Locator ( XTL ) was developed by Tom Joseph (in his book Applying Technical Analysis) to identify major trends, similar to Elliott Wave 3 type swings. Blue bars are bullish and indicate a potential upwards impulse. Red bars are bearish and indicate a potential downwards impulse. White bars indicate no trend is detected at the moment. Added "TSI Arrows". The arrows is intended to help the viewer identify potential turning points. The presence of arrows indicates that the TSI indicator is either "curling" up under the signal line, or "curling" down over the signal line. This can help to anticipate reversals, or moves in favor of trend direction.
Pine Script® indicator
by OskarGallard
44
Elliott Wave AnalysisInitially, Elliott wave analysis is designed to simplify and increase the objectivity of graph analysis using the Elliott method. Probably, this indicator can be successfully used in trading without knowing the Elliott method. The indicator is based on a supertrend. Supertrends are built in accordance with the Fibonacci grid. The degree of waves in the indicator settings corresponds to a 1-hour timeframe - this is the main mode of working with the indicator. I also recommend using weekly (for evaluating large movements) and 1-minute timeframes. When using other timeframes, the baseline of the indicator will correspond to: 1 min-Submicro 5 minutes-Micro 15 minutes-Subminuette 1 hour-Minuette 4 hours-Minute Day-Minor Week-Intermediate Month-Primary Those who are well versed in the Elliott method can see that the waves fall on the indicator almost perfectly. To demonstrate this, I put the markup on the graph
Pine Script® indicator
by AHgpeu
39