Elliott Wave Probability System Pro v2

28 Jul

🎯 Major Improvements Made to Elliott Wave Script
Key Changes:
1. Advanced Trend Detection (Lines 55-82)
Uses 5 different methods to determine trend over last 75 bars:

• Price position in range
  
• Linear regression slope
  
• Moving average alignment
  
• Higher highs/lows pattern
  
• Up vs down bar count
  

Combines all methods into a trendScore for accurate direction
2. Adaptive Target Direction

• New input: adaptiveTargets (line 28) - can toggle on/off
  
• When ON: Targets follow the 75-bar trend regardless of short-term indicators
  
• When OFF: Works like original (based on current momentum)
  

3. Improved Target Calculation

• Bullish targets use extensions from current price to recent high
  
• Bearish targets use retracements from current price to recent low
  
• More realistic price levels based on actual market structure
  

4. Enhanced Status Display

• Added "Trend (75 bars)" row showing BULLISH/BEARISH/NEUTRAL
  
• Helps you see why targets are pointing a certain direction
  

5. Better Probability Calculation

• Base probability adjusts with trend strength (70% if strong trend, 50% if not)
  
• Gradual probability decay with distance
  
• Minimum 15% probability (more realistic than 10%)
  

New Features:
Trend-Based Alerts

• Alerts when 75-bar trend changes from bullish to bearish (or vice versa)
  

Trend Weight in Scoring

• Added trendWeight to the total score calculation
  
• Makes signals more aligned with larger trend
  

Visual Improvements

• []Projection lines now show at 40% probability (was 50%)
  []Better visibility of likely targets
  

How It Works Now:

• If last 75 bars show a [color=red]downtrend[/color], targets will be bearish (even if RSI is oversold)
  
• If last 75 bars show an [color=green]uptrend[/color], targets will be bullish (even if RSI is overbought)
  
• The probability adjusts based on trend strength
  

This solves the issue where the script was showing bullish targets in a clear downtrend. Now it properly reflects the dominant trend direction while still considering short-term indicators for probability calculations.

28 Jul

Nota Keluaran

Updated to use Pinescript v6 and fine-tuned the cost projection table to consider the trend by analyzing the last 75 bars.