EWO Breaking Bands & XTL

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.
Now you can change the source type for the EWO and the TSI.
The XTL can be customized since the type of source and the type of moving average can be modified, by default the CCI is calculated by ALMA (HLC3, 35) instead of the SMA(Close, 35). Added to this version an option to use Traditional CCI calculations according to user JustUncleL
Remember to try different settings to find the right one for each instrument.
Added Double Volume-Weighted Moving Average (DVWMA)
In TSI, the default CLOSE source was replaced by AVERAGE( vwap (H, L) )
Added Bar Colors to EWO and the option of gradient colors.
Added "HLCC4" source.
Added Alerts to XTL (Bearish or Bullish Trend). Alerts are Pre-Set to only Alert on Bar Close.
Added alternate moving average types:
- ADX Weighted Moving Average.
- Coefficient of Variation Weighted Moving Average.
- Fractal Adaptive Moving Average.
Added "MFI|RSI direction bias":
- Shows the different divergences.
- Show Background and Bar Colors to MFI or RSI.
- Show oversold or overbought Areas.
- Show Short and Long Signals.
- Alerts (Short or Long). Alerts are Pre-Set to only Alert on Bar Close.
Added long/short signals to Elliott Wave Oscillator according to dgtrd's formula
Small changes were made to the code.
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Penafian
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.