Elliott Wave Noise Filter

Elliott Wave Noise Filter
Overview
The Elliott Wave Noise Filter is a specialized indicator for TradingView, designed to solve one of the biggest challenges in Elliott Wave analysis on lower timeframes: the identification of market noise. By combining multiple advanced filtering techniques, this indicator helps distinguish meaningful price action from random fluctuations.

The Problem
On lower timeframes—especially below 15 minutes—Elliott Wave analysis is significantly impacted by excessive market noise. This noise can lead to misinterpretation of wave structures, making it difficult to execute reliable trading decisions.

The Solution
The Elliott Wave Noise Filter utilizes four powerful methods to detect and filter noise:

ATR-Based Volatility Analysis: Identifies price movements too small to be structurally meaningful
Volume Confirmation: Filters out price moves that occur with insufficient volume
Trend Strength Measurement (ADX): Detects periods of weak trend activity, where noise tends to dominate
Fractal Pattern Recognition: Marks significant turning points that could be relevant for Elliott Wave analysis
Features
Visual Indicators

Background Coloring: Red indicates noise; green signifies a clear signal
Hull Moving Average: Smooths price action and highlights the prevailing trend
Fractal Markers: Triangles mark significant highs and lows
Status Panel: Displays current noise status and ADX value
Customization Options

ATR Period: Adjust the lookback period for ATR calculations
Noise Threshold: Defines the percentage of ATR below which a movement is considered noise
Volume Filter: Can be enabled or disabled
Volume Threshold: Sets the ratio to average volume for a move to be deemed significant
Hull MA Display and Length: Configure the moving average settings
ADX Parameters: Adjust trend strength sensitivity
Use Cases
For Elliott Wave Analysis

Eliminate noise to identify cleaner wave structures
Use fractal markers as potential wave endpoints
Reference the Hull MA for determining the broader trend
For General Trading

Identify high-noise periods to avoid low-quality setups
Spot clearer market phases for better entries
Assess price action quality through visual cues
Multi-Timeframe Approach

Apply the indicator across different timeframes for a comprehensive view
Prefer trading when both higher and lower timeframes align with consistent signals
Optimal Settings
For Very Short Timeframes (1–5 minutes)

Higher Noise Threshold (0.4–0.5)
Longer ATR Period (20–30)
Higher Volume Threshold (1.0–1.2)
For Medium Timeframes (15–60 minutes)

Medium Noise Threshold (0.2–0.3)
Standard ATR Period (14)
Standard Volume Threshold (0.8)
For Higher Timeframes (4h and above)

Lower Noise Threshold (0.1–0.2)
Shorter ATR Period (10)
Lower Volume Threshold (0.6–0.7)
Conclusion
The Elliott Wave Noise Filter is an essential tool for any Elliott Wave analyst or trader working on lower timeframes. By reducing noise and emphasizing significant market movements, it enables more precise analysis and potentially more profitable trading decisions.

Note: As with any technical indicator, the Elliott Wave Noise Filter should be used as part of a broader trading strategy and not as a standalone signal for trade execution.