Aibuyzone Elliott Wave Suite

Overview

This study approximates Elliott-style wave structure using swing pivots. It labels primary waves (1–5), tracks subwaves (1–5) inside them, and plots future projection bands derived from the size of a recent primary leg. A small floating dashboard summarizes the current wave number, bias (bullish/bearish) based on the last leg, and a projection price range.

Note: This tool is educational. Wave detection is algorithmic and approximate; it does not identify textbook Elliott patterns or validate rule sets. Manage risk independently.

What it draws

Primary wave labels (1–5): Based on higher swing length pivots (major turns).

Subwave labels (1–5): Based on shorter swing length pivots (minor turns).

Zigzag connectors: Simple lines between the latest primary pivots for structure visualization.

Projection bands: Three dotted horizontal levels forward from the last primary pivot, using user-defined extension multipliers.

Floating dashboard:

Current Wave: Latest primary wave count (1–5).

Bias: “Bullish Leg” (last pivot was a low) or “Bearish Leg” (last pivot was a high), or “Unknown” if insufficient data.

Proj Range: Min–max of the three projection levels.

Key Inputs

Swing Structure

Primary Swing Length: Pivot left/right bars for major swings. Larger values = fewer, cleaner waves.

Subwave Swing Length: Pivot left/right bars for minor swings. Smaller values = more frequent subwave labels.

Max Saved Swing Points: Memory limit to prevent clutter.

Future Projections

Show Projection Levels: Toggle projection lines on/off.

Use Last Nth Leg For Size: Which recent primary leg to use for measuring projection distance (1 = most recent).

Extension 1 / 2 / 3: Multipliers applied to the measured leg (e.g., 1.0, 1.618, 2.0).

Style

Colors and text sizes for primary and subwave labels, and projection lines.

Dashboard

Show Dashboard: Toggle table on/off.

Dashboard Position: Top-Left / Top-Right / Bottom-Left / Bottom-Right.

How projections are computed

The script measures the price distance of a recent primary leg (from pivot A to pivot B).

If the last pivot is a low, projections extend upward; if the last pivot is a high, projections extend downward.

The three extension inputs (e.g., 1.0 / 1.618 / 2.0) are applied to that leg distance to create dotted forward levels.

The dashboard’s Proj Range displays the min–max of those three levels.

Using the study (suggested workflow)

Choose timeframe appropriate for your style (e.g., higher timeframes for cleaner structure; lower timeframes for detail).

Tune swing lengths:

Increase Primary Swing Length on noisy charts to stabilize wave counts.

Adjust Subwave Swing Length to reveal or simplify internal moves.

Read the dashboard:

Current Wave shows where the latest primary count sits (1–5).

Bias summarizes the direction of the last measured leg only; it is not a trend system.

Proj Range offers a coarse price band derived from your extensions.

Context check: Combine wave labeling with your own market context (trend, structure, volatility) before making decisions.

Risk management: Use your own stop/target methods. The projection lines are not signals.

Practical tips

Clutter control: If labels overlap on volatile symbols, try larger swing lengths or reduce label text sizes in Style.

Scaling: On very small tick sizes, increasing the internal label price offset can improve label readability.

Projection sensitivity: Changing Use Last Nth Leg can materially alter levels; confirm they match your intent.

Non-determinism across timeframes: Different timeframes and symbols will produce different pivot sequences and counts.

Limitations & important notes

Approximation: This does not enforce all Elliott rules (e.g., alternation, wave 4 overlap constraints, channeling). It only labels swings numerically.

Repainting of labels: Pivot-based waves confirm after enough bars have printed to the right of a high/low. Labels are placed when pivots confirm; they don’t predict pivots.

Not a signal generator: No entries/exits/alerts are included; add your own trade plan and risk controls.

Data sufficiency: Early bars or sparse data may show “Unknown” bias or “N/A” projections until adequate pivots exist.

Clean-chart publishing guidance (to stay compliant)

Use a chart that clearly shows this script’s outputs without unrelated indicators.

Keep the description educational. Avoid performance claims, guarantees, or language implying certainty.

Do not include links, promotions, prices, giveaways, contact details, or solicitations.

Disclose that labels and projections are algorithmic approximations and for educational use.

Risk disclosure

This script is for educational purposes only. It does not provide financial, investment, or trading advice and does not guarantee outcomes. Markets involve risk, including the potential loss of capital. Always do your own research and use independent judgment.