This script is made to identify Elliot Waves by setting a zigzag line as principal source, it identifies patterns with the most common rules, in the chart you will see a number in each wave detected, a wave could have the characteristics to be two different waves so it will be plotted the options that could be, To identify which one is most trustable I suggest to use the Fibonacci levels options as an additional note this is a free update to my existing script.
Features: + All waves ? (Option to show just the 5 Wave patterns recognition) + Draw zigzag line (Option to show the zigzag line) + Supports Multiple instruments, from FOREX to Stocks + It works on all the timeframes + Show Fib levels (Option to show the Fibonacci levels) + Fibonacci levels fit test (Green crosses mark were should a Bull wave be to fit with a Fibonacci Level While the purple crosses show were should the wave fit to be a bear trend, the more closer with the point of the wave the most trustable Example, a 5 Wave Bull could also be a 2 Bear Wave, if the green cross is closer to the orange point of the wave then is a 5 Wave Bull, if the purple cross is closer to the orange point) + A background color also show when a 5 pattern is identified + The way to plot the zigzag can be changed with 3 Input options
Characteristics to add in future updates (Please if you like it you can support me with coins): + Detect more than 1 cycle at the same time + Use a volume indicator to identify how many volume was traded in each wave + Implement the use of the EWO ( Elliot Wave Oscillator) + Improve the display + Identify ABC patterns + Add triangles and Zigzag formations
Nota Keluaran
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Hello People, I added figures in the chart (bear) and (bull)
Very kind from you, i will send you an update when im done with integrating my backtester
Oscar118
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@djmad, Thanks dude, I hope it to be easy to backtest, As it works same as SAR maybe you will find useful to change values as Start, Max and Increase in the Inputs and have combinations of this values for each particular Stock or Pair or even in differnt time intervals
sarguru60
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Indicator is fine. But it comes little late. Can u please make it little advance. Then the profit will be little more. I am looking for such an Indicator. Good work
CryptoManiac112
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Thanks for the great work you've done! Really appreciate it. But if you make it possible to indicate each cycle with a different color and wave counts above the current ones to make it readable as well as corrective ABC waves that would very perfect. To this point i'm really grateful to you!
Kath-5MIN
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Very good indicator, continue with the updates im sharing with all my friends traders on youtube
Shivamuktha
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Sir, any new updates in this indicator
earnSmartAlgorithm
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This wave detector is brilliant, using the Parabolic SAR as a proxy is ever a fantastic idea I ve ever seen. This is a masterpiece.
zschonn
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HI there, I must give you complements as you have done something looks like EW, otherwise most of EW indicators on TV are just copy paste of Lazybear script. Many thanks & wish you good luck
Walli123
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awesome, thanks
jgironesn
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How do you insert the bear and the bull drawing into the code? Thanks!