This script will attempt to find the location of the third wave in the Elliot Wave Theory. The bars will become highlighted when possible wave 3 criteria is met. Multiple bars in a row may have a painted background. The point at which the bars are no longer painted will potentially be at or near the end of wave 3.
The background paints a baby blue for wave 3s in an overall uptrend, and pink for downtrends.
リリースノート
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I have provide a user input to change how many bars are considered for painting extreme highs and lows. The default is 50 bars which means if the current bar is the highest high in the last 50 bars it will receive a painted background. Same applies for the low. Alter this setting to see the differences in sensitivity.
@AndreLTR, The labels are not part of the indicator. Those were my personal labelling at the time the indicator was created to show potential wave locations. I am working on another one to identify waves and apply labels.
kamatariguy
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Thanks for this tool. But I'm having trouble understanding how it works. Can I have a pe explanation on the detection of wave 3, I see vertical bands of different colors...
StockSignaler
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@kamatariguy, The bars will appear when the most extreme reading on my EW indicator has been met. These indications typically appear at a wave 2, 3, 4, and B. I originally designed it to detect wave 3 whether the overall impulse is moving up or down however Tradingview does not allow backwards looking indicators. This is why it also triggers the end of corrective waves (2, 4, B). The original indicator will look forward and backward n number of bars ( I generally use 60 bars). If the EW indicator reads the highest number over the course of the 121 bars it is observing then wave 3 is identified and the stock will likely begin trading down. If it is the lowest level over 121 bars then impulse wave 3 moving down has likely happened and the stock should begin trading upward. This is important to me as a build a full AI program that can look at any stock and plot out the full history of wave theory and then predict the future movements. Program is almost done and it has been quite accurate over the past year with a few exceptions. All analyses can be viewed in my profile. I hope this helps. Numbering of waves does not occur on Tradingview. The ones on the chart above are an example of where wave 3 signaled.
AndreLTR
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Hello,
I did install your nice plugin. However, it does not print the elliott wave label points in price history despite having a lower pane below it. I'd like to have the elliott wave price points labeled as in its shown figure. How come? I have another plugin installed called Stock RSI. Thanks for any help.
Regards,
Andre Luiz
StockSignaler
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@AndreLTR, Thank you for your interest Andre. Unfortunately the labels are not included. Those are my personal labels as I have identified them. They are separate from the indicator. The indicator gives you a general idea when we could be in a wave 3, I have plotted my best guess as where we are and use the indicator to assist in finding reversals and wave 3s. Hope this helps. I can work on one that plots the letters, but I have been working on that for many years and still cannot programmatically get the numbering right but I have not given up on it.
lukricky
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The default is 50 bars in terms of sensitivity which means the higher number is lower sensiitivity please ?
StockSignaler
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@lukricky, I typically use 60-90 bars. The higher the number, the lower the likelihood of seeing readings. This would likely have a lower sensitivity with a higher number. Each ticker symbol will vary, as far as the number that works best so I would recommend playing with the value to suit your needs. I originally built it to look 90 bars forward and backwards, but Pinescript does not allow this functionality at present.
How to show the labels on the price pane, please?
Thanks,
Andre Luiz