Initially, Elliott wave analysis is designed to simplify and increase the objectivity of graph analysis using the Elliott method. Probably, this indicator can be successfully used in trading without knowing the Elliott method. The indicator is based on a supertrend. Supertrends are built in accordance with the Fibonacci grid. The degree of waves in the indicator settings corresponds to a 1-hour timeframe - this is the main mode of working with the indicator. I also recommend using weekly (for evaluating large movements) and 1-minute timeframes. When using other timeframes, the baseline of the indicator will correspond to: 1 min-Submicro 5 minutes-Micro 15 minutes-Subminuette 1 hour-Minuette 4 hours-Minute Day-Minor Week-Intermediate Month-Primary
Those who are well versed in the Elliott method can see that the waves fall on the indicator almost perfectly. To demonstrate this, I put the markup on the graph
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Added 3 levels of trading signals. The entry is carried out on a correction, counting on the resumption of the trend. The color of the signal corresponds to this trend.
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Added a pair of Minuette signals. Added filters for all signals: rejected signals on too fast and too slow trend
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Filtering is now optional
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The filter has been changed. Now only signals that are very far from the old trend line are rejected
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All blue signals directed against the red trend have been removed
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-- The visualization of signals has been changed
-- The indicator colors are now tied to the degrees of the waves, regardless of the timeframe. For example, for Line 1(the fastest indicator line) for different timeframes, the colors (by default) will be as follows: 1 min-Submicro blue 5 minutes-Micro green 15 minutes-Subminuette red 1 hour-Minuette blue 4 hours-Minute green Day-Minor red Week-Intermediate blue Month-Primary green
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-- The script is adapted for version 5 of the Pine editor -- Added line 0, which participates in the formation of sell1/buy1 signals. By default, it is not displayed -- Lines 4 and 5 are now not displayed by default for ease of perception
Nice script. Though I still don't get few things. But when combined with other indicators like EWO(Oscar gallard), and 9-13 wave counter, probably is the best to draw elliot pattern.
NRDEMO
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Very nice scripte. Good job ! I still don't get some things. Example, why are values differents when you change the time frame. I mean when look to the chart un Monthly, it draws a nice green line. When I look at the same chart in weekly then the green line that represent the Monthly line, has different values. More,, when I look to the chart un daily, the green line (Monthly), crosses the price at a place where when you look at in monthly, it doesn't .... Maybe you can help me understand. Thank you.
AHgpeu
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@NRDEMO, The values match only approximately, since they are not the same line transferred from different timeframes. Perhaps it would be better that way. Maybe I will make such a version of this script.
ezom
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Есть проги типа EWA 3.0-6.0 которые сами размечают график .Я сомневаюсь что автор смог симитировать работу волнового принципа .Но даже если это и так , то все равно автор молодец .Я советую ему переложить правила ВА на свечной анализ .Это упростит алгоритм и сделает его более близким к истине .Истина в том ,что ВА на службе у свечного анализа .ВА объясняет форму свечей .Сам свечной - теория циклов(фракталов) времени .Он на вершине в полезности торговле . Он показывает танец цены в ритме ,а не просто линию на графике .4 фрактала рождают новый в 2 раза больший чем прежние .Это вложение циклов времени от мин до годов и столетий .
AHgpeu
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@ezom, пока это слишком сложно для меня. Может быть позже...
KerryQLD
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I love this indicator. Seems so simple but has enormous implications for EW users. Thanks!
VGL99
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This is very nice i have tested for a few days now indeed it works? Any improvement or updates for it or is it at the best state?
AHgpeu
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@VGL99, Thanks. No work is being done on improvements.
eddosanto21
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Thank u for great script.. Best kind for your life
eddosanto21
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@eddosanto21, why my chart theren't show elliot wave count sir?? Any something wrong.. Or we much buy the scrip.. Thank u