This is a simple script which tries to identify Wave 1 and 2 of Impulese Wave and then projects for Wave 3.
Ratios are taken from below link: https://elliottwave-forecast.com/elliott-wave-theory/ - Section 3.1 Impulse
- Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 - used for identifying the pattern.
- Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 - used for setting the targets
Important input parameters
- Length : Length. Keep the numbers low if you are looking for smaller and shorter trades. Keep the numbers high if you are looking for longer and bigger trades.
- Error Percent : Adjustments for ratios as it is not always possible to find exactly equal retracement ratio.
- Entry Percent : Once Wave 2 is formed, entry is set after reversing 30% of wave 2. This number can be increased or decreased. Caution: Keeping the number too low may result in false signals.
- Ignore Trend Direction: If unchecked, it will only look for pattern if Wave 1 has made a higher high. If not, it will ignore Wave 1 condition and only look at wave 1 to 2 ratio.
- Handle Duplicates: Since, the labels are generated upon crossover of entry price, this crossover may happen multiple times. Or sometimes wave 2 can further extend and generate new signal with same wave 1. This parameter says how to handle such cases. Keep Last is set to default and is most preferred option.
- ShowRatios and ShowWaves lets you display wave line and retracement ratios for each
- Default error Percent set to 5
- Added option for waitForConfirmation - this will wait till zigzag pivot is fully formed before considering it for wave
- Added tightstop option which makes use of entryPercent in reverse direction.
قام مؤلف هذا النص البرمجي بنشره وجعله مفتوح المصدر، بحيث يمكن للمتداولين فهمه والتحقق منه، وهو الأمر الذي يدخل ضمن قيم TradingView. تحياتنا للمؤلف! يمكنك استخدامه مجانًا، ولكن إعادة استخدام هذا الكود في منشور تحكمه قواعد الموقع. يمكنك جعله مفضلاً لاستخدامه على الرسم البياني.
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I was wondering if you would at all make it possible for the fib extensions to have a logarithmic option for those that trade on the log-based charts. I am happy to draw these myself but a toggle on/off check-box would be useful, IMO.
Thanks once again.
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