This indicator may be one of the first to provide signals & alerts for the Elliott Wave Theory Pattern. Unfortunately, there are few, if any, indicators that are public which allow the Elliott Wave Theory to be plotted+with alerts.
Because this is experimental, I'm going to offer access to it free of charge. Send me a direct message requesting access.
Elliott Wave Theory is a complex chart pattern to learn, and even harder to master. It requires being able to identify the wave lengths of price history and using various tools to plot and assess the price structure in order to find the wave counts. Whilst there are many ways to compute the waves apart of the pattern, there is no universal method that everyone would agree upon. For this indicator, I am using the traditional method.
The different colors represent different cycle types. Using it on a higher timeframe is strongly encouraged for best results.
This version currently provides alerts for the final wave, wave 5. I WILL BE ADDING MORE TO THIS INDICATOR SHORTLY, SEE BELOW:
-Will be adding the other counts to display all the waves -Will be adding 'correction wave' alerts -Will be adding 'inverse' pattern alerts -Will be improving the the labels to include their cycle type
This is not a buy & sell indicator.. This is a TOOL to help analyze the market using Elliott Wave Theory.
The indicator should be used for the following: -Aiding with EWT analysis -Helping find potential exit points -Assist with learning EWT by using this as a template -Timing trades and improving risk management -Plotting the overall market