OPEN-SOURCE SCRIPT
Elliott Wave Oscillator [JopAlgo]
Elliott Wave Oscillator [JopAlgo] — a simple impulse meter that tells you when the move has “real push”
If price is the story, impulse is the emotion behind each chapter. The Elliott Wave Oscillator (EWO) is a clean way to see that emotion: it’s just the difference between a fast and a slow moving average. When the fast MA pulls away from the slow MA, the histogram grows; when they come back together, it shrinks. Above zero = bullish impulse; below zero = bearish impulse.
EWO [JopAlgo] keeps the math honest and the read effortless:
Choose SMA, EMA, or a volume-weighted average for each side (the “VWAP” option here uses a rolling VWMA over the chosen length).
A zero line anchors the read (bull vs bear).
Bars color by slope: rising = building momentum, falling = momentum fading.
(For screenshots: image #1 label the zero line, rising/falling bars, and a zero cross. Image #2 show a strong impulse leg hugging one side of zero, then fading into a pullback.)
What you’re seeing (and how it’s built)
Short MA (default 5) and Long MA (default 35) are computed using your selected MA Type (SMA, EMA, or rolling volume-weighted).
EWO = Short MA − Long MA.
EWO > 0: fast MA above slow → bullish impulse.
EWO < 0: fast MA below slow → bearish impulse.
Histogram colors:
Green bar: EWO increasing vs previous bar (momentum building).
Red bar: EWO decreasing (momentum waning).
Alerts: fire when EWO crosses the zero line (bullish or bearish “trend shift” heads-up).
New to this? Think of EWO as a throttle: above zero the engine is pushing forward; below zero it’s pushing backward. The height shows how hard it’s pushing; the color shows if that push is growing or fading right now.
How to use EWO on any timeframe
Same framework everywhere—what changes is your location and targets (from your other tools).
Scalping (1–5m)
Breakout confirmation: Only chase a micro-break if EWO flips above zero and grows green as price leaves a level (VAL/LVN/AVWAP). If it flips then immediately shrinks red, that’s your “don’t chase” warning.
Pullback timing: In a quick trend, wait for EWO to dip but stay above zero, then turn green again. That flip is often your pullback end.
Intraday (15m–1H)
Continuation filter: After a level break, ride as long as EWO stays on your side of zero. The first red bar while still above zero is a cue to partial or tighten stops.
Failed break tell: A poke through VAH/VAL with EWO still near zero (no expansion) is often a trap. Prefer retest/reclaim trades.
Swing (2H–4H)
Impulse leg ID: Strong trends show an EWO “bulge” (wide, mostly green bars above zero for longs). When that bulge shrinks back toward zero, look for mean-reversion to AVWAP/POC before the next leg.
Divergence (lightweight): Price makes a higher high, but EWO tops at a lower peak → impulse is weaker; plan for retrace to value.
Position (1D–1W)
Regime bias: Weeks where EWO lives above zero are net constructive; below zero are net distributive. Use that as a backdrop for adds/reductions at your higher-TF levels (Weekly AVWAP, composite VAL/VAH).
Entries, exits, and risk (simple rules)
Entry: At your level (from VP/AVWAP), take the side where EWO is on the correct side of zero and turning green (for longs) or red→green below zero for shorts? Careful—below zero, red means waning bear impulse. For shorts, you want EWO < 0 and increasing in magnitude (i.e., more negative) which still paints red in this script? Here’s the practical translation:
Longs: EWO > 0 and rising (green bar).
Shorts: EWO < 0 and falling (more negative vs prior bar). In this script, that also paints red—which is correct for building bearish impulse.
Manage: If your long was driven by EWO above zero, consider reducing when bars turn red repeatedly or EWO rolls back toward zero at your target node.
Invalidation: A zero cross against you after entry is a hard warning—tighten or exit unless higher-TF context strongly favors holding.
Stops: Place beyond the price level/structure you used, not on an EWO flip alone.
Settings that actually matter (and how to tune them)
MA Type (SMA / EMA / VWAP):
EMA: most responsive; great for scalping/fast intraday.
SMA: smoother; better for swings where you want fewer false wiggles.
VWAP (rolling VWMA): weights price by volume over your length—nice on pairs where volume behavior matters. (Note: this is a rolling VWMA, not an anchored session VWAP.)
Short/Long Lengths (default 5/35):
Shorter/faster (e.g., 4/20) → earlier flips, more noise.
Longer/slower (e.g., 8/50) → fewer but stronger signals.
Keep the ratio—something like 1:4 to 1:6—so the “bulge” is meaningful.
Zero-cross alerts: leave them on but treat as heads-up, not entries in isolation. You still want location + flow.
What to look for (pattern cheatsheet)
Impulse bulge: Wide, consecutive bars above zero (mostly green) → trend leg in progress. Expect shallow pullbacks only.
Pullback reset: After a leg, EWO shrinks but stays above zero, then flips green again → pullback likely done.
No-juice breakout: Price pokes the level but EWO stays near zero / flips red quickly → skip the chase; look for reclaim setups.
Divergence at extremes: New price high with lower EWO peak → risk of fade to value (POC/AVWAP).
Combining EWO with other [JopAlgo] tools
Cumulative Volume Delta v1 (CVDv1):
Use EWO for impulse, CVDv1 for quality. Best trades line up as:
EWO > 0 and increasing + CVDv1 ALIGN = OK + Imbalance strong + Absorption ≠ red → take the breakout/retest.
If EWO says “go” but CVDv1 flags Absorption, don’t chase.
Volume Profile v3.2:
Use VAH/VAL/LVNs/POC as where. EWO tells you if the push has fuel to leave/enter value.
Example: VAL retest with EWO turning up → rotate to POC/HVN.
Anchored VWAP:
Reclaims are higher quality when EWO flips above zero on the reclaim bar and holds green on the first pullback.
(Optional mention in screenshots: show a VAH break where EWO bulges and CVDv1 shows Alignment OK—clean continuation.)
Common pitfalls EWO helps you avoid
Buying a break with no impulse: Zero-line hugs and shrinking bars tell you the fast MA isn’t pulling away—skip.
Fading a real leg: Wide, persistent bars on one side of zero = don’t fight; use pullbacks to value instead.
Confusing volume-weighted vs anchored VWAP: The “VWAP” choice here is a rolling VWMA over the lookback, not a session/event AVWAP. Use Anchored VWAP [JopAlgo] when you need the true event-anchored line.
Practical defaults to start with
MA Type: EMA
Short/Long: 5 / 35
Timeframes: works out of the box on 15m–4H; for 1–5m try 4/20; for daily swings try 8/50.
Keep zero-cross alerts on as an attention ping; still require location + flow.
Alerts (what they mean)
Bullish EWO Signal: EWO crossed above zero → bullish impulse engaged. Look for a retest at your level with CVDv1 quality before entry.
Bearish EWO Signal: EWO crossed below zero → bearish impulse.
Open source & disclaimer
This indicator is published open source so traders can study it, tweak it, and build rules they trust. Tools inform decisions, but risk management decides outcomes.
Disclaimer — Not Financial Advice.
The “Elliott Wave Oscillator [JopAlgo]” indicator and this description are provided for educational purposes only and do not constitute financial or investment advice. Trading involves risk, including possible loss of capital. [JopAlgo] makes no warranties and assumes no responsibility for any trading decisions or outcomes resulting from the use of this script. Past performance is not indicative of future results.
Use EWO to judge when there’s real push, Volume Profile v3.2 and Anchored VWAP for where to act, and CVDv1 to verify who’s actually pushing. That trio keeps you selective on any timeframe.
If price is the story, impulse is the emotion behind each chapter. The Elliott Wave Oscillator (EWO) is a clean way to see that emotion: it’s just the difference between a fast and a slow moving average. When the fast MA pulls away from the slow MA, the histogram grows; when they come back together, it shrinks. Above zero = bullish impulse; below zero = bearish impulse.
EWO [JopAlgo] keeps the math honest and the read effortless:
Choose SMA, EMA, or a volume-weighted average for each side (the “VWAP” option here uses a rolling VWMA over the chosen length).
A zero line anchors the read (bull vs bear).
Bars color by slope: rising = building momentum, falling = momentum fading.
(For screenshots: image #1 label the zero line, rising/falling bars, and a zero cross. Image #2 show a strong impulse leg hugging one side of zero, then fading into a pullback.)
What you’re seeing (and how it’s built)
Short MA (default 5) and Long MA (default 35) are computed using your selected MA Type (SMA, EMA, or rolling volume-weighted).
EWO = Short MA − Long MA.
EWO > 0: fast MA above slow → bullish impulse.
EWO < 0: fast MA below slow → bearish impulse.
Histogram colors:
Green bar: EWO increasing vs previous bar (momentum building).
Red bar: EWO decreasing (momentum waning).
Alerts: fire when EWO crosses the zero line (bullish or bearish “trend shift” heads-up).
New to this? Think of EWO as a throttle: above zero the engine is pushing forward; below zero it’s pushing backward. The height shows how hard it’s pushing; the color shows if that push is growing or fading right now.
How to use EWO on any timeframe
Same framework everywhere—what changes is your location and targets (from your other tools).
Scalping (1–5m)
Breakout confirmation: Only chase a micro-break if EWO flips above zero and grows green as price leaves a level (VAL/LVN/AVWAP). If it flips then immediately shrinks red, that’s your “don’t chase” warning.
Pullback timing: In a quick trend, wait for EWO to dip but stay above zero, then turn green again. That flip is often your pullback end.
Intraday (15m–1H)
Continuation filter: After a level break, ride as long as EWO stays on your side of zero. The first red bar while still above zero is a cue to partial or tighten stops.
Failed break tell: A poke through VAH/VAL with EWO still near zero (no expansion) is often a trap. Prefer retest/reclaim trades.
Swing (2H–4H)
Impulse leg ID: Strong trends show an EWO “bulge” (wide, mostly green bars above zero for longs). When that bulge shrinks back toward zero, look for mean-reversion to AVWAP/POC before the next leg.
Divergence (lightweight): Price makes a higher high, but EWO tops at a lower peak → impulse is weaker; plan for retrace to value.
Position (1D–1W)
Regime bias: Weeks where EWO lives above zero are net constructive; below zero are net distributive. Use that as a backdrop for adds/reductions at your higher-TF levels (Weekly AVWAP, composite VAL/VAH).
Entries, exits, and risk (simple rules)
Entry: At your level (from VP/AVWAP), take the side where EWO is on the correct side of zero and turning green (for longs) or red→green below zero for shorts? Careful—below zero, red means waning bear impulse. For shorts, you want EWO < 0 and increasing in magnitude (i.e., more negative) which still paints red in this script? Here’s the practical translation:
Longs: EWO > 0 and rising (green bar).
Shorts: EWO < 0 and falling (more negative vs prior bar). In this script, that also paints red—which is correct for building bearish impulse.
Manage: If your long was driven by EWO above zero, consider reducing when bars turn red repeatedly or EWO rolls back toward zero at your target node.
Invalidation: A zero cross against you after entry is a hard warning—tighten or exit unless higher-TF context strongly favors holding.
Stops: Place beyond the price level/structure you used, not on an EWO flip alone.
Settings that actually matter (and how to tune them)
MA Type (SMA / EMA / VWAP):
EMA: most responsive; great for scalping/fast intraday.
SMA: smoother; better for swings where you want fewer false wiggles.
VWAP (rolling VWMA): weights price by volume over your length—nice on pairs where volume behavior matters. (Note: this is a rolling VWMA, not an anchored session VWAP.)
Short/Long Lengths (default 5/35):
Shorter/faster (e.g., 4/20) → earlier flips, more noise.
Longer/slower (e.g., 8/50) → fewer but stronger signals.
Keep the ratio—something like 1:4 to 1:6—so the “bulge” is meaningful.
Zero-cross alerts: leave them on but treat as heads-up, not entries in isolation. You still want location + flow.
What to look for (pattern cheatsheet)
Impulse bulge: Wide, consecutive bars above zero (mostly green) → trend leg in progress. Expect shallow pullbacks only.
Pullback reset: After a leg, EWO shrinks but stays above zero, then flips green again → pullback likely done.
No-juice breakout: Price pokes the level but EWO stays near zero / flips red quickly → skip the chase; look for reclaim setups.
Divergence at extremes: New price high with lower EWO peak → risk of fade to value (POC/AVWAP).
Combining EWO with other [JopAlgo] tools
Cumulative Volume Delta v1 (CVDv1):
Use EWO for impulse, CVDv1 for quality. Best trades line up as:
EWO > 0 and increasing + CVDv1 ALIGN = OK + Imbalance strong + Absorption ≠ red → take the breakout/retest.
If EWO says “go” but CVDv1 flags Absorption, don’t chase.
Volume Profile v3.2:
Use VAH/VAL/LVNs/POC as where. EWO tells you if the push has fuel to leave/enter value.
Example: VAL retest with EWO turning up → rotate to POC/HVN.
Anchored VWAP:
Reclaims are higher quality when EWO flips above zero on the reclaim bar and holds green on the first pullback.
(Optional mention in screenshots: show a VAH break where EWO bulges and CVDv1 shows Alignment OK—clean continuation.)
Common pitfalls EWO helps you avoid
Buying a break with no impulse: Zero-line hugs and shrinking bars tell you the fast MA isn’t pulling away—skip.
Fading a real leg: Wide, persistent bars on one side of zero = don’t fight; use pullbacks to value instead.
Confusing volume-weighted vs anchored VWAP: The “VWAP” choice here is a rolling VWMA over the lookback, not a session/event AVWAP. Use Anchored VWAP [JopAlgo] when you need the true event-anchored line.
Practical defaults to start with
MA Type: EMA
Short/Long: 5 / 35
Timeframes: works out of the box on 15m–4H; for 1–5m try 4/20; for daily swings try 8/50.
Keep zero-cross alerts on as an attention ping; still require location + flow.
Alerts (what they mean)
Bullish EWO Signal: EWO crossed above zero → bullish impulse engaged. Look for a retest at your level with CVDv1 quality before entry.
Bearish EWO Signal: EWO crossed below zero → bearish impulse.
Open source & disclaimer
This indicator is published open source so traders can study it, tweak it, and build rules they trust. Tools inform decisions, but risk management decides outcomes.
Disclaimer — Not Financial Advice.
The “Elliott Wave Oscillator [JopAlgo]” indicator and this description are provided for educational purposes only and do not constitute financial or investment advice. Trading involves risk, including possible loss of capital. [JopAlgo] makes no warranties and assumes no responsibility for any trading decisions or outcomes resulting from the use of this script. Past performance is not indicative of future results.
Use EWO to judge when there’s real push, Volume Profile v3.2 and Anchored VWAP for where to act, and CVDv1 to verify who’s actually pushing. That trio keeps you selective on any timeframe.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.