Lets dabble a bit into Elliot Waves.
This is a simple script which tries to identify Wave 1 and 2 of Elliot Impulese Wave and then projects for Wave 3.
Ratios are taken from below link: elliottwave-forecast.com - 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...
This indicator built for find wave 3 of elliot wave and It also calculate risk reward ratio, minimum target for wave 3 extention and stop loss.
------------ How to use -------------
1. Add this indicator on your chart.
2. If you asset are follow Condition*, buy label with risk reward ratio, Target price and Stop loss will pop up.
In Elliott Wave Theory, 3rd wave is not the shortest one in the waves 1/3/5 and it's usually longest one. so if we can catch it then we may get good opportunities to trade. This script finds 3rd wave experimentally. it can be also the 3rd waves in the waves 1, 3, 5, A and C. the 3rd wave should have greater volume than other waves, the script can...
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...
A strategy based on combination of 3 indicators.
1) "Elliot Wave - Impulse" indicator from @HeWhoMustNotBeNamed () .
2) "Cyclic RSI High Low With Noise Filter" from @RozaniGhani-RG ().
3) "Mesa Advanced Triggers" from @jordanfung ()
By using these 3 indicators together, I was able to project and backtrack some very nice return values even...
Elliott Wave Principle, developed by Ralph Nelson Elliott , proposes that the seemingly chaotic behaviour of the different financial markets isn’t actually chaotic. In fact the markets moves in predictable, repetitive cycles or waves and can be measured and forecast using Fibonacci numbers. These waves are a result of influence on investors from outside sources...
This indicator is meant to be used as a tool to quickly identify
fibonacci retracements and projections in multiple charts during
the same date range.
Users can set the calculation date range and quickly flip through
different charts for comparisons
Steps for using this indicator is as follows:
1. Specify Start Date and End Date for calculations
Made to make it easier to count Elliott waves.
If you renew your new high price, you'll continue your new high price
When the new low is renewed, the new low is continued.
If you are within the range of the previous candle, use the ratio of the difference between the median value of the previous candle and the closing price of the current candle to determine...