Elliot Wave - Impulse

Trendoscope Wizard Aggiornato   
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: - 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 : Zigzag 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 pivots
Note di rilascio:
  • 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.
Note di rilascio:
Ok, I have rewritten the code completely to avoid errors on shorter timeframes. With this logic, target and stop labels appear only for last formed pattern. This is again done to avoid errors related to too many objects on the chart.
Note di rilascio:
Adjust stop, entry and target label, line position based on timeframes
Note di rilascio:
Added alert condition
Note di rilascio:
Fix zigzag calculation error.

Script open-source

Nello spirito di condivisione promosso da TradingView, l'autore (al quale vanno i nostri ringraziamenti) ha deciso di pubblicare questo script in modalità open-source, così che chiunque possa comprenderlo e testarlo. Puoi utilizzarlo gratuitamente, ma il riutilizzo del codice è subordinato al rispetto del Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.

Declinazione di responsabilità

Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.

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