Background Elliott wave theory is a method of technical analysis that looks for recurring long-term price patterns that are related to persistent changes in investor sentiment and psychology. The theory identifies waves that are identified as impulse waves that form a pattern and corrective waves that counteract the larger trend.
Function
[blackcat] L1 Elliott Wave3 Catcher is trying to observe Elliott wave more clear with different color candles.
Key Signal
var7 --> bull reveral signal which exists along motive wave var7-var9 --> long in green color; short in red color; retracement in fuchsia color var26/27/28 --> they are used for wave swing low detection and long entry
Pros and Cons
Pros:
1. Exhibit Elliott waves in different color candles 2. Highlight motive wave with yellow candles 3. Detect bottom and long entry points
Cons:
1. No complete long and short entries can be obtained 2. It cannot be applied for crypto due to lack of financial() functions
Remarks
Tribute to Elliott
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
Notas de Lançamento
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In order to obey the House Rule, remove the irrelevant MA Cross display.
Notas de Lançamento
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Corrected unspported PINE grammar and upgrade it to latest one.
Nice indicator. Thanks a lot. Would you please guide me more in to key signals
madhu1948menon
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can you make it for multi time frame like if my current resolution is 1 min we have 1 hr candle elliot wave detector
Jittra
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Does not working on gold, too.
blackcat1402
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@Jittra, thanks for reminding, financial() is used in this script so this indicator is only applicable for tradingpairs that support tradingview financial() function :)
MeroLaika
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Hello.. its says resolve_errır "FUND"
dos32101
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No puedo dejar un comentario, no he podido probarlo. Saludos