Elliott Wave 3 Finder

This script will attempt to find the location of the third wave in the Elliot Wave Theory. The bars will become highlighted when possible wave 3 criteria is met. Multiple bars in a row may have a painted background. The point at which the bars are no longer painted will potentially be at or near the end of wave 3.

The background paints a baby blue for wave 3s in an overall uptrend, and pink for downtrends.

Release Notes

I have provide a user input to change how many bars are considered for painting extreme highs and lows. The default is 50 bars which means if the current bar is the highest high in the last 50 bars it will receive a painted background. Same applies for the low. Alter this setting to see the differences in sensitivity.

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

StockSignaler

All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

For quick access on a chart, add this script to your favorites — learn more here.

StockSignaler

Also on: