OPEN-SOURCE SCRIPT
Multi ZigZag EW - Impulse
Updated
Similar to the previous script on Elliot Wave Impulse:
But, here we are trying to use multiple zigzags instead of just one.
You can select upto 4 different Zigzags and set different length, line color, line width and style for each. Parameters ShowZigZag[1-4], ZigZag[1-4]Length, ZigZag[1-4]Color, ZigZag[1-4]Width, ZigZag[1-4]Style can be used for adjusting these.
ErrorPercent lets you set error threshold calculation of ratios for pattern identification
EntryPercent is used for marking Entry and T.Stop (Tight Stoploss) based on the length of Wave 2.
Target of the script is same as before. We are trying to identify Wave 1 and 2 of Elliot Impulese Wave and then project Wave 3. Chances of price following the pattern are there. Hence, we set Stoploss based on levels which fails the pattern.
Ratios are taken from below link: elliottwave-forecast.com/elliott-wave-theory/ - Section 3.1 Impulse
Since we use multiple zigzags, labels can be quite messy at times. In such scenarios, just disable one of the zigzag length causing label overlaps.
But, here we are trying to use multiple zigzags instead of just one.
You can select upto 4 different Zigzags and set different length, line color, line width and style for each. Parameters ShowZigZag[1-4], ZigZag[1-4]Length, ZigZag[1-4]Color, ZigZag[1-4]Width, ZigZag[1-4]Style can be used for adjusting these.
ErrorPercent lets you set error threshold calculation of ratios for pattern identification
EntryPercent is used for marking Entry and T.Stop (Tight Stoploss) based on the length of Wave 2.
Target of the script is same as before. We are trying to identify Wave 1 and 2 of Elliot Impulese Wave and then project Wave 3. Chances of price following the pattern are there. Hence, we set Stoploss based on levels which fails the pattern.
Ratios are taken from below link: elliottwave-forecast.com/elliott-wave-theory/ - 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
Since we use multiple zigzags, labels can be quite messy at times. In such scenarios, just disable one of the zigzag length causing label overlaps.
Release Notes
Fix zigzag calculation errorRelease Notes
Convert to pine 5
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Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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