Elliott Wave + S/R + MA + VWAP + RSI Div

GENERAL INDICATOR PURPOSE

This indicator integrates several classical technical analysis techniques to help traders:

Detect Elliott Wave–based market structures

Project correction zones using Fibonacci levels

Identify dynamic support and resistance levels

Confirm trend direction using moving averages and VWAP

Detect RSI divergences (bullish / bearish)

👉 Main objective:
This tool is not designed to provide automatic entries, but rather to offer structural context and timing for discretionary decision-making or for later conversion into a trading strategy.

🧠 WHO IS THIS INDICATOR FOR?

Swing trading / structural intraday trading

Wyckoff + Elliott practitioners

Traders who wait for corrections (not momentum chasing)

Multi-factor confirmation traders (structure + momentum)

⚠️ This is not a pure scalping tool.

🔍 MODULE DESCRIPTION
1️⃣ CONTROL PANEL & VISUALIZATION

Allows enabling or disabling components independently, without removing the indicator:

Elliott Waves

Elliott Fibonacci levels

Support / Resistance

Structural ZigZag

RSI Divergences

✔️ This helps reduce visual noise and focus only on the tools you need.

2️⃣ RSI + DIVERGENCES

What it does:

Calculates classic RSI (default length: 14)

Detects RSI pivots

Compares RSI pivots with price action

What it detects:

🔴 Bearish Divergence

Price makes a Higher High (HH)

RSI makes a Lower High (LH)

🟢 Bullish Divergence

Price makes a Lower Low (LL)

RSI makes a Higher Low (HL)

How it’s displayed:

Chart labels:

Bear Div

Bull Div

RSI status panel (top-right corner):

Green → Oversold

Red → Overbought

Gray → Neutral

👉 Practical use:
Ideal for identifying Wave 5 exhaustion, momentum weakening, or potential ABC corrections.

3️⃣ MOVING AVERAGES (UP TO 3)

Fully configurable:

Type: SMA / EMA / WMA / RMA

Length

Color and thickness

Typical usage:

EMA 200 → Macro trend

EMA 100 / 50 → Intermediate structure

⚠️ These do not generate signals, they act as context filters only.

4️⃣ VWAP

Classic session VWAP

Fully optional

👉 Useful for:

Mean reversion analysis

Confirming whether Elliott structures develop above or below fair value

5️⃣ AUTOMATIC SUPPORT & RESISTANCE

How it works:

Uses pivot highs and pivot lows

Extends horizontal levels forward

What it detects:

Real reaction zones where price previously responded

Levels do not repaint once the pivot is confirmed

👉 Ideal for:

Validating Wave 2 and Wave 4 zones

Confirming Fibonacci targets

6️⃣ ELLIOTT WAVE (CORE MODULE)

This is the most important part of the script.

🔧 Technical foundation:

Dynamic ZigZag logic

Three different lengths (short, medium, and long structure)

What it does:

Detects price pivots

Builds ZigZag sequences

Analyzes 6 consecutive pivot points

Validates basic Elliott Wave rules

Applied rules:

Wave 3 cannot be the shortest

Wave 2 does not break the origin

Wave 4 does not overlap Wave 1

Directional consistency

✔️ Works for both bullish and bearish structures.

🏷️ What it draws when a valid wave is detected:

Lines for waves (1) to (5)

Labels (1)(2)(3)(4)(5)

Alert: “New Elliott Wave Detected”

⚠️ Important:

This indicator does not predict

It only draws structures after they are confirmed

7️⃣ ELLIOTT FIBONACCI (CORRECTION LEVELS)

Levels used:

0.50

0.618

0.764

0.854

How they are calculated:

From the start of Wave 1

To the end of Wave 5

Key detail:

Fibonacci levels are projected only 10 bars forward

They do not extend infinitely → helps avoid visual clutter

👉 Typical usage:

Searching for entries during ABC corrections

Confirming optimal zones with RSI and S/R

8️⃣ MULTI-ZIGZAG (3 SCALES)

The Elliott logic is executed three times:

ZigZag Usage
Short Micro structure
Medium Swing
Long Macro

This allows you to visualize:

Elliott within Elliott

Different wave degrees simultaneously

🧩 PRACTICAL TRADING SUMMARY

This indicator helps to:

✔️ Identify impulse exhaustion
✔️ Wait for high-probability corrections
✔️ Confirm entries using:

RSI divergences

Fibonacci levels

Support / resistance

Trend context via MAs and VWAP

❌ It is not suitable for:

Mechanical entries

High-frequency scalping

Context-free trading