Elliott Wave Pivots
This script is designed to catch high timeframe Elliott Wave Pivots. It will label in hindsight and is therefore NOT intended for any entries of any kind. Both labels and lines are drawn once confirmation comes that a wave has completed. You can set alerts to be informed of the completion of that wave.
There are are four degrees of waves recognized. The wave degrees are named minute, minor, major and primary. These do not necessarily reflect an exact timeframe based on the name, rather it reflects the degree of the waves compared to the next. Minute being the lowest degree shown and primary being the highest.
In essence, a minute wave on the indicator will reflect a daily pivot. Each degree higher reflects a higher timeframe pivot that can be used to form an Elliott Wave count. The minute waves can be a bit noisy. View the higher timeframe waves to see structures before narrowing down to the lower timeframes.
To my knowledge, this indicator is unique in it's mission and execution. With that in mind, there can definitely be bugs. Feel free to reach out to me with feedback.
There are are four degrees of waves recognized. The wave degrees are named minute, minor, major and primary. These do not necessarily reflect an exact timeframe based on the name, rather it reflects the degree of the waves compared to the next. Minute being the lowest degree shown and primary being the highest.
In essence, a minute wave on the indicator will reflect a daily pivot. Each degree higher reflects a higher timeframe pivot that can be used to form an Elliott Wave count. The minute waves can be a bit noisy. View the higher timeframe waves to see structures before narrowing down to the lower timeframes.
To my knowledge, this indicator is unique in it's mission and execution. With that in mind, there can definitely be bugs. Feel free to reach out to me with feedback.
Versionshinweise:
Updated to add options for higher timeframes and lower timeframes. Added shorter labels, smaller labels, and the option to use circles instead.
Timeframe Selections now include highest, mid, and lowest. Highest will better capture traditional assets such as DXY, GOLD or the stock markets.
Timeframe Selections now include highest, mid, and lowest. Highest will better capture traditional assets such as DXY, GOLD or the stock markets.
Versionshinweise:
Updated to add alerts for all crossings rather than having to set up each degree individually.
Added asterisks to show an unconfirmed pivot. Because the indicator uses information from higher timeframes, the status of the higher timeframe could change and the pivot could potentially be removed. To show that a pivot is not confirmed, you will see asterisks on the label. IE: *2* or *Minor*. Once the higher timeframe closes the label will show without this.
Note that alerts on a confirmed pivot should be set to once per bar rather than once per bar close. Those alerts wait for the higher timeframe close so they do not need the bar to close to be confirmed.
Added asterisks to show an unconfirmed pivot. Because the indicator uses information from higher timeframes, the status of the higher timeframe could change and the pivot could potentially be removed. To show that a pivot is not confirmed, you will see asterisks on the label. IE: *2* or *Minor*. Once the higher timeframe closes the label will show without this.
Note that alerts on a confirmed pivot should be set to once per bar rather than once per bar close. Those alerts wait for the higher timeframe close so they do not need the bar to close to be confirmed.
Versionshinweise:
Added a degen mode for true low timeframe trading. Also added a monochrome setting to view labels less obtrusively.
Versionshinweise:
Updated to allow for more line and label history