OPEN-SOURCE SCRIPT
Elliott Wave Structure
Elliott Wave Structure is a visual market-structure tool that identifies potential Elliott Wave sequences using confirmed swing highs and lows.
The indicator connects confirmed pivots to create a clear wave structure and labels the most recent sequence as 1–2–3–4–5 and A–B–C when sufficient swing points are available.
Impulse Waves
Wave 1 — The initial move that begins a potential new trend.
Wave 2 — A corrective retracement of Wave 1 that does not completely invalidate the new trend.
Wave 3 — Typically the strongest impulse phase, as participation in the developing trend increases.
Wave 4 — A corrective pause following Wave 3 before the potential final impulse.
Wave 5 — The final impulse wave of the sequence, often occurring with weaker momentum than Wave 3.
Corrective Waves
Wave A — The initial move against the preceding five-wave trend.
Wave B — A temporary counter-move that attempts to resume the previous trend.
Wave C — The final leg of the correction, completing the potential A–B–C structure.
How It Works
The indicator uses confirmed pivot points to identify significant market swings. The **Pivot Length** input controls how sensitive the swing detection is:
* Lower values detect smaller and more frequent swings.
* Higher values focus on larger and more significant swings.
Because pivots require confirmation, the most recent wave structure can change as new price action develops.
Important Note
Elliott Wave analysis involves interpretation and multiple valid wave counts can exist on the same market. This indicator provides a **visual representation of potential wave structure** based on confirmed market swings; it does not determine the definitive Elliott Wave count.
Disclaimer
This indicator is provided for **educational and informational purposes only**. It does not constitute financial, investment, trading, or other professional advice.
Past market behavior does not guarantee future results. Trading financial markets involves substantial risk, and you should conduct your own research and use appropriate risk management before making any trading decisions.
The author makes no guarantee regarding the accuracy, completeness, or future performance of any signals, wave counts, or interpretations generated by this indicator.
The indicator connects confirmed pivots to create a clear wave structure and labels the most recent sequence as 1–2–3–4–5 and A–B–C when sufficient swing points are available.
Impulse Waves
Wave 1 — The initial move that begins a potential new trend.
Wave 2 — A corrective retracement of Wave 1 that does not completely invalidate the new trend.
Wave 3 — Typically the strongest impulse phase, as participation in the developing trend increases.
Wave 4 — A corrective pause following Wave 3 before the potential final impulse.
Wave 5 — The final impulse wave of the sequence, often occurring with weaker momentum than Wave 3.
Corrective Waves
Wave A — The initial move against the preceding five-wave trend.
Wave B — A temporary counter-move that attempts to resume the previous trend.
Wave C — The final leg of the correction, completing the potential A–B–C structure.
How It Works
The indicator uses confirmed pivot points to identify significant market swings. The **Pivot Length** input controls how sensitive the swing detection is:
* Lower values detect smaller and more frequent swings.
* Higher values focus on larger and more significant swings.
Because pivots require confirmation, the most recent wave structure can change as new price action develops.
Important Note
Elliott Wave analysis involves interpretation and multiple valid wave counts can exist on the same market. This indicator provides a **visual representation of potential wave structure** based on confirmed market swings; it does not determine the definitive Elliott Wave count.
Disclaimer
This indicator is provided for **educational and informational purposes only**. It does not constitute financial, investment, trading, or other professional advice.
Past market behavior does not guarantee future results. Trading financial markets involves substantial risk, and you should conduct your own research and use appropriate risk management before making any trading decisions.
The author makes no guarantee regarding the accuracy, completeness, or future performance of any signals, wave counts, or interpretations generated by this indicator.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.