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Elliott Wave Forecaster
Elliott Wave Forecaster — Indicator Overview
An educational Elliott Wave tool for TradingView that automatically detects, scores, and projects wave structures across multiple degrees. This post explains what the indicator observes and how to read its output. It is not trading advice.
1. Purpose
Elliott Wave analysis is subjective — two analysts can label the same chart differently. This indicator aims to reduce that subjectivity by:
Automatically detecting swing pivots at multiple degrees
Scoring impulse and ABC correction candidates against Fibonacci guidelines
Projecting the most likely next wave structure
Tracking whether past projections actually hit their targets
Everything is rule-based, so labels and forecasts are reproducible rather than discretionary.
2. What the Indicator Detects
Impulse Patterns (1-2-3-4-5)
Wave 2 does not retrace more than 100% of Wave 1
Wave 3 exceeds Wave 1's extreme
Wave 4 does not overlap Wave 1 (unless diagonal mode is enabled)
Wave 5 exceeds Wave 3
Wave 3 is not the shortest of Waves 1, 3, 5
ABC Corrections
Wave B stays within Wave A's range
Wave C exceeds Wave A's extreme
Ratios scored against Fibonacci guidelines
Each candidate is scored — a higher score means the wave ratios are closer to textbook Fibonacci relationships. Only patterns above your configured Minimum Score are drawn.
Multi-Degree Nesting
Three pivot lengths run in parallel (Minor, Primary, Cycle). This lets you see how the current count sits inside a higher-degree structure — similar to how an analyst would zoom out.
3. How to Read the Chart
Wave Labels
Numbers (0-5) — parent impulse count
Letters (A-B-C) — parent correction count
Roman numerals (i-v) — sub-waves of the current impulse
Lowercase (a-b-c) — sub-waves of a correction
Colors reflect direction and type:
Green = bullish impulse
Red = bearish impulse
Orange = correction
Forecast Boxes
Dashed boxes on the right of the chart show where the next waves are projected to land, based on your Fibonacci inputs. These update as the count evolves.
Invalidation Line (magenta)
Marks the price level that would void the current count. This is derived from the wave structure itself — for a completed impulse, it's typically Wave 4's extreme.
Signal Markers
When a completed pattern meets your R:R and stop-distance filters, the indicator plots a triangle (L for long, S for short). Whether it fades or follows the pattern is set by Signal Mode.
Interpretation Label
A plain-English summary drawn on the chart (bottom-right by default) covering:
Pattern quality tier
Freshness
Direction and pattern type
Completion state
Channel and invalidation status
Signal state
Forecast bias
The Table
A compact readout of the current state: pattern type, direction, wave completion, score, age, freshness, channel status, invalidation status, signal mode, degrees, wave ratios, and walk-forward hit rates.
4. Key Concepts for Interpretation
Pattern Score
Ranges roughly from 1 to 12+. Higher scores mean the wave ratios are closer to Fibonacci guidelines. A score just above the minimum is a weaker count; scores of 7+ suggest ratios are well-aligned.
Freshness
Patterns age. The Freshness filter hides counts whose terminal pivot is too old relative to the average wave length. This helps avoid acting on stale structures that price has already moved past.
Invalidation
If price closes through the invalidation level, the count is dropped. This is by design — Elliott counts are conditional, and one that has been violated should not linger on the chart.
In-Channel Filter
For impulses, a 2–4 channel is drawn. If price leaves the channel, the forecast is suppressed unless you disable the filter. This is an extra sanity check on structural validity.
Walk-Forward Stats
The indicator logs every projection it makes in real time, then checks after a configurable horizon whether price reached the projection within a tolerance. It reports hit rate vs baseline — baseline being whether price moved the same distance without Fibonacci targeting. This tells you whether the Fibonacci projections actually added predictive value historically on this instrument and timeframe. A hit rate below or at baseline suggests the projections are not statistically special.
5. Suggested Observation Workflow
A general way to approach the indicator — not a trading strategy:
Check freshness and invalidation status first. If the count is stale or invalidated, there is nothing actionable.
Read the interpretation label for a quick state summary.
Look at the degree table to see whether the current count agrees with the higher-degree structure. Alignment across degrees tends to be more informative than a single-degree count.
Compare wave ratios (W2/W1, W3/W1, W4/W3, W5/W1) to textbook values. A well-formed impulse will show ratios close to the configured Fibonacci numbers.
Review the walk-forward hit rates before placing too much weight on a forecast. On many instruments and timeframes, projection hit rates are close to baseline — the forecast exists, but its edge is not automatic.
Check the R:R and stop-distance filters. Signals only fire when both thresholds are met. If no signal appears despite a completed pattern, it's usually one of those filters blocking it.
Cross-check the invalidation line against your own risk framework. The indicator's invalidation is a structural level, not a stop-loss suggestion.
6. Settings Overview
Auto Detect — auto-tunes all timeframe-sensitive settings. Turn off for manual control.
Reliability Filters — score threshold, completeness requirement, channel filter, invalidation drop.
Freshness — how old a pattern can be before it's hidden.
Signal Emission — fade vs trend-follow, R:R, stop distance, timing (completion bar vs invalidation break).
Degree Nesting — pivot lengths for Primary and Cycle degrees.
Backtest / Validation — hit-rate stats and data-window export.
Fibonacci Targets — all projection ratios (W2, W3, W4, W5, B, C) and tolerance.
Visual Style — colors and transparency.
Label Size / Table / Interpretation Label — display options.
7. Scope and Limitations
Timeframe sensitivity. Below 15m, pivots become noisy and patterns fragment. The indicator displays a warning label on lower timeframes.
Degree ambiguity. Elliott Wave degree assignment is inherently fuzzy. The nesting feature offers one interpretation, not the only one.
Completed vs developing patterns. Completed patterns (Impulse W5, ABC C) are more reliable than partially formed ones. The indicator draws both, but the forecast branch behaves differently depending on completion state.
Forecast is not a prediction. Projections are Fibonacci-derived scenarios conditioned on the count remaining valid. They are invalidated frequently — that is the nature of the method.
Walk-forward stats are historical. Past hit rates do not guarantee future results, and they are instrument- and timeframe-specific.
8. Why an Interpretation Label Instead of More Rows
The table already carries the raw numbers. The interpretation label condenses them into a single sentence so the chart stays readable. You can move it to any of 9 positions, resize it, or hide it entirely.
9. Summary
The Elliott Wave Forecaster gtp3 is a structured, rule-based implementation of Elliott Wave analysis on TradingView. It:
Detects impulse and ABC patterns automatically
Scores them against Fibonacci guidelines
Projects the next wave structure
Filters by freshness, channel, and invalidation
Tracks historical projection accuracy
Summarizes the state in plain English
It is designed as an observation and study tool. It does not tell you what to trade — it tells you what wave structure the algorithm currently sees, how confident the ratios are, and where that structure would be invalidated. How you use that information is up to you.
This indicator is provided for educational and research purposes. It does not constitute financial advice. Elliott Wave analysis is inherently probabilistic and no configuration guarantees any outcome.
An educational Elliott Wave tool for TradingView that automatically detects, scores, and projects wave structures across multiple degrees. This post explains what the indicator observes and how to read its output. It is not trading advice.
1. Purpose
Elliott Wave analysis is subjective — two analysts can label the same chart differently. This indicator aims to reduce that subjectivity by:
Automatically detecting swing pivots at multiple degrees
Scoring impulse and ABC correction candidates against Fibonacci guidelines
Projecting the most likely next wave structure
Tracking whether past projections actually hit their targets
Everything is rule-based, so labels and forecasts are reproducible rather than discretionary.
2. What the Indicator Detects
Impulse Patterns (1-2-3-4-5)
Wave 2 does not retrace more than 100% of Wave 1
Wave 3 exceeds Wave 1's extreme
Wave 4 does not overlap Wave 1 (unless diagonal mode is enabled)
Wave 5 exceeds Wave 3
Wave 3 is not the shortest of Waves 1, 3, 5
ABC Corrections
Wave B stays within Wave A's range
Wave C exceeds Wave A's extreme
Ratios scored against Fibonacci guidelines
Each candidate is scored — a higher score means the wave ratios are closer to textbook Fibonacci relationships. Only patterns above your configured Minimum Score are drawn.
Multi-Degree Nesting
Three pivot lengths run in parallel (Minor, Primary, Cycle). This lets you see how the current count sits inside a higher-degree structure — similar to how an analyst would zoom out.
3. How to Read the Chart
Wave Labels
Numbers (0-5) — parent impulse count
Letters (A-B-C) — parent correction count
Roman numerals (i-v) — sub-waves of the current impulse
Lowercase (a-b-c) — sub-waves of a correction
Colors reflect direction and type:
Green = bullish impulse
Red = bearish impulse
Orange = correction
Forecast Boxes
Dashed boxes on the right of the chart show where the next waves are projected to land, based on your Fibonacci inputs. These update as the count evolves.
Invalidation Line (magenta)
Marks the price level that would void the current count. This is derived from the wave structure itself — for a completed impulse, it's typically Wave 4's extreme.
Signal Markers
When a completed pattern meets your R:R and stop-distance filters, the indicator plots a triangle (L for long, S for short). Whether it fades or follows the pattern is set by Signal Mode.
Interpretation Label
A plain-English summary drawn on the chart (bottom-right by default) covering:
Pattern quality tier
Freshness
Direction and pattern type
Completion state
Channel and invalidation status
Signal state
Forecast bias
The Table
A compact readout of the current state: pattern type, direction, wave completion, score, age, freshness, channel status, invalidation status, signal mode, degrees, wave ratios, and walk-forward hit rates.
4. Key Concepts for Interpretation
Pattern Score
Ranges roughly from 1 to 12+. Higher scores mean the wave ratios are closer to Fibonacci guidelines. A score just above the minimum is a weaker count; scores of 7+ suggest ratios are well-aligned.
Freshness
Patterns age. The Freshness filter hides counts whose terminal pivot is too old relative to the average wave length. This helps avoid acting on stale structures that price has already moved past.
Invalidation
If price closes through the invalidation level, the count is dropped. This is by design — Elliott counts are conditional, and one that has been violated should not linger on the chart.
In-Channel Filter
For impulses, a 2–4 channel is drawn. If price leaves the channel, the forecast is suppressed unless you disable the filter. This is an extra sanity check on structural validity.
Walk-Forward Stats
The indicator logs every projection it makes in real time, then checks after a configurable horizon whether price reached the projection within a tolerance. It reports hit rate vs baseline — baseline being whether price moved the same distance without Fibonacci targeting. This tells you whether the Fibonacci projections actually added predictive value historically on this instrument and timeframe. A hit rate below or at baseline suggests the projections are not statistically special.
5. Suggested Observation Workflow
A general way to approach the indicator — not a trading strategy:
Check freshness and invalidation status first. If the count is stale or invalidated, there is nothing actionable.
Read the interpretation label for a quick state summary.
Look at the degree table to see whether the current count agrees with the higher-degree structure. Alignment across degrees tends to be more informative than a single-degree count.
Compare wave ratios (W2/W1, W3/W1, W4/W3, W5/W1) to textbook values. A well-formed impulse will show ratios close to the configured Fibonacci numbers.
Review the walk-forward hit rates before placing too much weight on a forecast. On many instruments and timeframes, projection hit rates are close to baseline — the forecast exists, but its edge is not automatic.
Check the R:R and stop-distance filters. Signals only fire when both thresholds are met. If no signal appears despite a completed pattern, it's usually one of those filters blocking it.
Cross-check the invalidation line against your own risk framework. The indicator's invalidation is a structural level, not a stop-loss suggestion.
6. Settings Overview
Auto Detect — auto-tunes all timeframe-sensitive settings. Turn off for manual control.
Reliability Filters — score threshold, completeness requirement, channel filter, invalidation drop.
Freshness — how old a pattern can be before it's hidden.
Signal Emission — fade vs trend-follow, R:R, stop distance, timing (completion bar vs invalidation break).
Degree Nesting — pivot lengths for Primary and Cycle degrees.
Backtest / Validation — hit-rate stats and data-window export.
Fibonacci Targets — all projection ratios (W2, W3, W4, W5, B, C) and tolerance.
Visual Style — colors and transparency.
Label Size / Table / Interpretation Label — display options.
7. Scope and Limitations
Timeframe sensitivity. Below 15m, pivots become noisy and patterns fragment. The indicator displays a warning label on lower timeframes.
Degree ambiguity. Elliott Wave degree assignment is inherently fuzzy. The nesting feature offers one interpretation, not the only one.
Completed vs developing patterns. Completed patterns (Impulse W5, ABC C) are more reliable than partially formed ones. The indicator draws both, but the forecast branch behaves differently depending on completion state.
Forecast is not a prediction. Projections are Fibonacci-derived scenarios conditioned on the count remaining valid. They are invalidated frequently — that is the nature of the method.
Walk-forward stats are historical. Past hit rates do not guarantee future results, and they are instrument- and timeframe-specific.
8. Why an Interpretation Label Instead of More Rows
The table already carries the raw numbers. The interpretation label condenses them into a single sentence so the chart stays readable. You can move it to any of 9 positions, resize it, or hide it entirely.
9. Summary
The Elliott Wave Forecaster gtp3 is a structured, rule-based implementation of Elliott Wave analysis on TradingView. It:
Detects impulse and ABC patterns automatically
Scores them against Fibonacci guidelines
Projects the next wave structure
Filters by freshness, channel, and invalidation
Tracks historical projection accuracy
Summarizes the state in plain English
It is designed as an observation and study tool. It does not tell you what to trade — it tells you what wave structure the algorithm currently sees, how confident the ratios are, and where that structure would be invalidated. How you use that information is up to you.
This indicator is provided for educational and research purposes. It does not constitute financial advice. Elliott Wave analysis is inherently probabilistic and no configuration guarantees any outcome.
Versionshinweise
The signal math was left as it was. The changes are how a signal is stored, labeled, and closed.Table vs arrows. The L/S flags were cleared every bar, so the table on the last bar showed - or a different side from the arrows. The last signal is now kept: side, entry, stop, target, kind, and bar. The table reads that copy. Entry / stop / target in the data window plot only on the signal bar. The “any signal” alert fires on the event bar instead of staying true after the first signal.
What each mark is. A completion signal draws SHORT WAVE-END (or LONG) on the wave-end price, the same price as the table entry. A second label on the later bar says completion or invalidation break, with entry, stop, and target. Those labels are redrawn after the last-bar wipe, so they stay. The tiny triangle is still the confirm bar, pivotLen bars after the pivot.
Timing. Completion bar is one event at the wave end. Invalidation break waits for a close through invalidation. Both fires both, which is why 62.08 was followed by a second short with the same prices. That second mark was not a new count.
Stop and target. After the confirm bar, the first touch of the stop or target is stored. The same candle counts as SL. A red SL or green PT label is drawn on that price, and the table Last Signal row ends with / SL, / PT, or / open.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.