OPEN-SOURCE SCRIPT
ZigZag Elliott Wave Strategy (Demo)
1. Strategy Objective
Objective:
Capture the Wave 1 → Wave 2 correction
Enter Wave 3 (strongest wave) after Wave 2 ends
Take profit at the Wave 3 target
Add more in Wave 4
Manage the position towards Wave 5
2. Visuals on the Chart
Green dots → Wave 1 peak
Red dots → Wave 1 trough
Orange line → Wave 3 target
Blue/purple → Fibonacci levels
Background:
Green → Wave 2 area
Orange → Wave 4 area
3.Strengths and Weaknesses of the Strategy
✅ Strong:
Trend-catching focused
Logical entry with Fibonacci
High potential due to focus on Wave 3
❌ Weak:
May cause zig-zag repainting (late signal)
Elliott waves don't always form clearly
May result in losses on fake retracements
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance.
Objective:
Capture the Wave 1 → Wave 2 correction
Enter Wave 3 (strongest wave) after Wave 2 ends
Take profit at the Wave 3 target
Add more in Wave 4
Manage the position towards Wave 5
2. Visuals on the Chart
Green dots → Wave 1 peak
Red dots → Wave 1 trough
Orange line → Wave 3 target
Blue/purple → Fibonacci levels
Background:
Green → Wave 2 area
Orange → Wave 4 area
3.Strengths and Weaknesses of the Strategy
✅ Strong:
Trend-catching focused
Logical entry with Fibonacci
High potential due to focus on Wave 3
❌ Weak:
May cause zig-zag repainting (late signal)
Elliott waves don't always form clearly
May result in losses on fake retracements
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.