Elliott Wave Pro Engine by (JPT)
🔷 OVERVIEW
Elliott Wave Pro Engine [JPT] is a rule-based technical analysis indicator designed to identify potential Elliott Wave structures directly on your TradingView chart.
The indicator analyzes price swings to detect impulse waves (1–2–3–4–5) and corrective zigzag patterns (A–B–C). It displays wave labels, connecting lines, and Fibonacci-based projections to help traders study possible market direction and developing price structures.
The chart uses blue lines for primary wave structures, orange/red lines for additional wave structures, and projected paths to visualize potential future price movements.
🔷 HOW IT WORKS
1. Impulse Wave Detection (1–2–3–4–5)
The indicator examines alternating swing highs and lows to identify potential five-wave structures. It checks key Elliott Wave conditions, including Wave 2 retracement and whether Wave 3 moves beyond the end of Wave 1.
2. Corrective Wave Detection (A–B–C)
The indicator searches for potential corrective zigzags and labels the three legs as A, B, and C to help visualize price corrections.
3. Nested Wave Labels
Primary structures use (1), (2), (3), (4), (5) and (a), (b), (c). Smaller wave labels can help distinguish additional structures when supported by the indicator's detection logic.
4. Fibonacci Projections
When In Progress mode is enabled, the indicator can draw projected price levels using configurable Fibonacci-based multipliers to illustrate possible future wave targets.
5. Pattern Inversion
Enable Invert Pattern to reverse the directional interpretation and examine potential structures in the opposite direction.
6. Pattern Status Panel
The information panel displays the latest detected pattern, the number of stored swing points, and the latest calculated projection when available.
🔷 HOW TO USE
Step 1 — Add the Indicator
Open TradingView, launch the Pine Editor, paste the Elliott Wave Pro Engine [JPT] script, and select Add to chart.
Step 2 — Configure Wave Detection
Adjust Pivot Length to control swing sensitivity. Lower values detect smaller price movements, while higher values focus on larger swings.
Step 3 — Analyze the Wave Structure
Look for the numbered impulse waves and lettered corrective waves. Compare their positions with the surrounding market structure before interpreting the pattern.
Step 4 — Enable Projections
Enable Show Projections to display possible future wave targets. Adjust the Fibonacci multipliers to explore alternative projection distances.
Step 5 — Check the Pattern Status
Use the information panel to review the latest detected structure and its projection. Treat these values as analytical references, not guaranteed price targets.
Step 6 — Set Alerts
Create TradingView alerts for the available impulse and corrective pattern conditions to monitor potential new structures.
🔷 IMPORTANT NOTE
This indicator is an analytical tool for educational and research purposes, not a guarantee of future market direction.
• Elliott Wave interpretations can vary between traders.
• Confirmed pivots appear only after additional candles have formed.
• A detected pattern may change as new market data becomes available.
• Fibonacci projections are estimates, not guaranteed targets.
• The current script implements a simplified pattern-detection approach; it does not yet fully validate every Elliott Wave rule or independently confirm all nested sub-waves.
• Always combine wave analysis with market structure, risk management, and independent confirmation before entering a trade.
Elliott Wave Pro Engine [JPT] is a rule-based technical analysis indicator designed to identify potential Elliott Wave structures directly on your TradingView chart.
The indicator analyzes price swings to detect impulse waves (1–2–3–4–5) and corrective zigzag patterns (A–B–C). It displays wave labels, connecting lines, and Fibonacci-based projections to help traders study possible market direction and developing price structures.
The chart uses blue lines for primary wave structures, orange/red lines for additional wave structures, and projected paths to visualize potential future price movements.
🔷 HOW IT WORKS
1. Impulse Wave Detection (1–2–3–4–5)
The indicator examines alternating swing highs and lows to identify potential five-wave structures. It checks key Elliott Wave conditions, including Wave 2 retracement and whether Wave 3 moves beyond the end of Wave 1.
2. Corrective Wave Detection (A–B–C)
The indicator searches for potential corrective zigzags and labels the three legs as A, B, and C to help visualize price corrections.
3. Nested Wave Labels
Primary structures use (1), (2), (3), (4), (5) and (a), (b), (c). Smaller wave labels can help distinguish additional structures when supported by the indicator's detection logic.
4. Fibonacci Projections
When In Progress mode is enabled, the indicator can draw projected price levels using configurable Fibonacci-based multipliers to illustrate possible future wave targets.
5. Pattern Inversion
Enable Invert Pattern to reverse the directional interpretation and examine potential structures in the opposite direction.
6. Pattern Status Panel
The information panel displays the latest detected pattern, the number of stored swing points, and the latest calculated projection when available.
🔷 HOW TO USE
Step 1 — Add the Indicator
Open TradingView, launch the Pine Editor, paste the Elliott Wave Pro Engine [JPT] script, and select Add to chart.
Step 2 — Configure Wave Detection
Adjust Pivot Length to control swing sensitivity. Lower values detect smaller price movements, while higher values focus on larger swings.
Step 3 — Analyze the Wave Structure
Look for the numbered impulse waves and lettered corrective waves. Compare their positions with the surrounding market structure before interpreting the pattern.
Step 4 — Enable Projections
Enable Show Projections to display possible future wave targets. Adjust the Fibonacci multipliers to explore alternative projection distances.
Step 5 — Check the Pattern Status
Use the information panel to review the latest detected structure and its projection. Treat these values as analytical references, not guaranteed price targets.
Step 6 — Set Alerts
Create TradingView alerts for the available impulse and corrective pattern conditions to monitor potential new structures.
🔷 IMPORTANT NOTE
This indicator is an analytical tool for educational and research purposes, not a guarantee of future market direction.
• Elliott Wave interpretations can vary between traders.
• Confirmed pivots appear only after additional candles have formed.
• A detected pattern may change as new market data becomes available.
• Fibonacci projections are estimates, not guaranteed targets.
• The current script implements a simplified pattern-detection approach; it does not yet fully validate every Elliott Wave rule or independently confirm all nested sub-waves.
• Always combine wave analysis with market structure, risk management, and independent confirmation before entering a trade.
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🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
📈 FREE TELEGRAM CHANNEL
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.