OPEN-SOURCE SCRIPT
Geometrics - Elliott Wave Auto Counter (Impulse, ABC, Triangles)
Overview
The Geometrics - Elliott Wave Auto Counter is an advanced, fully automated technical analysis tool designed to identify and plot Elliott Wave structures directly on your chart. Built strictly around the three cardinal rules of Elliott Wave Theory, this indicator takes the heavy lifting out of wave counting by dynamically tracking pivot points and projecting geometric structures in real-time.
Whether you are tracking standard motive waves, complex diagonals, or corrective structures, this script provides a clear, visual roadmap of potential market cycles.
Key Features
Impulse Waves (1-2-3-4-5): Automatically identifies valid 5-wave impulse structures. It ensures that Wave 2 does not retrace 100% of Wave 1, Wave 3 is never the shortest, and Wave 4 does not enter the price territory of Wave 1. It also calculates and displays the exact Fibonacci retracement and extension percentages on the chart.
Leading & Ending Diagonals: Detects diagonal wedge structures where Wave 4 is permitted to overlap Wave 1. The script even dives into the inner wave structures to classify whether the diagonal follows a 5-3-5-3-5 or 3-3-3-3-3 pattern.
Corrective Waves (A-B-C): Once a 5-wave sequence is completed, the script actively looks for and plots the subsequent A-B-C corrective structure.
Triangle Detection: Identifies both Contracting and Expanding triangles (A-B-C-D-E). It automatically draws the upper and lower boundary lines and projects geometric breakout targets based on the width of the initial A-B leg.
Dynamic Target Projections: Takes the guesswork out of taking profits. The script projects forward-looking target boxes for:
Wave 3 (161.8% - 261.8% of Wave 1)
Wave 5 (61.8% - 100% of Waves 0-3)
A-B-C Corrections (38.2% - 61.8% retracement of the entire 1-5 structure)
Smart Invalidation & Automatic Alt-Counts: This is a standout feature. The script plots a strict invalidation line at the start of the wave (Point 0). If the price action breaks this level, the current count is instantly marked as invalid. The script will then automatically scan historical pivot windows to find and plot a valid Alternative Count (Alt Count) and its new targets.
Customization & Settings
The indicator is highly modular. Via the settings panel, users can:
Adjust the Timeframe and Pivot Length to fine-tune the sensitivity of the ZigZag tracking.
Toggle specific structures on or off (e.g., hide Triangles if you only want to see Impulses).
Fully customize the colors and styling of lines, labels, and target boxes to fit your personal chart theme.
⚠️ Important Disclaimer
This script is a geometric counting tool based strictly on the three rigid, textbook rules of Elliott Wave. As seasoned practitioners know, real-world wave counting is highly subjective and context-dependent. Multiple valid interpretations of a chart can exist simultaneously. This indicator does not cover every possible sub-classification (like expanded/running flats or complex WXYXZ combinations) and should be used as an analytical aid alongside your own market analysis, not as a standalone buy/sell signal.
The Geometrics - Elliott Wave Auto Counter is an advanced, fully automated technical analysis tool designed to identify and plot Elliott Wave structures directly on your chart. Built strictly around the three cardinal rules of Elliott Wave Theory, this indicator takes the heavy lifting out of wave counting by dynamically tracking pivot points and projecting geometric structures in real-time.
Whether you are tracking standard motive waves, complex diagonals, or corrective structures, this script provides a clear, visual roadmap of potential market cycles.
Key Features
Impulse Waves (1-2-3-4-5): Automatically identifies valid 5-wave impulse structures. It ensures that Wave 2 does not retrace 100% of Wave 1, Wave 3 is never the shortest, and Wave 4 does not enter the price territory of Wave 1. It also calculates and displays the exact Fibonacci retracement and extension percentages on the chart.
Leading & Ending Diagonals: Detects diagonal wedge structures where Wave 4 is permitted to overlap Wave 1. The script even dives into the inner wave structures to classify whether the diagonal follows a 5-3-5-3-5 or 3-3-3-3-3 pattern.
Corrective Waves (A-B-C): Once a 5-wave sequence is completed, the script actively looks for and plots the subsequent A-B-C corrective structure.
Triangle Detection: Identifies both Contracting and Expanding triangles (A-B-C-D-E). It automatically draws the upper and lower boundary lines and projects geometric breakout targets based on the width of the initial A-B leg.
Dynamic Target Projections: Takes the guesswork out of taking profits. The script projects forward-looking target boxes for:
Wave 3 (161.8% - 261.8% of Wave 1)
Wave 5 (61.8% - 100% of Waves 0-3)
A-B-C Corrections (38.2% - 61.8% retracement of the entire 1-5 structure)
Smart Invalidation & Automatic Alt-Counts: This is a standout feature. The script plots a strict invalidation line at the start of the wave (Point 0). If the price action breaks this level, the current count is instantly marked as invalid. The script will then automatically scan historical pivot windows to find and plot a valid Alternative Count (Alt Count) and its new targets.
Customization & Settings
The indicator is highly modular. Via the settings panel, users can:
Adjust the Timeframe and Pivot Length to fine-tune the sensitivity of the ZigZag tracking.
Toggle specific structures on or off (e.g., hide Triangles if you only want to see Impulses).
Fully customize the colors and styling of lines, labels, and target boxes to fit your personal chart theme.
⚠️ Important Disclaimer
This script is a geometric counting tool based strictly on the three rigid, textbook rules of Elliott Wave. As seasoned practitioners know, real-world wave counting is highly subjective and context-dependent. Multiple valid interpretations of a chart can exist simultaneously. This indicator does not cover every possible sub-classification (like expanded/running flats or complex WXYXZ combinations) and should be used as an analytical aid alongside your own market analysis, not as a standalone buy/sell signal.
Скрипт с открытым кодом
В истинном духе TradingView, создатель этого скрипта сделал его открытым исходным кодом, чтобы трейдеры могли проверить и убедиться в его функциональности. Браво автору! Вы можете использовать его бесплатно, но помните, что перепубликация кода подчиняется нашим Правилам поведения.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.
Скрипт с открытым кодом
В истинном духе TradingView, создатель этого скрипта сделал его открытым исходным кодом, чтобы трейдеры могли проверить и убедиться в его функциональности. Браво автору! Вы можете использовать его бесплатно, но помните, что перепубликация кода подчиняется нашим Правилам поведения.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.