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Institutional Fibonacci + Elliott Wave
Institutional Fibonacci + Elliott Wave — Indicator Description
Overview
This indicator combines three powerful technical analysis tools into a single overlay: Fibonacci retracement/extension levels, Elliott Wave detection, and a Volume Point of Control (POC) line. It is designed to help traders identify high-probability entry zones, validate wave structure, and project take-profit targets with institutional-grade precision.
Core Components
1. Fibonacci Retracement & Extension Levels
The indicator automatically detects the most recent confirmed swing high and swing low using a configurable pivot length, then draws the full Fibonacci grid from that range.
Retracement levels (entry/pullback zones):
0.236, 0.382, 0.500, 0.618 (Golden Ratio), 0.705 (Institutional), 0.786 (Deep), 0.886 (Extreme)
Extension levels (take-profit targets):
1.000 (TP1 — equal move), 1.272 (TP2 — Wave 3 target), 1.618 (TP3 — Golden Extension), 2.000 (TP4), 2.618 (TP5)
The Golden Zone (0.618–0.786) is highlighted with a shaded box — historically the highest-probability reversal area in trending markets. A TP1 zone box is also drawn around the 1.000 extension.
Direction is set automatically: if the most recent confirmed pivot was a high, the grid is drawn bullish (low → high); if a low, it draws bearish (high → low). Every level includes an optional price label and percentage distance from the 0.618 entry.
2. Elliott Wave Detection
The indicator scans recent pivot history for a valid 5-wave impulse pattern, applying the three core Elliott Wave rules:
Wave 2 never retraces beyond the start of Wave 1
Wave 3 is never the shortest impulse wave
Wave 4 does not overlap Wave 1's price territory
When a pattern is confirmed, it draws labeled wave points (W1–W5) connected by colored lines — solid cyan for impulse waves, dashed orange for corrective waves. It also projects forward targets:
W5 Min / W5 Max — expected completion range for Wave 5
ABC-C — the likely endpoint of the subsequent corrective wave
Both bullish and bearish impulse structures are detected.
3. Point of Control (POC)
The POC line marks the price level with the highest traded volume over a configurable lookback window (default: 300 bars). It is calculated by dividing the price range into buckets and finding the bucket with the most cumulative volume — similar to a simplified volume profile.
The POC acts as a strong support/resistance magnet. Price tends to revisit and consolidate around it, making it useful for:
Confirming Fibonacci entry zones when POC aligns with the 0.618–0.786 area
Identifying likely reversal points if price is extended far from POC
4. Information Table
A compact on-chart table (position configurable) displays:
All 7 key price levels (0.618 entry through 2.618 TP5) with current prices and % move from the 0.618 entry
Elliott Wave phase status (Scanning / Bullish Impulse / Bearish Impulse)
Wave rule validation confirmation
How to Use It
Entering a trade:
Watch for price to pull back into the Golden Zone (0.618–0.786). If the POC line sits inside or near that zone, confluence is strong. Look for a reversal candle or momentum confirmation before entering.
Setting targets:
Use the extension levels from the table as a tiered take-profit plan — partial exit at TP1 (1.000), scale out at TP2 (1.272), and let runners run toward TP3 (1.618) or beyond.
Elliott Wave confluence:
If the indicator detects a bullish impulse and you are entering near the Wave 4 zone (between W3 and W4 labels), the W5 Min/Max projections give you a forward price target range that aligns with the extension levels.
Alerts:
Five built-in alerts are available — Golden Zone entry, TP1/TP2/TP3 hits, Elliott Wave confirmation, and a POC touch — configurable directly from TradingView's alert system.
Key Settings
Setting Default Notes Pivot Swing Length21Higher = fewer, more significant swings EW Pivot Length21Match to Swing Length for consistency POC Lookback300 bars Increase for longer-term POC Price Buckets200Higher = more precise POC, heavier CPU load Show Golden Zone On Recommended to leave on Show % from Entry On Shows distance from 0.618 for each level
Best Practices
Works on any timeframe and instrument (stocks, forex, crypto, futures)
Higher timeframes (4H, Daily) produce more reliable pivot detections
Elliott Wave detection is most reliable in trending, impulsive markets — use with caution in choppy, ranging conditions
Confluence of a Fibonacci level + POC + Elliott Wave count is the strongest signal this indicator can produce
Overview
This indicator combines three powerful technical analysis tools into a single overlay: Fibonacci retracement/extension levels, Elliott Wave detection, and a Volume Point of Control (POC) line. It is designed to help traders identify high-probability entry zones, validate wave structure, and project take-profit targets with institutional-grade precision.
Core Components
1. Fibonacci Retracement & Extension Levels
The indicator automatically detects the most recent confirmed swing high and swing low using a configurable pivot length, then draws the full Fibonacci grid from that range.
Retracement levels (entry/pullback zones):
0.236, 0.382, 0.500, 0.618 (Golden Ratio), 0.705 (Institutional), 0.786 (Deep), 0.886 (Extreme)
Extension levels (take-profit targets):
1.000 (TP1 — equal move), 1.272 (TP2 — Wave 3 target), 1.618 (TP3 — Golden Extension), 2.000 (TP4), 2.618 (TP5)
The Golden Zone (0.618–0.786) is highlighted with a shaded box — historically the highest-probability reversal area in trending markets. A TP1 zone box is also drawn around the 1.000 extension.
Direction is set automatically: if the most recent confirmed pivot was a high, the grid is drawn bullish (low → high); if a low, it draws bearish (high → low). Every level includes an optional price label and percentage distance from the 0.618 entry.
2. Elliott Wave Detection
The indicator scans recent pivot history for a valid 5-wave impulse pattern, applying the three core Elliott Wave rules:
Wave 2 never retraces beyond the start of Wave 1
Wave 3 is never the shortest impulse wave
Wave 4 does not overlap Wave 1's price territory
When a pattern is confirmed, it draws labeled wave points (W1–W5) connected by colored lines — solid cyan for impulse waves, dashed orange for corrective waves. It also projects forward targets:
W5 Min / W5 Max — expected completion range for Wave 5
ABC-C — the likely endpoint of the subsequent corrective wave
Both bullish and bearish impulse structures are detected.
3. Point of Control (POC)
The POC line marks the price level with the highest traded volume over a configurable lookback window (default: 300 bars). It is calculated by dividing the price range into buckets and finding the bucket with the most cumulative volume — similar to a simplified volume profile.
The POC acts as a strong support/resistance magnet. Price tends to revisit and consolidate around it, making it useful for:
Confirming Fibonacci entry zones when POC aligns with the 0.618–0.786 area
Identifying likely reversal points if price is extended far from POC
4. Information Table
A compact on-chart table (position configurable) displays:
All 7 key price levels (0.618 entry through 2.618 TP5) with current prices and % move from the 0.618 entry
Elliott Wave phase status (Scanning / Bullish Impulse / Bearish Impulse)
Wave rule validation confirmation
How to Use It
Entering a trade:
Watch for price to pull back into the Golden Zone (0.618–0.786). If the POC line sits inside or near that zone, confluence is strong. Look for a reversal candle or momentum confirmation before entering.
Setting targets:
Use the extension levels from the table as a tiered take-profit plan — partial exit at TP1 (1.000), scale out at TP2 (1.272), and let runners run toward TP3 (1.618) or beyond.
Elliott Wave confluence:
If the indicator detects a bullish impulse and you are entering near the Wave 4 zone (between W3 and W4 labels), the W5 Min/Max projections give you a forward price target range that aligns with the extension levels.
Alerts:
Five built-in alerts are available — Golden Zone entry, TP1/TP2/TP3 hits, Elliott Wave confirmation, and a POC touch — configurable directly from TradingView's alert system.
Key Settings
Setting Default Notes Pivot Swing Length21Higher = fewer, more significant swings EW Pivot Length21Match to Swing Length for consistency POC Lookback300 bars Increase for longer-term POC Price Buckets200Higher = more precise POC, heavier CPU load Show Golden Zone On Recommended to leave on Show % from Entry On Shows distance from 0.618 for each level
Best Practices
Works on any timeframe and instrument (stocks, forex, crypto, futures)
Higher timeframes (4H, Daily) produce more reliable pivot detections
Elliott Wave detection is most reliable in trending, impulsive markets — use with caution in choppy, ranging conditions
Confluence of a Fibonacci level + POC + Elliott Wave count is the strongest signal this indicator can produce
สคริปต์โอเพนซอร์ซ
ด้วยเจตนารมณ์หลักของ TradingView ผู้สร้างสคริปต์นี้ได้ทำให้เป็นโอเพนซอร์ส เพื่อให้เทรดเดอร์สามารถตรวจสอบและยืนยันฟังก์ชันการทำงานของมันได้ ขอชื่นชมผู้เขียน! แม้ว่าคุณจะใช้งานได้ฟรี แต่โปรดจำไว้ว่าการเผยแพร่โค้ดซ้ำจะต้องเป็นไปตาม กฎระเบียบการใช้งาน ของเรา
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน
สคริปต์โอเพนซอร์ซ
ด้วยเจตนารมณ์หลักของ TradingView ผู้สร้างสคริปต์นี้ได้ทำให้เป็นโอเพนซอร์ส เพื่อให้เทรดเดอร์สามารถตรวจสอบและยืนยันฟังก์ชันการทำงานของมันได้ ขอชื่นชมผู้เขียน! แม้ว่าคุณจะใช้งานได้ฟรี แต่โปรดจำไว้ว่าการเผยแพร่โค้ดซ้ำจะต้องเป็นไปตาม กฎระเบียบการใช้งาน ของเรา
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน