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### Overview
The Elliott Wave Fibonacci Targets indicator is designed to streamline your Elliott Wave analysis by automatically identifying key price pivot highs and lows on your chart. Based on these detected pivots, the script calculates and displays potential target price levels for Waves 2, 3, 4, and 5 using standard Fibonacci retracement and extension ratios.
### Key Features
1. Customizable Pivot Detection: Easily adjust the "Pivot Left Bars" and "Pivot Right Bars" inputs to fine-tune pivot sensitivity for different timeframes and market conditions.
2. Automated Fibonacci Target Calculations:
- Wave 2: Standard 61.8% and 78.6% retracements of Wave 1.
- Wave 3: 161.8% Fibonacci extension based on Wave 1 height.
- Wave 4: 38.2% retracement level of Wave 3.
- Wave 5: 61.8% extension calculated relative to Wave 3.
3. Clean On-Chart Summary: Displays all active targets in a clean, easily readable label on the most recent chart bar, keeping your chart uncluttered.
### How to Use
- Add the indicator to your desired chart and timeframe.
- Use the target output label to quickly evaluate potential support, resistance, or profit-target levels according to your Elliott Wave structure analysis.
- Adjust the input parameters in the settings panel to match short-term swing trading or long-term trend analysis.
Disclaimer: This script is intended for informational and educational purposes only and should not be considered financial advice. Always combine technical indicators with your own risk management strategy.
The Elliott Wave Fibonacci Targets indicator is designed to streamline your Elliott Wave analysis by automatically identifying key price pivot highs and lows on your chart. Based on these detected pivots, the script calculates and displays potential target price levels for Waves 2, 3, 4, and 5 using standard Fibonacci retracement and extension ratios.
### Key Features
1. Customizable Pivot Detection: Easily adjust the "Pivot Left Bars" and "Pivot Right Bars" inputs to fine-tune pivot sensitivity for different timeframes and market conditions.
2. Automated Fibonacci Target Calculations:
- Wave 2: Standard 61.8% and 78.6% retracements of Wave 1.
- Wave 3: 161.8% Fibonacci extension based on Wave 1 height.
- Wave 4: 38.2% retracement level of Wave 3.
- Wave 5: 61.8% extension calculated relative to Wave 3.
3. Clean On-Chart Summary: Displays all active targets in a clean, easily readable label on the most recent chart bar, keeping your chart uncluttered.
### How to Use
- Add the indicator to your desired chart and timeframe.
- Use the target output label to quickly evaluate potential support, resistance, or profit-target levels according to your Elliott Wave structure analysis.
- Adjust the input parameters in the settings panel to match short-term swing trading or long-term trend analysis.
Disclaimer: This script is intended for informational and educational purposes only and should not be considered financial advice. Always combine technical indicators with your own risk management strategy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.