Elliott Wave Analyzer Pro

The Elliott Wave Analyzer Pro indicator is a comprehensive technical analysis tool designed to identify complex market structures across stocks, crypto, commodities, and precious metals. It automatically detects impulse waves, corrections, and various chart patterns to provide actionable buy and sell zones for both spot and leverage traders.

Usage

The indicator can be used to identify trend exhaustion and potential reversals by monitoring wave counts. Users can enable "Leverage Trading" mode to receive long and short signals with an adjustable multiplier, or stick to "Spot" mode for long-only entries.

Specialized modes are available for precious metals like XAUUSD (Gold) and XAGUSD (Silver), which activate session-aware analysis and ATR-adjusted stop losses. Traders should look for price entering the shaded "Buy" or "Sell" zones, which are generated based on identified wave completions (such as Wave 5 or Wave C).

Details

The script utilizes a sophisticated pivot-detection algorithm to map out high and low points. These points are then processed through logic-based filters to identify specific Elliott Wave patterns, including:

• Impulse Waves: Classic 1-2-3-4-5 sequences.
• Correction Waves: Zigzags (A-B-C), Flats, and Complex Corrections (W-X-Y).
• Chart Patterns: Triangles (A-B-C-D-E) and Diagonal patterns.

The tool also incorporates a multi-timeframe (MTF) bias engine, checking Weekly, Daily, and current timeframe EMAs and RSI to assign a "Recommendation Score." This ensures that signals are aligned with the broader market trend.

Settings

Trading Mode

• Enable Leverage Trading: Toggle between Spot (Buy/Sell only) and Leverage (Long/Short) modes.
• Leverage Multiplier (x): Sets the multiplier for leverage-based PnL calculations.
• Risk Per Trade (%): The percentage of capital risked per signal.

Wave Detection

• Pivot Lookback Length: Controls the sensitivity of wave detection. Higher values detect larger trend cycles.
• Minimum Wave Size (%): The minimum percentage move required to qualify as a new wave leg.

Display

• Wave Patterns (Impulse, Zigzag, etc.): Toggle the visibility of specific wave types.
• Show Zones & Targets: Enables the visual shading of entry zones and Take Profit (TP) levels.
• Info Panel: Displays a summary of the current pattern, directional bias, and technical analysis verdict.

FAQ

How do I interpret the Recommendation Score?

The score is derived from multi-timeframe technical indicators. A high score suggests strong trend alignment, while a "HOLD" verdict indicates consolidation or conflicting signals.

Can I use this for intraday trading?

Yes, by adjusting the "Pivot Lookback Length" to lower values, the indicator becomes more sensitive to smaller price movements suitable for shorter timeframes.

How do I get access to this tool?

How to access Elliott Wave Analyzer Pro? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.