Hap Elliot

The Hap Elliot indicator provides an automated Elliott Wave Theory (EWT) analysis framework designed to eliminate subjectivity by mapping nested wave structures and real-time future price projections.

Usage

The Usage section describes how the script can be used to identify market cycles and potential reversal points. Users can monitor the automated wave counts to determine the current trend phase and anticipate upcoming movements based on Fibonacci expansions and retracements.

• Identifying Trend Starts: Look for a "Valid" status on the dashboard, which indicates a completed 1-2 wave sequence. This often signals the start of a high-momentum Wave 3.
• Targeting Extensions: Use the projected Wave 3 targets (typically the 1.618 extension) as primary profit objectives.
• Managing Reversals: When the price action completes a 5-wave cycle and enters the "Wave 5 Reversal Box," users can anticipate an (A)(B)(C) correction.
• Multi-Timeframe Analysis: The indicator overlays Macro and Micro waves, allowing traders to see how small sub-waves build into larger primary trends.

Details

The script utilizes a sophisticated mathematical algorithm to enforce strict Elliott Wave guidelines, ensuring that counts remain technically sound.

• Dual Engine Pivot System: Users can switch between ATR-based detection for faster, more aggressive day trading, or Fractal-confirmed detection for more reliable swing trading.
• Guideline Enforcement: The engine automatically checks for rules such as "Wave 3 cannot be the shortest" and the "Rule of Alternation" between corrective waves.
• Dynamic Updating: Because EWT is a dynamic theory, the script will update wave anchors and projections in real-time as price action develops (e.g., if a Wave 3 extends into a super-extension).
• Status Dashboard: A visual interface displays the current trend state, such as "Bullish Expected" or "Perfect 5-Waves Done," providing immediate context without manual counting.

Settings

• Pivot Engine: Selects the wave detection method: ATR Distance (Fast), Fractal Confirmed (Reliable), or Auto.
• Master Rules: Enables advanced EWT rules including smart channel drawing, RSI divergence conditions, and momentum checks.
• Correction Simulation: Toggles the display of hypothetical (A)-(B)-(C) and (W)-(X)-(Y) corrective paths.
• Sub-Wave Settings: Controls the visibility and color of micro-level internal wave structures.
• Fibonacci General: Global toggle for all drawing elements, including horizontal levels and historical wave paths.
• Future Target Settings: Customizes how future targets are displayed, including label style (Price vs. Fib Ratio) and transparency.
• Macro/Micro Wave Sensitivity: Adjusts the ATR multiplier and fractal bar requirements to fine-tune how many waves are detected on different horizons.

FAQ

How do the different Pivot Engines affect the wave counts? The ATR Distance mode reacts quickly to volatility, making it suitable for fast-moving markets, while the Fractal mode waits for price confirmation to filter out noise, providing more stable long-term counts.

What does it mean when a wave "repaints"? In Elliott Wave Theory, price action can extend (particularly Wave 3). The script dynamically adjusts projections to reflect these extensions, which is the mathematically correct way to apply EWT to live data.

How can I access the Hap Elliot tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.