Elliott Structure Pro RC

The Elliott Structure Pro RC indicator scans recent pivot structures to identify candidate Elliott Wave impulse sequences using pivot logic, ZigZag mapping, and Fibonacci projections. This tool is designed to automate the visualization of wave counts and structural progression based on alternating swing logic and configurable validation rules.

Usage

The Usage section describes how the script can be used to interpret market structure through automated wave mapping.

Market Structure Identification

The indicator automatically builds a ZigZag-style path by filtering out price noise and identifying major swing highs and lows. Users can utilize the HH / HL / LH / LL tags to determine the current trend direction and structural strength.

Elliott Wave Scanning

The tool scans for 1–5 impulse sequences. Traders can choose between two primary modes:

• Semplificato (Simplified): Focuses on basic structural coherence and alternating swing progression.
• Avanzato (Advanced): Applies strict Elliott rules, such as ensuring Wave 3 is not the shortest and that Wave 4 does not overlap with Wave 1.

Invalidation and Targets

Once a sequence is identified, the script provides an invalidation level. If the price breaches this level, the structure is flagged as broken. Additionally, Fibonacci expansion levels are projected for Wave 3 and Wave 5 to provide potential price targets based on the relationship between earlier waves in the sequence.

Details

The script employs a multi-step execution logic to process market data:

• Pivot Compression: It starts by identifying raw pivot highs and lows, then compresses them into a clean alternating sequence to remove redundant swings.
• Impulse Matching: It searches the most recent pivots (within a configurable scan window) to find a 6-point sequence that matches a bullish or bearish impulse model.
• Validation Filters: In "Avanzato" mode, the script checks specific criteria: Wave 3 must not be the shortest of Waves 1, 3, and 5, and Wave 4 must remain outside the price territory of Wave 1 (except in specific diagonal formations).
• Corrective Cycles: After a completed 5-wave impulse, the indicator can optionally detect basic A-B-C corrective patterns to signal the potential start of a new trend phase.

Settings

Core & Wave Engine

• Wave Mode: Choose between "Semplificato" for loose structural matching or "Avanzato" for strict Elliott rules.
• Pivot Scan Window: Determines how many recent pivots the script analyzes to find a pattern.
• Pivot Left/Right: Sets the number of bars required on each side to confirm a pivot point.
• Min Swing %: The minimum percentage change required for a price movement to be considered a valid swing.

Validation Rules

• Use Strict Elliott Validation: Enables rule-based filtering for professional wave counts.
• Force Wave 3 Not Shortest: Invalidates patterns where Wave 3 is the smallest of the impulse waves.
• Force Wave 4 No Overlap: Invalidates patterns where Wave 4 enters the price range of Wave 1.
• Show Simple ABC: Enables the detection of three-wave corrective sequences following an impulse.

Visuals & Targets

• Enable Gradient Effect: Colors ZigZag lines based on the strength of the price swing.
• Show Fib Targets: Displays projected price levels for Wave 3 and Wave 5.
• Wave 3/5 Fib: Configurable Fibonacci multipliers for target projections (default 1.618 and 0.618).
• Color Bars: Colors price bars based on whether a bullish or bearish impulse is active.

FAQ

How can I differentiate between a valid and an invalidated wave count? The indicator plots an invalidation level on the chart. If the structure is broken, a "Broken Structure" flag appears on the dashboard, and the visual overlay can be set to hide or change color depending on your settings.

What is the difference between Simplified and Advanced modes? Simplified mode looks for the general shape of an impulse to help visualize trend swings, while Advanced mode filters those shapes against core Elliott Wave mathematical rules to provide more technically accurate candidates.

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