Elliott Wave Predictor & Dynamic Target Matrix (1 Year Map)

The Elliott Wave Predictor & Dynamic Target Matrix indicator algorithmically detects Elliott Wave structures in real-time and projects probable future price sequences directly onto the chart. It simplifies complex technical analysis by mapping out impulsive and corrective cycles using structural pivot detection and Fibonacci ratio validation.

Usage

The Usage section describes how to interpret the projected sequences and manage the forecasting matrix.

Forecasting and Sequencing

The tool automatically identifies primary 5-wave impulsive sequences and projects the subsequent 9-step cycle (Impulse 1-5 and Corrective A-B-C-X-Y) using dashed lines. Traders can use these projections to anticipate trend exhaustion or reversal points before they occur.

Dynamic Target Matrix

A real-time table displays the exact price targets for the next 9 steps in the active cycle. This includes Fibonacci extension/retracement levels and the required percentage move from the current price, serving as a live trade planning queue.

Dual-Scenario Planning

By enabling the "Show Alternate Scenario" feature, the indicator plots an inverted wave structure simultaneously. This allows traders to track both bullish and bearish counts at the same time, ensuring they have mathematical targets for both primary and alternative market directions.

Details

The indicator utilizes a ZigZag-based engine to filter out minor market noise and focus on significant structural pivots. It calculates projections based on classical Elliott Wave theory, where Wave 3 is typically the longest and corrective waves follow specific Fibonacci retracement depths.

The "EW Confidence Scoring System" evaluates the quality of the current count. It assesses rules such as the non-overlap of Wave 4 into Wave 1 territory and whether Wave 3 is the shortest impulsive wave, providing a probabilistic "health check" on the detected structure.

Settings

General

• ZigZag Depth: Adjusts the sensitivity of pivot detection. Lower values detect micro-trends, while higher values focus on macro structures.
• Trend Direction: Sets the bias to Auto, Bullish, or Bearish.
• Last Completed Wave: Manually override the current wave count if the algorithmic detection needs alignment with a specific macro view.

Visibility

• Show Wave Labels: Toggles the display of numerical and alphabetical labels on the chart.
• Show Historical Waves: Determines whether to keep past wave structures visible or hide them for a cleaner chart.
• Show Projections: Enables or disables the future-looking dashed projection lines.

Appearance

• Show Wave Table: Displays or hides the Target Matrix table.
• Colors: Custom colors for up/down waves, projections, and alternate scenarios.
• Table Text Size: Adjusts the size of the on-chart matrix (Tiny, Small, Normal).

FAQ

How do I access Elliott Wave Predictor & Dynamic Target Matrix (1 Year Map)?

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

What does the Confidence Score represent?

The score evaluates how strictly the current price action follows Elliott Wave rules. A higher score suggests a more reliable and "classical" wave structure.

Can I use this for day trading?

Yes, by adjusting the "ZigZag Depth" to a lower setting, the indicator can be tuned for intraday volatility and shorter-term wave structures.