# Elliott Guidelines Elliott Guidelines is an indicator on [Vela](https://vela.luxalgo.com/chart), our next-generation charting platform, written in Pine Script®. Scores a rule-valid five-wave count against the five Elliott guidelines (alternation, equality, channeling, depth and personality) as a PASS/MISS scorecard with the measured reading behind every grade. Swing points confirm on a 10-bar pivot length, while equality targets and the W2-W4 channel project where wave 5 may end, and the lesser-degree fourth-wave zone marks where wave 4 tends to end. - Indicator in the LuxAlgo Library, by LuxAlgo, published Jun 2, 2026. - Access: free. - Concepts: [Elliott Guidelines](https://www.luxalgo.com/library/concept/elliott-guidelines/) (primary) - Open on Vela: https://vela.luxalgo.com/chart?pineScriptCodeId=w983g6ztm3l72b7wbsbyqvpy - Page: https://www.luxalgo.com/library/indicator/elliott-guidelines/ **Elliott Guidelines** grades a candidate five-wave count against the tendencies that separate a preferred labeling from a merely legal one. The six most recent swing points form the candidate; once it clears the hard-rule gate, five checks (alternation, equality, channeling, depth and personality) each return PASS or MISS with the measured reading behind the grade. The build applies [Elliott guidelines](https://www.luxalgo.com/library/concept/elliott-guidelines/) exactly as the doctrine intends: a broken rule discards a count, a missed guideline only demotes it. ## How to Trade the Elliott Guidelines? - **Guideline Score**: the STRONG / MODERATE / WEAK COUNT verdict is evidence for arbitrating competing rule-valid counts, not a trade signal. - **W5 targets**: the equality zone (wave 1's length and 0.618 of it, projected from the wave-4 extreme) and the channel parallel each estimate where wave 5 may end; CONFLUENCE flags the parallel landing inside the zone. - **Fifth-wave divergence**: a developing wave 5 pushing past the wave-3 extreme on fading RSI is the classic maturity cue. Each event carries an alert, including full guideline conformance. ## Elliott Guidelines Settings - **Pivot Length** (default 10): swing confirmation width of the count. - **Lesser-Degree Length** (default 3): pivot length of the lesser-degree zigzag behind the depth and complexity checks. - **Count Selection** (default Auto): Auto re-anchors on every new swing; Bullish or Bearish locks the count's ending side. - **Ratio Tolerance** (default 0.1): how close counts as close for the equality and channeling grades. - **Sharp / Sideways Split %** (default 50): the retracement depth separating sharp corrections from sideways ones. - **Momentum Length** (default 14): RSI length behind the personality grade. - **Display toggles**: Candidate Wave Structure, Wave Numbers, Elliott Channel (W2-W4), Equality Targets, Prior Fourth-Wave Zone and Show Dashboard default on; Provisional Channel (W1-W3) off. ## Frequently Asked Questions ### How does this relate to the hard-rules build? They split the doctrine: the [Elliott Hard Rules build](https://www.luxalgo.com/library/indicator/elliott-hard-rules/) polices the binding constraints and prices where a count dies; this one assumes a rule-valid count and ranks it. Gate and grade. ### What makes the alternation check pass? Waves 2 and 4 must land on opposite sides of the Sharp / Sideways Split: one deep, one shallow. The dashboard also reports durations and lesser-degree subswing counts for judging form and complexity. ### Why is the Equality row sometimes not graded? That guideline only speaks when wave 3 is the extended wave; otherwise the row reads "W3 not extended" and casts no grade. Inapplicable checks sit out rather than corrupt the tally. ## Related indicators - [Elliott Wave](https://www.luxalgo.com/library/indicator/elliott-wave/) (Impulse): markdown at https://www.luxalgo.com/library/indicator/elliott-wave.md - [Truncation](https://www.luxalgo.com/library/indicator/truncation/) (Elliott & Harmonics): markdown at https://www.luxalgo.com/library/indicator/truncation.md - [Elliott Hard Rules](https://www.luxalgo.com/library/indicator/elliott-hard-rules/) (Elliott & Harmonics): markdown at https://www.luxalgo.com/library/indicator/elliott-hard-rules.md - [Triangle](https://www.luxalgo.com/library/indicator/triangle/) (Elliott & Harmonics): markdown at https://www.luxalgo.com/library/indicator/triangle.md - [Wave Degree Hierarchy](https://www.luxalgo.com/library/indicator/wave-degree-hierarchy/) (Elliott & Harmonics): markdown at https://www.luxalgo.com/library/indicator/wave-degree-hierarchy.md - [Diagonals](https://www.luxalgo.com/library/indicator/diagonals/) (Elliott & Harmonics): markdown at https://www.luxalgo.com/library/indicator/diagonals.md - [Motive Wave](https://www.luxalgo.com/library/indicator/motive-wave/) (Elliott & Harmonics): markdown at https://www.luxalgo.com/library/indicator/motive-wave.md - [Wave Extension](https://www.luxalgo.com/library/indicator/wave-extension/) (Elliott & Harmonics): markdown at https://www.luxalgo.com/library/indicator/wave-extension.md --- Source: https://www.luxalgo.com/library/indicator/elliott-guidelines/ (LuxAlgo Library). Free to use with attribution: https://www.luxalgo.com/library/license/