Elliott Wave Detector PRO

The Elliott Wave Detector PRO indicator is a comprehensive technical analysis tool designed to automate the complex process of Elliott Wave counting while strictly enforcing the core rules of the theory. It ensures that wave counts are only displayed when they pass rigorous validation, providing traders with an objective framework for identifying market cycles and potential price targets.

Usage

The indicator identifies primary swings and validates them against the three cardinal Elliott Wave rules. Users can observe five distinct pattern types on their charts:

• Impulse Waves: 5-wave motive structures validated for rule adherence and Fibonacci proportions.
• Diagonals: Leading or ending structures where Wave 4 overlaps Wave 1, typically found at trend exhaustion points.
• Zigzags: Sharp A-B-C corrections where Wave B retraces a specific portion of Wave A.
• Flats: Sideways corrections categorized into Regular or Expanded types based on the depth of Wave B.
• Triangles: Five-wave contracting patterns with converging boundaries.

The tool includes a Forecast Panel that remains "Gated" until a pattern is confirmed, preventing speculative labels on noise-heavy price action.

Details

This script differentiates itself by prioritizing accuracy over frequency. Unlike standard auto-labelers, it will leave a chart with neutral dot markers if the price action does not satisfy the mandatory Elliott Wave constraints:

1. Wave 2 cannot retrace more than 100% of Wave 1.
2. Wave 3 cannot be the shortest of the motive waves (1, 3, and 5).
3. Wave 4 cannot enter the price territory of Wave 1 (except in Diagonal patterns).

It also evaluates "soft constraints" or guidelines, such as Alternation (differing characteristics between waves 2 and 4) and Sub-wave structure, to assign a confidence score to each detected pattern.

Settings

Swing Detection

• Primary Wave Swing Length: Determines the number of bars required to confirm a major pivot.
• Sub-Wave Swing Length: Sets the sensitivity for secondary internal pivot detection.
• Min Swing % (Primary): The minimum percentage move required to qualify as a primary wave.

Multi-Timeframe Analysis

• Enable MTF Validation: Cross-references local wave counts with higher timeframe trends.
• Auto-Detect HTF from Chart: Automatically selects appropriate higher timeframes based on the current chart resolution.

Fibonacci & Forecast

• Show Price Targets: Toggles the visibility of projected targets based on Fibonacci extensions.
• Projection Length: Adjusts how many bars into the future the forecast lines extend.

FAQ

How do I interpret the neutral dot markers? Dot markers indicate swing points that have been detected but do not currently form a valid Elliott Wave pattern according to the core rules.

Why is the Forecast Panel showing "UNCONFIRMED"? The forecast is gated; it will only provide specific targets and scenarios once a valid Impulse, Zigzag, Flat, Triangle, or Diagonal has been fully identified and validated.

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