Elite Elliott Wave - Auto Fibonacci

The Elite Elliott Wave - Auto Fibonacci indicator is a technical analysis tool that automates the identification of Elliott Wave structures and overlays relevant Fibonacci levels based on wave characteristics. It aims to provide traders with a rule-based approach to wave counting and target identification by combining algorithmic pivot detection with dynamic Fibonacci retracements and extensions.

Usage

The tool automatically detects pivots to plot Elliott Wave counts (1-2-3-4-5) and corrective structures. To use the script, traders can observe the wave labels and lines to identify the current market cycle.

• Wave Detection: Use the "Pivot Strength" and "Min Wave Size %" to filter out noise. Higher pivot strength results in larger, more significant wave counts.
• Fibonacci Analysis: The "Smart" Fibonacci mode automatically selects the most relevant levels (retracements, extensions, or projections) based on the specific wave being analyzed. For example, if Wave 3 is identified as extended, the script focuses on extension targets.
• Validation: The confidence score provides a quantitative measure of how well the current structure adheres to strict Elliott Wave rules (e.g., Wave 3 cannot be the shortest, Wave 4 cannot enter Wave 1 territory).
• Zones: When enabled, the tool highlights Support and Resistance zones at key Fibonacci levels to identify high-probability reversal or continuation areas.

Details

The script utilizes an adaptive logic system to categorize waves. It calculates ratios between segments to determine if a wave is a retracement (typically Wave 2 or 4) or an extension (typically Wave 3).

• Validation Logic: It implements core rules such as ensuring Wave 2 does not retrace more than 100% of Wave 1 and validating that Wave 3 is not the shortest among waves 1, 3, and 5.
• Dynamic Fibonacci: Unlike static Fibonacci tools, this indicator selects levels based on the "Fibonacci Mode" (Smart, Conservative, Aggressive, or All Levels), adjusting the density of levels based on the "Sensitivity" setting.

Settings

Wave Detection

• Pivot Strength: Sets the number of bars required on either side of a high/low to confirm a pivot.
• Min Wave Size %: Filters out smaller price movements that do not meet the minimum percentage threshold for a wave.

Auto Fibonacci

• Fibonacci Mode: Chooses the logic for level selection (Smart, Conservative, Aggressive, or All Levels).
• Sensitivity: Adjusts the number of Fibonacci levels shown; higher values display more minor levels.
• Show Fib Labels: Toggles the visibility of the ratio labels (e.g., 61.8%).
• Show Support/Resistance Zones: Displays visual boxes around high-importance Fibonacci levels.

Validation

• Strict Elliott Rules: When enabled, waves must strictly follow all standard rules to be labeled.
• Min Confidence Score: Sets the threshold for displaying wave counts based on their rule adherence.
• Show Confidence %: Displays the percentage score on the chart labels.

Display

• Wave Lines/Labels: Toggles the primary Elliott Wave visual elements.
• Trend Channels: Draws channels based on wave boundaries to visualize the trend direction.
• Label Size: Adjusts the size of on-chart text for better visibility.

FAQ

How do I interpret the Confidence Score?

The Confidence Score represents how many Elliott Wave rules and guidelines the current formation satisfies. A score of 100% means the structure perfectly adheres to all programmed rules.

Why are some Fibonacci levels missing in Smart Mode?

Smart Mode is designed to reduce clutter by only showing the most statistically relevant levels for the specific wave type being analyzed. You can switch to "All Levels" if you prefer to see every ratio.

How do I access Elite Elliott Wave - Auto Fibonacci?

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