Elliott Wave: Pro Forecast + DashboardTitle: Elliott Wave: Pro Forecast + Dashboard
This is an improvement from my previous Elliott Wave Script
Description:
This is an advanced, "context-aware" Elliott Wave forecasting engine designed for both scalpers and swing traders. Unlike static wave indicators, this script uses an adaptive logic system to detect the dominant market trend and automatically project the most probable wave structure (Impulse vs. Correction) in real-time.
It features a "Real-Time Swing Detection" engine that bypasses standard pivot lag during high-volatility events, ensuring your forecast targets remain accurate even during sharp breakouts or crashes.
Key Features
🧠 1. AI / Adaptive Trend Logic
Auto-Detect Mode: The script analyzes the 200 EMA and recent pivot structure to automatically determine if the next move is an Impulse (1-2-3-4-5) or a Correction (A-B-C / W-X-Y).
Dynamic Bias:
Bull Trend + Recent Low = Projects Bullish Impulse.
Bull Trend + Recent High = Projects Bullish Correction.
Manual Override: You can force "Impulse Only" or "Correction Only" modes for specific analysis.
⚡ 2. Real-Time Swing Detection (Volatility Guard)
Standard pivot indicators lag by several bars. This script monitors price action in real-time. If price breaks significantly below a "live" low or above a "live" high, the script immediately updates the forecast anchor point, preventing the "floating lines" issue common in other indicators during volatility spikes.
🌊 3. Advanced Wave Structures
Impulse: Projects a standard 5-wave motive structure using Fibonacci expansions (1.618 for Wave 3, Equality for Wave 5).
Correction Selector: Choose between:
Double Zig-Zag (W-X-Y): For sharp, complex corrections. Includes automatic Parallel Channeling.
Triangle (A-B-C-D-E): For sideways consolidation patterns.
Extensions: Automatically detects and draws Extension targets (0.5 Vol) before the reversal begins.
📊 4. Professional Dashboard
Status Panel: Displays the detected trend phase (e.g., "Detected: Bull CORRECTION").
Target Table: Lists exact price targets for every wave (1-5, A-E, W-X-Y) along with the % distance from the current price.
Macro Forecast: Includes a separate, thicker 1-Year Macro projection that runs independently of the short-term forecast.
🔗 5. Scenario Linking
"Link" Mode: Optionally chain the forecast to start after the Extension target is hit, allowing you to visualize "Extension -> Reversal" scenarios seamlessly.
How to Use
Add to Chart: Works best on 1H, 4H, and Daily timeframes.
Check the Status: Look at the top-right dashboard. The "STATUS" row tells you if the script sees an Impulse or Correction.
Adjust Sensitivity: Use the "Short-Term Sensitivity" setting (Default: 5) to tune the pivot detection to your specific asset's volatility.
Correction Style: If the market is chopping sideways, switch the "Correction Pattern" in settings to Triangle. If it is trending sharply, leave it on Double Zig-Zag.
Disclaimer: This tool provides hypothetical projections based on Fibonacci ratios and Elliott Wave theory. It is not financial advice. Always use stop losses and proper risk management.
Elliottwaveanalyis
Elliott Wave [LuxAlgo]The Elliott Wave indicator allows users to detect Elliott Wave (EW) impulses as well as corrective segments automatically on the chart. These are detected and displayed serially, allowing users to keep track of the evolution of an impulse or corrective wave.
Fibonacci retracements constructed from detected impulse waves are also included.
This script additionally allows users to get alerted on a wide variety of trigger conditions (see the ALERTS section below).
🔶 SETTINGS
🔹 Source
• "high" -> options high, close, maximum of open/close
• "low" -> options low, close, minimum of open/close
🔹 ZigZag
• The source and length are used to check whether a new Pivot Point is found.
Example:
• source = high/low, length = 10:
• There is a new pivot high when:
- previous high is higher than current high
- the highs of 10 bars prior to previous high are all lower
• These pivot points are used to form the ZigZag lines, which in their turn are used for pattern recognition
🔶 USAGE
The basic principles we use to identify Elliott Wave impulses are:
• A movement in the direction of the trend ( Motive/Impulse wave ) is divided in 5 waves (Wave 1 -> 5)
• The Corrective Wave (against the trend) is divided in 3 waves (Wave A -> C)
• The waves can be subdivided in smaller waves
• Wave 2 can’t retrace more than the beginning of Wave 1
• Wave 4 does not overlap with the price territory of Wave 1
Here we see an example:
Let's look at the development:
• 1 bar after point (5) a confirmed 5 Motive Wave pattern is found (1 -> 5; The 5 Waves can also be seen as one large Wave 1 ).
• Next, the script draws a set of Fibonacci lines, which are area's where the Corrective Wave potentially will bounce.
Here we see the fifth wave is getting larger, the previous highest point is updated, and the Wave 5 is larger than Wave 3 :
(At this point, the pattern is invalidated, and it display as dotted)
Further progression in time:
At this point, a confirmed " 3 Corrective Wave pattern " is found (a -> c)
When a new high has developed, a circle is drawn (in the same color of the lines)
However, when the bottom of the drawn box has breached, a red cross will be visualized.
Further progression:
Later on, a bearish confirmed " 5 Motive Wave pattern " is found (1 -> 5):
When a Corrective Wave becomes invalidated, the ABC pattern will display as dashed (not dotted):
🔶 TECHNIQUES
Pine Script™ introduces methods!
• More information can be found here:
• Pine Script™ v5 User Manual 👉 Methods
• Pine Script™ language reference manual 👉 method
🔶 ALERTS
Dynamic alerts are included in the script, you only need to set 1 alert to receive following messages:
• When a new EW Motive Pattern is found (Bullish/Bearish )
• When a new EW Corrective Pattern is found (Bullish/Bearish )
• When an EW Motive Pattern is invalidated (Bullish/Bearish )
• When an EW Corrective Pattern is invalidated (Bullish/Bearish )
• When possible, a start of a new EW Motive Wave is found (Bullish/Bearish )
• Here is information how you can set these alerts()
