[LazyBear] ElliotWave Oscillator for ThinkorSwim

[BenTen]

This indicator was created by LazyBear over at TradingView. It helps to identify the current trend and spotting potential reversal. The ElliotWave Oscillator can also keep you on the right side of the trade without exiting prematurely.

Author's notes:

EWO has:

• Higher values during third waves' up
• Lower but still Positive values during the first and fifth waves up
• Negative values during the biggest corrections or downtrend impulse waves.

thinkScript Code

# ElliotWave Oscillator
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/uculwCTj-Indicator-ElliotWave-Oscillator-EWO/

declare lower;

def s2 = expAverage(close, 5) - expAverage(close, 35);
plot diff = s2;

Diff.SetDefaultColor(GetColor(5));
Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Diff.SetLineWeight(3);


Diff.DefineColor("Positive and Up", Color.GREEN);
Diff.DefineColor("Negative and Down", Color.RED);
Diff.AssignValueColor(if s2 <= 0 then Diff.color("Negative and Down") else Diff.color("Positive and Up"));

 

[horserider]

ElliotOscillator is already standard in ToS. Differences are avg vs expavg and ( hi + lo / 2 ) vs close.
Results are virtually the same. The ToS study allows changing the lengths so may be more versatile.

 

[BenTen]

@horserider Thanks for that. I totally forgot to check against the ToS database

 

[lee-I-O=coke-A]

ben , is it possible to take elliott oscillator and create a scan that creates candidates that are ( -2.0 or less ) below zero line?

 

[MerryDay]

To Scan For candidates that are ( -2.0 or less ) below zero line
It should be stated that this is not the 'traditional' way that an Elliot Wave Strategy implemented
https://www.thebalance.com/elliott-wave-tricks-to-improve-trading-4153295

Import the link for the scanner:
Shared Link: http://tos.mx/H4KnIog
Click here for --> Easiest way to load shared links

It goes without saying, but I will say it anyway ... No trade should ever be entered into based on one indicator or one time frame
Read more: Basic Tenets Of A Good Strategy
@lee-I-O=coke-A

 

[lee-I-O=coke-A]

Merry,th

To Scan For candidates that are ( -2.0 or less ) below zero line
It should be stated that this is not the 'traditional' way that an Elliot Wave Strategy implemented
https://www.thebalance.com/elliott-wave-tricks-to-improve-trading-4153295

Import the link for the scanner:
Shared Link: http://tos.mx/H4KnIog
Click here for --> Easiest way to load shared links

It goes without saying, but I will say it anyway ... No trade should ever be entered into based on one indicator or one time frame
Read more: Basic Tenets Of A Good Strategy
@lee-I-O=coke-A

Merry, thank you, very much, that was exactly what I asked for and got. But, may I please modify my request. I asked for -2.0 or less, but I actually wanted -2.0 or greater. Plus at this time May I ask for an enhancement. Is it possible, in addition to look at the last 50 bars and locate that lowest valley.

And you are completely correct Merry , that a indicator by itself is not enough, I am just trying to get this under my belt first. thanks again.

 

[MerryDay]

Ahhhh.... What you are asking for is a lowest that can be perfectly defined. That would be the 'Holy Grail'.

If I find the 'lowest' and then the next candle is lower, my 'lowest' signal gets erased and moved to the new candle. This is the definition of repainting. You can read more about it here:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-57833

Even if you are willing to accept all the false signals to get to the elusive real low, these type of studies tend to not work in a scan due to being too complex. You can read more about it here:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-57834