[LazyBear] ElliotWave Oscillator for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
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

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"));
 
Last edited:
horserider

horserider

Well-known member
VIP
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

BenTen

Administrative
Staff
VIP
@horserider Thanks for that. I totally forgot to check against the ToS database 😂
 

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