Elliott Wave Radar

What This Indicator Does

This indicator automatically analyzes the chart to identify Elliott Wave patterns (impulses and corrections) and shows you where waves 1, 2, 3, 4, and 5 are in real-time. It also includes price projections, volume validation, and triangle detection.

How Does the "Radar" Version Improve on It?

• Target Projection: It suggests where the price might be headed in wave 5.

• Volume Validation: It confirms whether volume supports the detected pattern.

• Triangle Detection: It identifies complex corrections (contracting, expanding, symmetrical).

• Probabilistic Analysis: It tells you how reliable the detected pattern is (%).

• Multiple Alternative Counts: It offers more than one valid option if the market is ambiguous.

How to Understand the Colors and Lines

Wave Lines

• BLUE: Impulsive waves (1, 3, 5) — the primary trend.

• RED: Corrective waves (2, 4) — retracements within the trend.

YELLOW LINE (Suggested Retracement)

This line marks the levels where a correction is most likely to end.

If the price pulls back and breaks the base of the yellow line (the point closest to the price, which acts as an entry level), the probability increases that it will continue toward the projection located at the other end of the line. This signal is only reliable when a complete trend change has already been confirmed, which validates both the starting and ending points of the yellow line.

GRAY LINE (Trend Channel)

This line outlines the path of impulsive waves and helps project where wave 5 might end. If the price respects the channel, it confirms the trend's strength; if it breaks it early, it could signal an upcoming correction or a change in the market scenario.

Practical Example: Bullish Trend

• Wave 1 (Blue): First bullish impulse.

• Wave 2 (Red): Retracement (typically 50% or 61.8% of wave 1).

• Wave 3 (Blue): Strong bullish move (the longest wave).

• Wave 4 (Red): Smaller retracement (does not overlap wave 1).

• Yellow line: If the price is here, it suggests the end of the correction and a potential entry.

• Gray channel: If the price breaks through it, it confirms the strength of the trend.

Key Signals for Trading

• ENTRY: When the price touches the yellow line during a correction and bounces.

• TARGET: Where the wave 5 projection suggests (based on Fibonacci).

• CONFIRMATION: Volume should be higher in impulsive waves than in corrective ones.

Early Potential Entry (Higher Risk)

• When: The price touches or gets close to the red line (wave 2 or 4).

• Confirmation: A bounce with volume and continuation of the pattern.

• Signal: The yellow line is active with a high probability.

Remember

• It's not 100% foolproof: use stops.

• It works best on 1H charts or higher.

• Combine it with support/resistance for greater accuracy.

The indicator does the heavy lifting of technical analysis for you! You just need to identify the lines and follow the logic of the trend.