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Real Waves MTF

The indicator shows the real waves of four (selectable) timeframes on the current chart, displaying the wave structure of the market. The indicator is able to monitor the formation of waves in real time. It informs the trader when the wave of the current or higher timeframe is completely formed. It visualizes waves starting from the current timeframe and higher. Convenient and customizable visualization of the wave structure of the market.

When using this indicator, there is no need to manually apply the wave markup for the working timeframes. The algorithm for determining the waves has nothing to do with ZigZag. The indicator will be very useful to traders who apply wave analysis based on the Elliott wave theory. The indicator can work on any instruments (currency pairs, stock market, gold, etc.) without the need to adjust to each instrument.


Parameters

  • QuantityOfBars - history depth in bars. If a large amount of history is available in the terminal, it is necessary to limit the depth of history to be analyzed by the indicator.
  • Working bar: from 0 to 2 - the bar after which the indicator checks the relevance of the last extremum.
  • TimeFrames of the waves you want to see - timeframes to display the waves from. Suitable values are from "1 minute" to "1 month". If the specified timeframe is smaller than the current, the specified timeframe will be set equal to the current.
    • TimeFrame_1=5 Minutes;
    • TimeFrame_2=15 Minutes;
    • TimeFrame_3=30 Minutes;
    • TimeFrame_4=1 Hour;
  • Show the waves of timeframes - show the waves of the selected timeframe on the current chart, true/false.
    • show_waves_TimeFrame_1=true;
    • show_waves_TimeFrame_2=true;
    • show_waves_TimeFrame_3=true;
    • show_waves_TimeFrame_4=true;


Examples

Screenshot 1 shows the indicator parameters.

Screenshots 2-3 show the examples of automatic wave markup on the M5 timeframe with М5, М15, М30 and Н1 waves.

Screenshot 4 shows the example of automatic wave markup on the M1 timeframe with М5, М15, М30 and Н1 waves.

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Version 1.1 2018.01.30
Optimized the algorithm for finding extreme values