The indicator shows the real waves, based on alternating upper and lower extremums of the price chart, thus displaying the wave structure of the market. When using this indicator, there is no need to manually apply the wave markup for the current timeframe.
Relevance of the extremums is determined in the process of their calculation, invalid extremums are not taken into account. Upper extremums are calculated by the bars highs, while lower ones are calculated by the bars lows. Only one bar is considered on each side of the bar, on which the extremum is calculated. 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.
- 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 - change the bar, at the end of which the indicator determines the relevance of the last extremum.
Screenshots 1-3 show the examples of automatic wave layout on the timeframes Н4, Н1 and М15. They also show the waves of the H4 timeframes decomposed into wave components at the smaller timeframes - H1 and M15.