Smart Elliot Wave
- Indicateurs
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Thanh Lam Pham
With a deep-rooted passion for financial markets and trading, I specialize in the development of cutting-edge trading strategies and tools. Leveraging my extensive experience with both MetaTrader 4 and MetaTrader 5 platforms, I have crafted numerous indicators and expert advisors that empower - Version: 6.10
Smart Elliott Wave is a sophisticated technical indicator that automatically detects Elliott Wave patterns with complete 5-wave impulse structures (1-2-3-4-5) and validates ABC corrective patterns for high-probability trading setups. This indicator eliminates manual wave counting and provides clear visual signals with confidence scoring.
Key Features
Automatic Wave Detection
- Detects complete Elliott Wave 5-wave impulse patterns automatically
- Identifies ABC corrective patterns for optimal entry points
- Real-time pattern validation using strict Elliott Wave rules
- Multi-timeframe compatibility
Advanced Analysis
- Subwave Structure Validation: Analyzes internal wave structure (3-wave or 5-wave subdivisions)
- Alternation Principle: Validates wave 2 and wave 4 alternation (sharp vs sideways)
- Pattern Quality Scoring: Ranks patterns based on multiple criteria (confidence, subwave quality, alternation)
- Overlap Detection: Automatically removes overlapping patterns, keeping only the best quality setups
ABC Pattern Classification
- ZigZag Correction
- Flat Correction
- Expanded Flat Correction
- Fibonacci ratio validation for each ABC type
Visual Tools
- Fibonacci retracement levels (23.6%, 38.2%, 50%, 61.8%, 78.6%, 100%, 161.8%)
- Wave connecting trendlines with color-coded bullish/bearish signals
- Wave number labels with subwave count indicators
- ABC labels with pattern type identification
- Entry signal arrows at point C completion
Intelligent Filtering
- Pattern overlap removal with quality-based selection
- Zone-based pattern limits to prevent chart clutter
- Confidence threshold filtering
- Recency weighting for current market relevance
Alert System
- Popup alerts for new pattern completions
- Configurable alert cooldown to prevent spam
- Pattern details in alert messages (confidence scores, pattern type, rank)
How It Works
1. Wave Detection Phase The indicator scans price action using fractal-based swing point detection within configurable time zones. It identifies potential 5-wave sequences that alternate between high and low swing points.
2. Pattern Validation Each detected sequence is validated against strict Elliott Wave rules:
- Wave 2 cannot retrace beyond wave 0
- Wave 3 cannot be the shortest impulse wave
- Wave 4 cannot overlap with wave 1 price territory
- Fibonacci relationships between waves must be within acceptable ranges
3. Subwave Analysis (Optional) When enabled, the indicator validates internal wave structures:
- Impulse waves (1, 3, 5) should contain 5 subdivisions
- Corrective waves (2, 4) should contain 3 subdivisions
- Quality scoring based on subdivision clarity and Fibonacci proportions
4. Alternation Analysis (Optional) Validates the principle that waves 2 and 4 should alternate in character:
- Sharp (steep, quick retracement) vs Sideways (flat, complex correction)
- Time duration differences
- Structural complexity differences
- Boosts confidence when alternation is confirmed
5. ABC Pattern Detection After wave 5 completion, the indicator looks forward to identify ABC corrective patterns:
- Point A: First correction from wave 5
- Point B: Retracement of wave A
- Point C: Final correction point (optimal entry)
- Validates Fibonacci ratios and classifies ABC type
- Generates entry signal arrow at point C
6. Pattern Ranking & Filtering Multiple patterns are scored and ranked based on:
- Base confidence (Elliott rules compliance)
- Subwave structure quality
- Alternation score
- ABC pattern confidence
- Pattern recency
Overlapping patterns are filtered, keeping only the highest quality setups per zone.
good indicator. Many thanks for sharing