OPEN-SOURCE SCRIPT
Elliott Wave Predictor - Smart Algos
📈 Elliott Wave Predictor with Fibonacci Projections
A comprehensive Elliott Wave analysis tool that automatically identifies wave structures, projects future price targets using Fibonacci ratios, and overlays key moving averages — all in one indicator.
🔍 What It Does
This indicator combines ZigZag pivot detection with Elliott Wave theory to label impulse waves (1-2-3-4-5) and corrective waves (A-B-C) directly on your chart. It then projects the next 5 waves into the future using textbook Fibonacci relationships, giving you actionable price targets.
✨ Key Features
Automatic ZigZag Detection — Identifies swing highs and lows using configurable pivot depth
Wave Labeling (1-5, A-B-C) — Labels are auto-detected using structural scoring (longest leg = Wave 3) or manually overridden
Fibonacci Projections — Projects future waves with proper Elliott Wave ratios:
Wave 2: 61.8% retracement of Wave 1
Wave 3: 161.8% extension of Wave 1
Wave 4: 38.2% retracement of Wave 3
Wave 5: 100% of Wave 1
Corrective waves A, B, C with standard ratios
Projection Table — Displays projected wave targets, % change from current price, and the Fibonacci ratio used
Wave 5 Two-Year Target — Long-term price target shown in the table (not plotted on chart)
50 & 200 WMA — Weighted Moving Averages for trend confirmation
Trend Direction — Auto-detects bullish/bearish impulse, or set manually
Manual Wave Override — Tell the script which wave just completed for precise alignment
⚙️ Settings
Setting Description
ZigZag Depth Pivot lookback period (default: 5)
Trend Direction Auto / Bullish / Bearish
Last Completed Wave Auto-detect or manually set (1-5, A-C)
Show Wave Labels Toggle historical wave labels
Show Projections Toggle projected zigzag + table
Show WMAs Toggle 50/200 WMA overlays
📖 How to Use
Apply the indicator to any chart and timeframe
The ZigZag will automatically draw with wave labels
Check if the auto-detected wave labels make sense for your chart
If not, use "Last Completed Wave" to manually set which wave the last pivot represents
Set "Trend Direction" to Bullish or Bearish based on your analysis
Use the projection table and dashed lines to identify potential price targets
Confirm with the 50/200 WMA for trend direction
⚠️ Disclaimer
This indicator is for educational and analytical purposes only. Elliott Wave analysis is inherently subjective — wave counts can differ between analysts. Always use proper risk management and combine with other forms of analysis before making trading decisions. Past wave structure does not guarantee future price movement.
A comprehensive Elliott Wave analysis tool that automatically identifies wave structures, projects future price targets using Fibonacci ratios, and overlays key moving averages — all in one indicator.
🔍 What It Does
This indicator combines ZigZag pivot detection with Elliott Wave theory to label impulse waves (1-2-3-4-5) and corrective waves (A-B-C) directly on your chart. It then projects the next 5 waves into the future using textbook Fibonacci relationships, giving you actionable price targets.
✨ Key Features
Automatic ZigZag Detection — Identifies swing highs and lows using configurable pivot depth
Wave Labeling (1-5, A-B-C) — Labels are auto-detected using structural scoring (longest leg = Wave 3) or manually overridden
Fibonacci Projections — Projects future waves with proper Elliott Wave ratios:
Wave 2: 61.8% retracement of Wave 1
Wave 3: 161.8% extension of Wave 1
Wave 4: 38.2% retracement of Wave 3
Wave 5: 100% of Wave 1
Corrective waves A, B, C with standard ratios
Projection Table — Displays projected wave targets, % change from current price, and the Fibonacci ratio used
Wave 5 Two-Year Target — Long-term price target shown in the table (not plotted on chart)
50 & 200 WMA — Weighted Moving Averages for trend confirmation
Trend Direction — Auto-detects bullish/bearish impulse, or set manually
Manual Wave Override — Tell the script which wave just completed for precise alignment
⚙️ Settings
Setting Description
ZigZag Depth Pivot lookback period (default: 5)
Trend Direction Auto / Bullish / Bearish
Last Completed Wave Auto-detect or manually set (1-5, A-C)
Show Wave Labels Toggle historical wave labels
Show Projections Toggle projected zigzag + table
Show WMAs Toggle 50/200 WMA overlays
📖 How to Use
Apply the indicator to any chart and timeframe
The ZigZag will automatically draw with wave labels
Check if the auto-detected wave labels make sense for your chart
If not, use "Last Completed Wave" to manually set which wave the last pivot represents
Set "Trend Direction" to Bullish or Bearish based on your analysis
Use the projection table and dashed lines to identify potential price targets
Confirm with the 50/200 WMA for trend direction
⚠️ Disclaimer
This indicator is for educational and analytical purposes only. Elliott Wave analysis is inherently subjective — wave counts can differ between analysts. Always use proper risk management and combine with other forms of analysis before making trading decisions. Past wave structure does not guarantee future price movement.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.