All orders
Rules
Job finished
Specification
This is an indicator based on wave fibs possibly identified using a zigzag + a diagonal trendline with fibs, requested as follows.
Imagine a simplified Elliott wave, where there are only ever 3 waves, 1,2,3.
So this can be inceptive impulsive 1,2,3
Or it can refer to 3 impulsive 3,4,5
Or it can refer to corrective ABC
(1) Allows zigzag to be drawn based on number of pips, or number of pips relative to ATR
(2) Draws Fibs for Zigzag wave 0-1, or user defined Wave 1.
(3) Draws Fibs using wave 1-2
(4) Draws Fibs using Zigzag wave 0-1 but starting from start of wave 3 (i.e. end of wave 2)
(4b) Draws Fibs of 0-3 after 3 target specified is hit based on 0-1, e.g. 161.8% beginning from 0-1 where 1 high=100%. Update if prices goes higher.
(5) Wave 0-1 defined in pips or pips relative to ATR
(6) Wave 2 defined as a hit of retracement of wave 1, and updates if price breaches current wave 2 low.
(7) Beginning of wave 3 defined as breach of wave 2 high + X%.
(8) A confluence of 2 or more fibs, within, e.g. 5 pips of each other, is highlighted as 'potential target' for wave 3.
(9) Can paint up to (switch on or off) up past waves (i.e. countback in zigzags)
(10) Number of and percentage of retrace and targets can be defined in each case as a list.
(11) Once wave 1 and 2 form, add wave 0-1 trendline and wave 0-2 trendline + fib "fan-like" intersectors.
(12) Fib levels for the 3 projections and the retrace of 0-3, and the intersecting lines can be specified by the user in both number of and % level.
Summary, for upward impulsive wave 1:
= Identify wave 0-1 by specifying
= Draw Fibs 0-1 + extensions (Fibs 1)
= When a retracement hit, draw wave 1-2 fibs, which is 1-2 + extensions (Fibs 2)
= Draw also 0-1+extensions, starting from low of 2. (Fibs 3 - option to draw these only when wave 1 is exceeded, at fib level 100%, or 110% or whatever).
= Draw trendline 0-1 and trendline 0-2 with 50% intersector and other fib intersectors as fan.
= Mark confluences of 2 lines according to maximum pips difference between them as targets
= Mark confluences of 3 lines according to maximum pips difference between them as targets
= When wave 3 target specified is hit, e.g.200% of wave 0-1 where 0=0%, 1=100% of 0-1, draw 0-3 retracement fibs
= Can switch on or off any of these options
= Can list fib levels desired, e.g. 50%, 100%, 150%, 200%, for each of the waves separately
= Can lookback, or start at an earlier wave
Examples are attached.
Quick turnaround desired.
