OPEN-SOURCE SCRIPT
Updated Elliott Wave Oscillator + TTM Squeeze
The Elliott Wave Oscillator enables traders to track Elliott Wave counts and divergences. It allows traders to observe when an existing wave ends and when a new one begins. It works on the basis of a simple calculation: The difference between a 5-period simple moving average and a 34-period simple moving average.
Included with the EWO are the breakout bands that help identify strong impulses.
To further aid in the detection of explosive movements I've included the TTM Squeeze indicator which shows the relationship between Keltner Channels & Bollinger Bands, wich highlight situations of compression/low volatility, and expansion/high volatility. The dark dots indicate a squeeze, and white dots indicates the end of such squeeze and therefore the start of an expansion.
Enjoy!
Included with the EWO are the breakout bands that help identify strong impulses.
To further aid in the detection of explosive movements I've included the TTM Squeeze indicator which shows the relationship between Keltner Channels & Bollinger Bands, wich highlight situations of compression/low volatility, and expansion/high volatility. The dark dots indicate a squeeze, and white dots indicates the end of such squeeze and therefore the start of an expansion.
Enjoy!
Release Notes
Added the options to choose the color of the Breakout Bands and the color of the squeeze indicator.Release Notes
Zero line color setting added.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
@FractalTrade_
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
@FractalTrade_
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.