Indicator: ElliotWave Oscillator [EWO]

44653 visningar
This oscillator has to be used in conjunction with other EW tools (certainly cannot be the main indicator).

EWO has:
- Higher values during third waves' up
- Lower but still Positive values during the first and fifth waves up
- Negative values during the biggest corrections or downtrend impulse waves.

Personally, I am still trying to figure out EW, so do not use this. Just wanted to publish this for the EW masters out there who can put this to good use.

Appreciate any comments/feedback.
Ta bort från favoritskript Lägg till som favoritskript
// @author LazyBear
study(title = "Elliot Wave Oscillator [LazyBear]", shorttitle="EWO_LB")
s2=ema(close, 5) - ema(close, 35)
c_color=s2 <= 0 ? red : lime
plot(s2, color=c_color, style=histogram, linewidth=2)
List of my free indicators:
List of my indicators at Appstore:


Hi I like so much your indicator, I don´t known write code, but i Found a php code with breaking bands, like advanced get, but I can´t fix to pine editor.
Best regard,

Reference to Picture in:

--Converted by Kelvinhand --



MP = (H+L)/2;
Price1 =ma(MP,5) - ma(MP,35) ;
AvgP = ema(Price1,Len);

clr = IIf(AvgP > 0, colorrgb(183,179,142), IIf(AvgP < 0, colorrgb(110,136,177), colorGrey50));
Plot(AvgP, "AvgP", clr, styleNoLabel|styleHistogram|styleThick);

clr = IIf(Price1 > 0, colorYellow, IIf(Price1 < 0, colorBlue, colorGrey50));
Plot(Price1, "Osc535", clr, styleNoLabel|styleHistogram|styleThick);

for(i=0; i<40; i++)
UpperBand =LowerBand= Price1;
+9 Svara
FedeMerello tradinggg
@tradinggg, @LazyBear the EWO + Braking bands could be a great trading combo , do you test both in the same script?
fitaliano tradinggg
@tradinggg, you can found this here
+1 Svara
Hey Lazy Bear, run this by He's a big EW guy and I'd be curious what he has to say.

+1 Svara
LazyBear grahvity
Yup, checked with him before publishing. The "warning" in the first line is from him actually.

My plan now is to take one of his EW charts and add this indicator there to see how EWO confirms his EW wave cycles :) Hopefully will get to it tomm.
+5 Svara
grahvity LazyBear
Cool. I look forward to seeing that.
+2 Svara
Solomon_A LazyBear
Hi i have question how to set up marker wave counter in your indicator. thanks you
Thx for this indicator! Here ( is written that: "The Elliott Oscillator is most effective when the chart has the "correct" number of bars. From 100 to 150 bars is the correct number of bars to use with the oscillator. Dr. Bill Williams suggests 100-140. Tom Joseph implies that 150 is right. We like to use about 120 bars, which is comfortably in the middle of that range, and which has consistently produced reliable results." IF this should be the truth, could you please modify the script that once in use it will "per default" push to display only certain Nr of the bars?
Thank you
Sinuhet Sinuhet
1) I modified the script as Lasy Bear mentioned above
2) Created 2 snapshots: the dirrerence between two is by the 2nd chart I simply used the "backward" button to load almost 2 years of daily bars additionally. I personally do not see any difference in form or amplitude, between both these /x/skwMSzIA/https://www.#
Sinuhet Sinuhet
sorry, by mistake published 2 same charts... this is the other one for comparision...
Hem Aktie-screener Forex-screener Krypto-screener Ekonomisk kalender Hur det fungerar Diagramfunktioner Priser Tipsa en vän Ordningsregler Hjälpcenter Webbsidor och mäklarlösningar Widgets Diagramlösningar Lightweight Charting Library Blogg och nyheter Twitter
Profil Profilinställningar Konto och fakturering Hänvisade vänner Mynt Mina kölappar Hjälpcenter Publicerade idéer Följare Följer Privata meddelanden Chatt Logga ut