Ewaves Indicators

Posted by Blogger Name. Category: Indicators

eWaves Indicator Plots colour-coded histograms (based on the Bill Williams Awesome Oscillator).Using the histogram data, it computes Elliot Waves 3, 4 and 5 and plots the count on both the histogram windowand (if the ShowEWOnChart option is set to true) the price window. After a Wave 3 has been found, it looks for alikely start of Wave 1, from which Fibonacci Expansion are plotted to forecast the price where Wave 5 could go(shown as TZ1 and TZ2 -FE 61.8 and FE 100 respectively). It will also plot Fibonacci Time Zones, based on the likelyWave 1 start and Wave 3, to determine where Wave 5 will be. There are also options to display the count of barsbetween cross of zero line, along with vertical lines to highlight those crosses.

The following applies if the ShowEWOnChart option is set to true ...

It must be noted that the start of Wave 1 can be very tricky to spot, even for the naked eye, let alone toprogram. As such, a symbol is displayed (rather than a number) and it is from this point that FibonacciExpansion and Time Zones are calculated. The Wave 1 start will only be looked for once a Wave 3 has beenidentified. After a Wave 3 has been identified, the indicator will (after a few bars) start looking for a ‘dynamic’ Wave 4 (shown as a black 4 on the price chart). This will move with price, along with the Fib’ levels, until the Wave 4 is confirmed.

The chart below shows how the indicator automatically displayed the Fibonacci levels – with Wave 5 reaching thepredicted Target Zone 1 and Time Zone (refer options below for Time Zone settings). Fibonacci levels will only bedisplayed when the requisite waves are displayed.

See below for explanation of all the options If the Wave Count doesn ’ t show on the histogram, please remove any indicators in the sub-windows, before loadingthe eWaves indicator.

Options

Variable DefaultValueComments VariableClosetoZL true Adjusts the value of orange bars according to recentvolatility. Higher volatility sets a higher value for,what is deemed to be, ‘close to zero’ and thus the levels where orange histogram bars will be shown.During quiet periods, such as Asian trading times, the definition of ‘close to zero’ will usually be lower. Having orange bars allows the trader to maintain aperspective of what is ‘ close to zero ’ when zoomingin on a chart and deciding if price is too far from itsmean to enter a trade.MaxClosetoZL 0.00060 The maximum histogram value to show orange barswhen close to the zero line; anything exceeding theabsolute of this value will be shown as green or redMinClosetoZL 0.00020 The minimum for above – if the variable functionthinks 0.0001 is close to zero, but the histogramvalue is 0.0002, the histogram will still be orangeShowLevels false Option to show the Max and Min Close to ZL valueson the histogram chartLevelsColour DarkGray Colour for aboveEWColour White Colour of Elliot Wave count numbersEWLookBack 140 How many bars to look back in determining the wavecount; 140 is the recommended valueShowEWOnChart false Show the Wave Count numbers on price chart. Unlikethe wave numbers on the histogram, the programlooks for high/low values of price. Showing theWaves on the price chart shows what the indicator isusing to form the Fibonacci Expansion levels – it isnot necessary to display on the price chart and may just clutter the chart. We are primarily interested inthe Wave Count on the histogram – the count onprice chart is of lesser importance.NumberPosOnChart 2 Allow for adjusting the distance for displaying wavecount numbers on price window. In up trends, thewave numbers are displayed above price; vice versafor down trends.DisplayBarCount true Show the count of histogram bars between zero linecrossesCountCol White Colour for aboveCountFontSize 10 Font size for aboveShowFibExp true Show the Fibonacci Expansion Levels based on wavecountFibExpColUp Blue Colour of above for up wavesFibExpColDn Red Colour of above for down wavesW4Validator 0.4 Some believe that a Wave 4 (on histogram) is invalid if it’s more than 40% of the Wave 3 maximum value.Where this is the case, a black 4 will be displayed onthe histogram rather than the default white. Changeto a value of 1 to allow for up to 100% of Wave 3.W4Validator is the ratio of Just a note ref above – not an option to change

W4 to W3 to be consideredvalid."Bad4Col Black As above, colour of histogram Wave 4 number whensupposedly invalid by size. Also the colour of the ‘dynamic’ Wave 4 on the price window. ShowFibTimeZone true Show the Fibonacci Time ZonesFibTimeColUp DarkGreen Colour of above in up-trendsFibTimeColDn Red Colour of above in down-trendsFibTimeWidth 2 Thickness of above levelsFibTimeLines 4 How many time zone levels to showFibTimeLevel1 1.7 Ratio of the 1 st to 3 rd waves for calculating the Wave5 time. The value of 1.618 was used in the examplechart at the top of this document.FibTimeFromPeak3=true Some users prefer to show where Wave 5 mightstart; whilst other where Wave 5 might end or peak – all based on where the Wave 3 point is calculated.This option allows for starting on the Wave 3 pricehigh/low or from where Wave 3 crossed into apossible Wave 4 – the latter seemingly being good forfinding where Wave 5 might peak (there is, as yet, nostatistics from using this indicator to suggest what isbest)If above false, FibTimeLevel1will be from Zero Line Crossafter W3 Just a note ref above – not an option to changeCrossVline true Show vertical lines when histogram crosses the zerolineVlineColor Silver Colour of aboveVlineStyle 2 Style of above

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