We need to make things better and to solve the struggles of traders conquering this ventures capital arena. I present my new Elliot targets script.
Anyone learning the Elliot wave is very difficult and difficult to understand. I would like to take a few parts of the Elliot wave theory that is how to calculate the retracement area and price levels according to the Fibonacci ratio of the Elliot wave. A Then combine the basic indicators Bollinger Band, MACD-H and RSI to predict the future of the market. And try to automate the above.
The idea in the Elliot targets scenario is to combine: + Oscillators indicator (Rsi - Relative Strength Index) + Center Oscillators indicator (MACD - Moving Average convergence Divergence) + Volatility indicator (BB - Bollinger Band).
There are some option in the script, let see: - Bollinger Band: calculates trend with signal combination from Bollinger Band indicator. - RSI: calculates trend with signal combination from RSI. - MACD: Main indicator of Elliot targets script, with option Histogram highest or lowest in a week, a month, quarter, year depending on timeframe H1, H4 or Daily... I will show with pictures following photo. - Label: Option to display the price notice board: 1 - Main bulletins board (default: off): showing all prices at Fibonacci levels (38.2, 50, 61.8, 161.8, 200, 261.8). 2 - Separate bulletin board for 2 trends (up - down): current price at Fibonacci levels (38.2, 50, 61.8, 161.8, 200, 261.8).
Here are a few examples of how the editor uses the above indicators to predict goals: - The signal is with only MACD: - The signals combine MACD and Bollinger Band: - The signals combine MACD and RSI: - The signals combine MACD + Bollinger band + RSI:
* The label shows: - Main label is at Uptrend: - Main label is at Downtrend:
- The separate labels is at Uptrend: - The separate labels is at Downtrend: