Advanced Elliott Wave Trading Tool
Budget: $50 – $300 USD
Elliott Wave Indicator
Objective: Develop a comprehensive Elliott Wave indicator that automatically identifies, labels, and anticipates Elliott Wave patterns (impulsive and corrective) across all timeframes, adhering to Elliott Wave theory rules and guidelines. The indicator must be highly customizable, visually clear, and include predictive features for future wave targets, surpassing the functionality of TradingView’s Elliott Wave tool.
1. Core Functionality
1.1 Wave Identification and Labeling
Automatic Detection: Identify and label impulsive (1-2-3-4-5) and corrective (A-B-C, or A-B-C-D-E for triangles) waves based on Elliott Wave rules.
Wave Degrees: Support 9 wave degrees (Grand Supercycle to Subminuette) with appropriate labeling for each timeframe (weekly to minute).
Labeling Style: Use numbers (1-5) for impulsive waves and letters (A-B-C or A-B-C-D-E) for corrective waves. Allow user customization of labeling style (e.g., numbers, letters, or both).
Inner and Outer Waves: Detect and label sub-waves within larger waves (e.g., 5 sub-waves in impulsive waves 1, 3, 5; 3 sub-waves in corrective waves 2, 4, A, B, C).
1.2 Elliott Wave Rules and Guidelines
Impulsive Waves:
Wave 2 cannot retrace more than 100% of Wave 1.
Wave 3 cannot be the shortest among Waves 1, 3, and 5 (often the longest).
Wave 4 cannot overlap Wave 1’s price territory (except in diagonal triangles).
Wave 5 must be at least as long as Wave 1 unless truncated.
Momentum divergence often occurs between Waves 3 and 5.
Corrective Waves:
Wave B in a zigzag retraces 50%-61.8% of Wave A.
In flats, Wave B retraces 61.8%-100% of Wave A; Wave C is approximately equal to Wave A.
Triangles (A-B-C-D-E) appear in Wave 4 or B, with each leg being corrective.
Validation: Issue alerts if any wave violates Elliott Wave rules, allowing users to review potential errors.
1.3 Pattern Recognition
Impulsive Patterns:
Standard Impulse: 5 waves (1-2-3-4-5) with possible extensions in Wave 1, 3, or 5.
Leading Diagonal: Appears in Wave 1 or A, structured as 5-3-5-3-5 or 3-3-3-3-3 with overlap between Waves 1 and 4.
Ending Diagonal: Appears in Wave 5 or C, structured as 3-3-3-3-3 or 5-3-5-3-5 with overlap.
Corrective Patterns:
Zigzag: A-B-C (A and C impulsive, B corrective).
Flat: A-B-C (all corrective), including Regular Flat (C ≈ A), Expanded Flat (C exceeds A), and Running Flat (C doesn’t reach A’s end).
Triangle: A-B-C-D-E, each leg corrective, including Contracting, Expanding, and Barrier triangles.
Complex Corrections: Double Zigzag (W-X-Y), Triple Zigzag (W-X-Y-X-Z), Double Three, Triple Three.
Pattern Visualization: Draw patterns (e.g., triangles with connecting lines) and label them clearly on the chart.
1.4 Fibonacci Integration
Retracements:
Wave 2: 50%, 61.8%, 76.4%, 85.4% of Wave 1.
Wave 4: 14.6%, 23.6%, 38.2% of Wave 3.
Wave B (Zigzag): 50%, 61.8%, 76.4%, 85.4% of Wave A.
Extensions:
Wave 3: 161.8%, 200%, 261.8% of Wave 1-2.
Wave 5: 123.6%-161.8% of Wave 4, equal to Wave 1, or 61.8% of Waves 1-3.
Wave C (Zigzag): 61.8%, 100%, 123.6%, or 161.8% of Wave A.
Automatic Application: Plot Fibonacci levels on the chart for each wave, with customizable ratios in settings.
1.5 Predictive Features
Anticipation: Predict potential endpoints of future waves based on current chart structure and Fibonacci ratios.
Example: If Wave 3 is complete, draw projected Wave 4 retracement levels (0.5-0.618) and Wave 5 targets (123.6%-161.8% of Wave 4, equal to Wave 1, or 61.8% of Waves 1-3).
Dynamic Updates: Adjust predictions as new price data emerges, re-labeling waves if necessary.
Channeling: Draw trend channels connecting Wave 1 start to Wave 2 end, with a parallel line through Wave 3 end, to predict Wave 5 targets. Detect channel breakouts with alerts.
2. Customization and User Interface
Sensitivity Settings: Allow adjustment of wave detection sensitivity (e.g., minimum wave length, Fibonacci ratio tolerances).
Visual Customization:
Change colors, line styles, and font sizes for wave labels, channels, and Fibonacci levels.
Toggle visibility of specific elements (e.g., hide sub-waves, Fibonacci levels, or channels).
Multi-Timeframe Support: Ensure accurate wave detection and labeling across all timeframes (e.g., minute, hourly, daily).
User Interface: Clean, intuitive design with clear wave labels and pattern visualizations (e.g., triangles drawn with connecting lines).
3. Alerts and Notifications
Pattern Completion: Alerts for completed waves (e.g., “Wave 4 completed,” “Wave 5 in progress”).
Rule Violations: Notify users if a wave violates Elliott Wave rules.
Custom Alerts: Allow users to enable/disable specific alerts (e.g., all alerts, specific wave completions).
Channel Breakouts: Alerts for price breaking above/below wave channels.
4. Algorithm Workflow
Peak/Trough Detection: Use fractal or Zigzag algorithms to identify swing highs/lows as potential wave start/end points.
Wave Classification: Categorize waves as impulsive or corrective based on Elliott Wave rules and Fibonacci ratios.
Pattern Recognition: Match price movements to Elliott Wave patterns (e.g., Zigzag, Flat, Triangle) using predefined rules.
Fibonacci Application: Apply retracement and extension levels to each wave, displaying them on the chart.
Channel Drawing: Plot trend channels based on wave peaks/troughs to predict future price movement.
Prediction and Validation: Project future wave targets and validate current wave counts against Elliott Wave rules, issuing alerts for violations or pattern completions.
5. Additional Requirements
Superior to TradingView: The indicator must outperform TradingView’s Elliott Wave tool by offering:
More accurate wave labeling across all degrees.
Predictive capabilities for future waves (e.g., Wave 4 retracement and Wave 5 targets).
Comprehensive pattern recognition (e.g., all corrective patterns, including complex ones).
Error Handling: If a pattern cannot be identified or rules are violated, display a warning and suggest alternative wave counts.
Performance: Optimize for real-time performance across various markets (stocks, forex, commodities) and timeframes.
6. Deliverables
A fully functional Elliott Wave indicator with:
Automatic wave detection and labeling.
Support for all impulsive and corrective patterns (Zigzag, Flat, Triangle, Double/Triple Zigzag, Double/Triple Three).
Fibonacci-based retracement/extension levels.
Predictive wave projections.
Customizable settings (sensitivity, colors, alerts).
Multi-timeframe compatibility.
Documentation detailing the indicator’s functionality, settings, and usage instructions.
Test cases to verify adherence to Elliott Wave rules and accurate pattern recognition.
7. Notes for Developer
Completeness: The indicator must cover all Elliott Wave patterns, rules, and guidelines as outlined, including complex corrections and predictive features.
Objection Handling: Ensure all specified features (e.g., wave degrees, Fibonacci ratios, pattern recognition, alerts) are implemented to avoid disputes. If any feature is missing, the client can reference this specification to request corrections.
Customization: Provide full control via the interface for adjusting Fibonacci ratios, wave sensitivity, and visual elements.
Objective: Develop a comprehensive Elliott Wave indicator that automatically identifies, labels, and anticipates Elliott Wave patterns (impulsive and corrective) across all timeframes, adhering to Elliott Wave theory rules and guidelines. The indicator must be highly customizable, visually clear, and include predictive features for future wave targets, surpassing the functionality of TradingView’s Elliott Wave tool.
1. Core Functionality
1.1 Wave Identification and Labeling
Automatic Detection: Identify and label impulsive (1-2-3-4-5) and corrective (A-B-C, or A-B-C-D-E for triangles) waves based on Elliott Wave rules.
Wave Degrees: Support 9 wave degrees (Grand Supercycle to Subminuette) with appropriate labeling for each timeframe (weekly to minute).
Labeling Style: Use numbers (1-5) for impulsive waves and letters (A-B-C or A-B-C-D-E) for corrective waves. Allow user customization of labeling style (e.g., numbers, letters, or both).
Inner and Outer Waves: Detect and label sub-waves within larger waves (e.g., 5 sub-waves in impulsive waves 1, 3, 5; 3 sub-waves in corrective waves 2, 4, A, B, C).
1.2 Elliott Wave Rules and Guidelines
Impulsive Waves:
Wave 2 cannot retrace more than 100% of Wave 1.
Wave 3 cannot be the shortest among Waves 1, 3, and 5 (often the longest).
Wave 4 cannot overlap Wave 1’s price territory (except in diagonal triangles).
Wave 5 must be at least as long as Wave 1 unless truncated.
Momentum divergence often occurs between Waves 3 and 5.
Corrective Waves:
Wave B in a zigzag retraces 50%-61.8% of Wave A.
In flats, Wave B retraces 61.8%-100% of Wave A; Wave C is approximately equal to Wave A.
Triangles (A-B-C-D-E) appear in Wave 4 or B, with each leg being corrective.
Validation: Issue alerts if any wave violates Elliott Wave rules, allowing users to review potential errors.
1.3 Pattern Recognition
Impulsive Patterns:
Standard Impulse: 5 waves (1-2-3-4-5) with possible extensions in Wave 1, 3, or 5.
Leading Diagonal: Appears in Wave 1 or A, structured as 5-3-5-3-5 or 3-3-3-3-3 with overlap between Waves 1 and 4.
Ending Diagonal: Appears in Wave 5 or C, structured as 3-3-3-3-3 or 5-3-5-3-5 with overlap.
Corrective Patterns:
Zigzag: A-B-C (A and C impulsive, B corrective).
Flat: A-B-C (all corrective), including Regular Flat (C ≈ A), Expanded Flat (C exceeds A), and Running Flat (C doesn’t reach A’s end).
Triangle: A-B-C-D-E, each leg corrective, including Contracting, Expanding, and Barrier triangles.
Complex Corrections: Double Zigzag (W-X-Y), Triple Zigzag (W-X-Y-X-Z), Double Three, Triple Three.
Pattern Visualization: Draw patterns (e.g., triangles with connecting lines) and label them clearly on the chart.
1.4 Fibonacci Integration
Retracements:
Wave 2: 50%, 61.8%, 76.4%, 85.4% of Wave 1.
Wave 4: 14.6%, 23.6%, 38.2% of Wave 3.
Wave B (Zigzag): 50%, 61.8%, 76.4%, 85.4% of Wave A.
Extensions:
Wave 3: 161.8%, 200%, 261.8% of Wave 1-2.
Wave 5: 123.6%-161.8% of Wave 4, equal to Wave 1, or 61.8% of Waves 1-3.
Wave C (Zigzag): 61.8%, 100%, 123.6%, or 161.8% of Wave A.
Automatic Application: Plot Fibonacci levels on the chart for each wave, with customizable ratios in settings.
1.5 Predictive Features
Anticipation: Predict potential endpoints of future waves based on current chart structure and Fibonacci ratios.
Example: If Wave 3 is complete, draw projected Wave 4 retracement levels (0.5-0.618) and Wave 5 targets (123.6%-161.8% of Wave 4, equal to Wave 1, or 61.8% of Waves 1-3).
Dynamic Updates: Adjust predictions as new price data emerges, re-labeling waves if necessary.
Channeling: Draw trend channels connecting Wave 1 start to Wave 2 end, with a parallel line through Wave 3 end, to predict Wave 5 targets. Detect channel breakouts with alerts.
2. Customization and User Interface
Sensitivity Settings: Allow adjustment of wave detection sensitivity (e.g., minimum wave length, Fibonacci ratio tolerances).
Visual Customization:
Change colors, line styles, and font sizes for wave labels, channels, and Fibonacci levels.
Toggle visibility of specific elements (e.g., hide sub-waves, Fibonacci levels, or channels).
Multi-Timeframe Support: Ensure accurate wave detection and labeling across all timeframes (e.g., minute, hourly, daily).
User Interface: Clean, intuitive design with clear wave labels and pattern visualizations (e.g., triangles drawn with connecting lines).
3. Alerts and Notifications
Pattern Completion: Alerts for completed waves (e.g., “Wave 4 completed,” “Wave 5 in progress”).
Rule Violations: Notify users if a wave violates Elliott Wave rules.
Custom Alerts: Allow users to enable/disable specific alerts (e.g., all alerts, specific wave completions).
Channel Breakouts: Alerts for price breaking above/below wave channels.
4. Algorithm Workflow
Peak/Trough Detection: Use fractal or Zigzag algorithms to identify swing highs/lows as potential wave start/end points.
Wave Classification: Categorize waves as impulsive or corrective based on Elliott Wave rules and Fibonacci ratios.
Pattern Recognition: Match price movements to Elliott Wave patterns (e.g., Zigzag, Flat, Triangle) using predefined rules.
Fibonacci Application: Apply retracement and extension levels to each wave, displaying them on the chart.
Channel Drawing: Plot trend channels based on wave peaks/troughs to predict future price movement.
Prediction and Validation: Project future wave targets and validate current wave counts against Elliott Wave rules, issuing alerts for violations or pattern completions.
5. Additional Requirements
Superior to TradingView: The indicator must outperform TradingView’s Elliott Wave tool by offering:
More accurate wave labeling across all degrees.
Predictive capabilities for future waves (e.g., Wave 4 retracement and Wave 5 targets).
Comprehensive pattern recognition (e.g., all corrective patterns, including complex ones).
Error Handling: If a pattern cannot be identified or rules are violated, display a warning and suggest alternative wave counts.
Performance: Optimize for real-time performance across various markets (stocks, forex, commodities) and timeframes.
6. Deliverables
A fully functional Elliott Wave indicator with:
Automatic wave detection and labeling.
Support for all impulsive and corrective patterns (Zigzag, Flat, Triangle, Double/Triple Zigzag, Double/Triple Three).
Fibonacci-based retracement/extension levels.
Predictive wave projections.
Customizable settings (sensitivity, colors, alerts).
Multi-timeframe compatibility.
Documentation detailing the indicator’s functionality, settings, and usage instructions.
Test cases to verify adherence to Elliott Wave rules and accurate pattern recognition.
7. Notes for Developer
Completeness: The indicator must cover all Elliott Wave patterns, rules, and guidelines as outlined, including complex corrections and predictive features.
Objection Handling: Ensure all specified features (e.g., wave degrees, Fibonacci ratios, pattern recognition, alerts) are implemented to avoid disputes. If any feature is missing, the client can reference this specification to request corrections.
Customization: Provide full control via the interface for adjusting Fibonacci ratios, wave sensitivity, and visual elements.