Description
Elliott Wave-3 Continuation & Elliott Reversals
Elliott Wave Structure is an indicator designed to analyze market structure with the Elliott Wave theory.
It combines confirmed swing analysis, market structure, Elliott impulse detection, and a dedicated Wave-2 to Wave-3 continuation.
This tool was built for traders who require clarity, confirmation, and rule-based execution, not subjective drawing.
Non-Repainting Swing Engine
All calculations are based on confirmed swing points using:
- Adjustable swing depth
- Minimum price deviation (pip filter)
- Confirmation bars
Once a swing is printed, it never moves, ensuring full historical reliability.
Market Structure Analysis:
Automatically identifies and labels:
- Higher High (HH)
- Higher Low (HL)
- Lower High (LH)
- Lower Low (LL)
Elliott Wave Impulse Detection:
The indicator automatically detects complete 5-wave Elliott impulses in both directions:
- Bullish: L-H-L-H-L-H
- Bearish: H-L-H-L-H-L
It validates impulses using internal rules:
- Wave 3 strength
- Wave 2 and Wave 4 retracement logic
- Wave 5 proportionality
Each impulse is graded using a quality score (0–100) and labeled directly on the chart.
Wave-3 Continuation Setup (Primary Trading Module)
This is the core trading component of the indicator.
The system identifies Wave 0-1-2 continuation structures and prepares entries for Wave 3:
- Bullish: Low → High → Higher Low
- Bearish: High → Low → Lower High
Validation criteria include:
- Wave 2 retracement between 23.6% and 88.6%
- No invalidation through Wave 0
- Trend alignment using market structure
- Wave 1 strength relative to ATR
- Price must be sitting on OB
When validated, the indicator automatically draws:
- Wave 1 and Wave 2 structure
- OB entry zone
- Entry signal
- Stop Loss based on ATR beyond Wave 2
- Take Profit based on ATR projection
Risk & Trade Management
- Stop Loss and Take Profit are calculated dynamically using ATR
- Risk-Reward ratio is displayed directly on the chart
- Designed to avoid over-extended or low-quality setups
I personally use it for scalping indices on M1 & M5, but it does work with FX, commodities, stocks, etc... The dashboard shows if it has been profitable on a particular asset.
The free version let you try on major FX M15.
Summary
It identifies complete 5-wave Elliott impulses in both bullish and bearish directions, validating them with internal rules based on wave strength, retracement logic, and proportionality. Each impulse is assigned a quality score from 0 to 100 and displayed on the chart.
The core trading feature focuses on Wave-3 continuation setups by recognizing Wave 0-1-2 structures and preparing entries for Wave 3 with specific validation criteria including retracement levels, trend alignment, and price positioning on order blocks. The indicator dynamically calculates stop loss and take profit levels using Average True Range (ATR), displaying risk-reward ratios on the chart to support trade management.
ElliottWave supports multiple markets including forex, indices, commodities, stocks, and cryptocurrencies. It is suitable for scalping strategies on short timeframes such as M1 and M5, with a free version available for major forex pairs on M15. The tool emphasizes clarity, confirmation, and rule-based execution without subjective drawing.
