ElliottWave is a non-repainting indicator designed to analyze market structure using Elliott Wave theory. It integrates confirmed swing analysis, market structure identification, Elliott impulse detection, and a specialized Wave-2 to Wave-3 continuation setup. The indicator automatically detects and labels key market structure points such as Higher Highs, Higher Lows, Lower Highs, and Lower Lows.

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.