MetaStock Formulas

HOME   Back to MetaStock Formulas Overview

SVE_EW_Count

For counting Elliott waves you can of course use one of the specific technical analysis programs that specialize in Elliott wave analysis or perhaps there exists an extension for this kind of analysis for your standard TA program.

I actually prefer my own count, because it is not that important that you know exactly in which sub wave of which higher order wave you are a certain moment in time. The only real important thing is deciding where the next move is going to, up or down?

Of course some aid for making a count would be a very useful tool. That is why I am using a simple indicator on the price chart to help me making the Elliott wave count.

 

 

This is the formula:

SVE_EW_Count

Proc:= Input("ZigZag %?",.01,50,2.4);
haOpen:=(Ref((O+H+L+C)/4,-1) + PREV)/2;
haC:=((O+H+L+C)/4+haOpen+Max(H,haOpen)+Min(L,haOpen))/4;
Zig(haC,Proc,%)

Attention! Only use this formula to help you count Elliott waves. This formula makes use of the MetaStock zigzag function and uses available future data!

 

Special offer: "Capturing Profit with technical Analysis"

 

The Elliott wave count help indicator on the price chart.

 

 

Search the Internet

 

HOME   Back to MetaStock Formulas Overview