This is a indicator that find an count Elliott Waves. The original idea is coming from https://www.prorealcode.com/prorealtime-indicators/jeffrey-kennedy-trend-analyzer, I transform it to simpler to be used in my strategy. Basically the green is for uptrend and red is for downtrend. Although I find it more reliable on higher time frame, but can be used for any time frame.
I think any new discussion can be directly into here, https://www.prorealcode.com/topic/jeffrey-kennedy-trend-analyzer/
Kudos to the original author @ and @Zigo
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//JKFast //fastLength=5 //slowLength=20 valuefast=ExponentialAverage[fastlength](close)-ExponentialAverage[slowlength](close) hv5 = Highest[a1](valuefast) lv5 = Lowest[a1](valuefast) if hv5 = lv5 then JKFast5=0 else JKFast5=((hv5 - valuefast) / (hv5 - lv5) * (-100) + 100) endif hv10 = Highest[a2](valuefast) lv10 = Lowest[a2](valuefast) if hv10 = lv10 then JKFast10=0 else JKFast10=((hv10 - valuefast) / (hv10 - lv10) * (-100) + 100) endif hv15 = Highest[a3](valuefast) lv15 = Lowest[a3](valuefast) if hv15 = lv15 then JKFast15=0 else JKFast15=((hv15 - valuefast) / (hv15 - lv15) * (-100) + 100) endif //JK TA valuebase=ExponentialAverage[fastlength](close) hv5 = Highest[a1](valuebase) lv5 = Lowest[a1](valuebase) if hv5 = lv5 then JKTA5=0 else JKTA5=((hv5 - valuebase) / (hv5 - lv5) * (-100) + 100) endif hv10 = Highest[a2](valuebase) lv10 = Lowest[a2](valuebase) if hv10 = lv10 then JKTA10=0 else JKTA10=((hv10 - valuebase) / (hv10 - lv10) * (-100) + 100) endif hv15 = Highest[a3](valuebase) lv15 = Lowest[a3](valuebase) if hv15 = lv15 then JKTA15=0 else JKTA15=((hv15 - valuebase) / (hv15 - lv15) * (-100) + 100) endif //JK Slow valueslow=ExponentialAverage[slowLength](close) hv5 = Highest[a1](valueslow) lv5 = Lowest[a1](valueslow) if hv5 = lv5 then JKSlow5=0 else JKSlow5=((hv5 - valueslow) / (hv5 - lv5) * (-100) + 100) endif hv10 = Highest[a2](valueslow) lv10 = Lowest[a2](valueslow) if hv10 = lv10 then JKSlow10=0 else JKSlow10=((hv10 - valueslow) / (hv10 - lv10) * (-100) + 100) endif hv15 = Highest[a3](valueslow) lv15 = Lowest[a3](valueslow) if hv15 = lv15 then JKSlow15=0 else JKSlow15=((hv15 - valueslow) / (hv15 - lv15) * (-100) + 100) endif //Return JKFast5 coloured (255,150,255) as "JKFast5", JKFast10 coloured (255,100,255) as "JKFast10", JKFast15 coloured (255,50,255) as "JKFast15", JKSlow5 coloured (150,200,0) as "JKSlow5", JKSlow10 coloured (100,200,0) as "JKSlow10", JKSlow15 coloured (50,200,0) as "JKSlow15", JKTA5 coloured (150,150,255) as "JKTA5", JKTA10 coloured (100,100,255) as "JKTA10", JKTA15 coloured (50,50,255) as "JKTA15" JKF1=summation[a1](JKFast5)/a1 JKF2=summation[a2](JKFast10)/a2 JKF3=summation[a3](JKFast15)/a3 JKTA1=summation[a1](JKTA5)/a1 JKTA2=summation[a2](JKTA10)/a2 JKTA3=summation[a3](JKTA15)/a3 JKSl1=summation[a1](JKSlow5)/a1 JKSl2=summation[a2](JKSlow10)/a2 JKSL3=summation[a3](JKSlow15)/a3 JKSum1=(jkf1+jkf2+jkf3)/3 jksum2=(jkta1+jkta2+jkta3)/3 jksum3=(jksl1+jksl2+jksl3)/3 if jksum1 > 50 then F=1 else F=-1 endif if jksum2 > 50 then TA= 1 else TA=-1 endif if jksum3 > 50 then Sl=1 else sl=-1 endif sign= sin(atan(F+TA+ Sl)) positivesign = 0 negativesign = 0 nosign = 0 if sign > 0 then positivesign = sign elsif sign < 0 then negativesign = sign else nosign = sign endif Return positivesign coloured (50,205,50) STYLE(histogram), negativesign coloured (255,0,0) STYLE(histogram), nosign coloured (128,128,128) STYLE(histogram) |
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