Scaling is designed for regular 'Time' interval charts
Pivot Points
Simply insert this efs into any chart, and it will automatically seek out wave pivots.
Significant pivot points are identified by a small sun image. You can use any and all of these pivot points in your trading.
However, the efs is monitoring for special conditions at these pivot points, using Elliott Oscillator technology. These conditions, if present, will give you a COLORED price notification at these pivot points, and we are then looking for a price reversal.
This script updates on the close of each bar and will print ONLY if the conditions are met.
The Unique Measurements - Real Time vs Historical
This script is meant to give you 'warning's of the conditions being met on a particular bar. Sometimes what prints in 'Real-Time', is different than when you refresh the chart or script and look back, 'Historically'.
In real-time the software can only read the front side of a possible forming pivot. It cannot, of course, know in advance if a particular bar will indeed form a pivot point, ie, know the back side.
Therefore if a particular bar fits the bill for being a pivot bar on the front side AND satisfies the conditions for the indicator, it WILL print. If price continues to advance in the same direction and the next bar also fits the bill, another printing will occur. This is NOT a mistake. You may get several printings, until price either begins a retreat or the indicator conditions are no longer met, or an actual pivot has finally occurred.
Most often in these circumstances, the Primary Confirmation will not happen either. You can choose to view only the most recent printing in 'Edit Studies...' by selecting false to 'Show Past Signals'.
The left picture occurred in real-time and the right was after a refresh:
View a video here
Bearish Elliott Oscillator Pattern
If a high pivot wave presents a bearish Elliott pattern, a Primary Confirmation price nofication is given above the bar in RED.
Bullish Elliott Oscillator Pattern
If a low pivot wave presents a bullish Elliott pattern, a Primary Confirmation price nofication is given below the bar in BLUE.
All significant pivots, even without a colored label, can have reversals.
All pivots have the Primary Confirmation price printed.
Primary Confirmation (PC)
A PC is a breach of the opposite end of the pivot bar with gave the Elliot signal.
PC Bearish: This price is printed above a pivot bar and gives the LOW price of that bar
PC Bullish: This price is printed below a pivot bar and gives the HIGH price of that bar
As this is a primary confirmation, you should then look to your charts for Secondary Confirmations.
Secondary Confirmation
These would include, but not limited to:
- Gann
- Fibonacci
- Previous Highs and Lows
- Floor Trader Numbers - Primary Pivot
- Any other evidences of support and resistance
EWP Edit Studies Options
Show Past Signals
Select true to show EWP signals for past pivot points and false to show only the most current signal. A signal is any of the following:
- Pivot sun image for high and low pivots
- Colored Elliott label
- Non-colored pivot label
Symbol Offset adjust
Change this value to move away or bring closer the EWP signals to the price bars.
Just remember, the purpose of this script ( and any other efs script for that matter ) is to alert you to mathematical conditions occurring in the price action. This is never a guarantee that a reversal will take place. Use the information along with your experience and other studies to make decisions.
Example: GBP 5 minute
