The 5 best Elliott Wave indicators on TradingView | BlackBull Markets (2024)

FAQs

What is the most accurate Elliott Wave indicator on TradingView? ›

1. ZigCycleBarCount [MsF] This is the best Elliott Wave indicator available on TradingView because it allows you to easily spot trends, is highly customisable, and it also comes with an integrated bar count, for a truly complete overview of your chart.

Award-winning analyst Chris Carolan teaches you how to use his favorite three key technical indicators to spot trends and confirm your Elliott wave analysis — Relative Strength Index (RSI), Jurik RSX and Keltner channels.

MotiveWave is considered to be one of the best Elliott Wave software providers available in the market today. The software is very comfortable to use and offers traders access to over 30 indicators, which can make trading even easier. But, this is not the only software you can use.

On the other hand, NEoWave goes beyond the teaching of Elliott Wave principles. Glenn Neely's NEoWave analysis techniques offer a logical, scientific, and objective approach to Wave forecasting.

To trade Elliott waves, you first determine whether your market is in a bull or bear trend, and then whether it is in the motive or corrective phase of the pattern. From there, you can work out which wave the market is currently in and make predictions about where it might head next.

The Elliott Wave indicator allows users to detect Elliott Wave (EW) impulses as well as corrective segments automatically on the chart. These are detected and displayed serially, allowing users to keep track of the evolution of an impulse or corrective wave.

Elliott Wave Theory Interpretation

Five waves move in the direction of the main trend, followed by three waves in a correction (totaling a 5-3 move). This 5-3 move then becomes two subdivisions of the next higher wave move. The underlying 5-3 pattern remains constant, though the time span of each wave may vary.

Triple top is a bearish chart pattern which is formed in an uptrend where three tops are lying on a flat horizontal resistance line and pattern will activate only when closing below the neckline or support. Pattern will activate only below the closing 3475 marks.

What are the leading indicators in TradingView? ›

The leading indicator is helpful to identify early entries and exits (especially near support and resistance). Green = trend up Red = trend down How it works: The leading indicator calculates the difference between price and an exponential moving average.

Elliot waves depend on the Fibonacci retracement levels as well. Among the three impulsive waves, the third wave is the strongest wave as in this wave, there is lot of market euphoria. In most situations, the traders usually identify the third wave when it has already established.

In this case, these waves can be considered more as confirmational patterns than patterns used to identify a trend. The Moving Average Convergence Divergence (MACD) is one of the most popular indicators to pair with Elliott Wave analysis and is especially helpful to beginner traders.

The Elliott wave principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations.

The Elliott wave principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations.

ELWAVE^® is the leading Elliott Wave trading software, offering the very best in automated Elliott Wave analysis. With ELWAVE^® you can: Find the best opportunities for trades based on a thorough, fully automated Elliott Wave analysis.