OPEN-SOURCE SCRIPT
Updated Elliott Wave Probability System Pro v2
🎯 Major Improvements Made to Elliott Wave Script
Key Changes:
1. Advanced Trend Detection (Lines 55-82)
Uses 5 different methods to determine trend over last 75 bars:
Combines all methods into a trendScore for accurate direction
2. Adaptive Target Direction
3. Improved Target Calculation
4. Enhanced Status Display
5. Better Probability Calculation
New Features:
Trend-Based Alerts
Trend Weight in Scoring
Visual Improvements
How It Works Now:
This solves the issue where the script was showing bullish targets in a clear downtrend. Now it properly reflects the dominant trend direction while still considering short-term indicators for probability calculations.
Key Changes:
1. Advanced Trend Detection (Lines 55-82)
Uses 5 different methods to determine trend over last 75 bars:
- Price position in range
- Linear regression slope
- Moving average alignment
- Higher highs/lows pattern
- Up vs down bar count
Combines all methods into a trendScore for accurate direction
2. Adaptive Target Direction
- New input: adaptiveTargets (line 28) - can toggle on/off
- When ON: Targets follow the 75-bar trend regardless of short-term indicators
- When OFF: Works like original (based on current momentum)
3. Improved Target Calculation
- Bullish targets use extensions from current price to recent high
- Bearish targets use retracements from current price to recent low
- More realistic price levels based on actual market structure
4. Enhanced Status Display
- Added "Trend (75 bars)" row showing BULLISH/BEARISH/NEUTRAL
- Helps you see why targets are pointing a certain direction
5. Better Probability Calculation
- Base probability adjusts with trend strength (70% if strong trend, 50% if not)
- Gradual probability decay with distance
- Minimum 15% probability (more realistic than 10%)
New Features:
Trend-Based Alerts
- Alerts when 75-bar trend changes from bullish to bearish (or vice versa)
Trend Weight in Scoring
- Added trendWeight to the total score calculation
- Makes signals more aligned with larger trend
Visual Improvements
- []Projection lines now show at 40% probability (was 50%)
[]Better visibility of likely targets
How It Works Now:
- If last 75 bars show a [color=red]downtrend[/color], targets will be bearish (even if RSI is oversold)
- If last 75 bars show an [color=green]uptrend[/color], targets will be bullish (even if RSI is overbought)
- The probability adjusts based on trend strength
This solves the issue where the script was showing bullish targets in a clear downtrend. Now it properly reflects the dominant trend direction while still considering short-term indicators for probability calculations.
Release Notes
Updated to use Pinescript v6 and fine-tuned the cost projection table to consider the trend by analyzing the last 75 bars.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.