The Elliot Oscillator is a study used to identify waves for implementation of Elliott Wave Theory. It is calculated as the difference between two moving averages of median price: short and long ones.

Elliott Waves can be identified using the following rules. The highest/lowest value of the oscillator might indicate a potential bullish/bearish Wave 3. Oscillator pulling back to zero is considered a signal for Wave 4. When the market is making a new high and the oscillator fails to do so, it might be a signal for Wave 5.

Input Parameters

Parameter Description
short length The number of bars used in calculation of short moving average.
long length The number of bars used in calculation of long moving average.


Plot Description
ElliotOsc The Elliot Oscillator histogram.
ZeroLine The zero level.


*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.


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