The Elliott Wave Oscillator (EWO) is the difference of, a 34 and a 5 period, simple moving average (SMA). It illustrates what’s happening to the market driving force at the present moment. The user may change the input (Midpoint), method (SMA) and period lengths. This indicator’s definition is further expressed in the condensed code given in the calculation below.
How To Trade Using Elliott Wave Oscillator
No trading signals are calculated for this indicator.
How To Access in MotiveWave
Go to the top menu, choose Study>General>Elliott Wave Oscillator
or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.
Important Disclaimer: The information provided on this page is strictly for informational purposes and is not to be construed as advice or solicitation to buy or sell any security. Please see our Risk Disclosure and Performance Disclaimer Statement.
Calculation
//input = price, user defined, default is Midpoint
//method = moving average (ma), user defined, default is SMA
//slowPeriod = user defined, default is 34
//fastPeriod = user defined, default is 5
//index = current bar number
//MT= more than, LT= less than
slowMA = ma(method, index, slowPeriod, input);fastMA = ma(method, index, fastPeriod, input);diff = fastMA - slowMA;prev = diff[index-1];if (prev MT diff) setcolor(downColor);else setColor(upColor);PlotHist: diff
