The Elliot Wave Oscillator - Amibroker AFL

The Elliott Wave Oscillator is essentially a MACD Histogram or more precisely a 34-period simple moving average subtracted from a 5-period simple moving average.

It can be applied in all timeframes and works very well with the Triple Trend approach of using three time frames: the long-term, the medium-term and short-term.

The key is to ensure you use between 100 and 150 bars, with 120 bars generally providing the most consistent results.

This oscillator produces a strong correlation with patterns of the Elliot wave. The key take away when using the EWO is that the strongest readings will show you where the 3rd wave lands on the chart. The EWO will work in all time frames but it is recommended you have a large enough sample of price for the oscillator to work effectively.

For more details of wave counts and using this indicator plz visit this page

http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2012/12/05/Learn_Forex_Using_the_Elliot_Wave_Oscillator_to_Predict_Forex_Moves.html

AFL for Amibroker

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/// PROGRAMME MODIFIED BY PRASAD RAO FOR MASTER PLOTTER ///

_SECTION_BEGIN("BACK COLR");
_SECTION_BEGIN("PRASAD SYSTEMS");
Param("DEDICATED TO MY FATHER",5);
_SECTION_END();
 SetChartBkColor( ParamColor("Chart Color", colorBlack));
_SECTION_BEGIN("BACKGROUD LTRS");
SetChartOptions(0,chartShowArrows|chartShowDates);
GfxSetOverlayMode(1);
GfxSetTextAlign( 6 );// center alignment
GfxSetTextColor( ParamColor("Text Color", ColorHSB( 42, 42, 42 ) ));
GfxSetBkMode(0); // transparent
GfxSelectFont("Tahoma", Status("pxheight")/12);
GfxTextOut( "PRASAD ANALYTICS ©", Status("pxwidth")/2, Status("pxheight")/14);
GfxSelectFont("Tahoma", Status("pxheight")/9 );
GfxTextOut( Name(), Status("pxwidth")/2, Status("pxheight")/4.1 );
GfxSelectFont("Arial Narrow", Status("pxheight")/28 );
GfxTextOut( "prasad9rao@gmail.com", Status("pxwidth")/2, Status("pxheight")/1.5);
GfxSelectFont("arial narrow", Status("pxheight")/27 );
GfxTextOut( "Dedicated to MY FATHER : BALKRISHNA RAO", Status("pxwidth")/2, Status("pxheight")/1.15);
_SECTION_END();

StartBar=SelectedValue(BarIndex());
FinishBar = EndValue( BarIndex() );
i = Startbar;

EWODAILY =  EMA(C,5) - EMA(C,34);

SIG =  EMA(EWODAILY,5);

GfxSelectFont("Tahoma", 11, 700 ); 

todayEWODAILY    = EWODAILY  ; 
onedaybackEWODAILY    =Ref(EWODAILY  ,-1);
twodaybackEWODAILY   =  Ref(EWODAILY  ,-2)  ;

if( (todayEWODAILY   [i] > onedaybackEWODAILY   [i])   AND (onedaybackEWODAILY   [i] <= twodaybackEWODAILY  [i]))
{
GfxSetTextColor(ColorRGB(186,236,94)); 
GfxTextOut("New Trend Up",400,1);
}
if( (todayEWODAILY   [i] < onedaybackEWODAILY  [i])   AND (onedaybackEWODAILY   [i] >= twodaybackEWODAILY  [i]) )
{
GfxSetTextColor(colorRed); 
GfxTextOut("New Trend Dn",400,1);
}

if((todayEWODAILY   [i] > onedaybackEWODAILY  [i])   AND (onedaybackEWODAILY   [i] >= twodaybackEWODAILY   [i])
)
{
GfxSetTextColor(ColorRGB(221,248,112)); 
GfxTextOut("Trend Up",400,1);
}

if( (todayEWODAILY   [i]< onedaybackEWODAILY  [i])   AND (onedaybackEWODAILY   [i] <= twodaybackEWODAILY   [i])
                       )
{
GfxSetTextColor(ColorRGB(248,113,113)); 
GfxTextOut("Trend Dn",400,1);
}

EWODAILY_ZEROCRUP = Cross(EWODAILY ,0);
EWODAILY_ZEROCRDN = Cross(0,EWODAILY );

if(EWODAILY_ZEROCRUP[I])
{
GfxSetTextColor(ColorRGB(221,248,112)); 
GfxTextOut("Zero Cross Up",550,1);
}

if(EWODAILY_ZEROCRDN[I])
{
GfxSetTextColor(ColorRGB(248,113,113)); 
GfxTextOut("Zero Cross Dn",550,1);
}

mycolor=IIf(EWODAILY <0 ,ColorRGB(275,175,255),IIf(EWODAILY >0 ,ColorRGB(151,220,150),colorWhite));

Plot(EWODAILY , "EWODAILY ", mycolor, styleHistogram | styleThick| styleNoLabel, styleOwnScale);

Plot(SIG ,"",colorRed,styleLine|styleThick);
GfxSetTextAlign( TA_left = 0);
GfxSelectFont("Tahoma", 11, 700 ); 
GfxSetTextColor(ColorRGB(209,191,255)); 
GfxTextOut("PRASAD ANALYTICS - EWO ",07, 0); 
GfxSetTextAlign( TA_LEFT = 0 );
GfxSelectFont("Tahoma", 11, 700 ); 
GfxSetTextColor(ColorRGB(255,180,61)); 
GfxTextOut(Name()+ "   " + Date(),07,20); 

Title =

"\n";

_SECTION_END();