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Description

This study calculates and displays Elliott Waves for the data given by the Input Data Input.

Let \(X\) be a random variable denoting the Input Data, and let \(X_t\) be the value of \(X\) at Index \(t\). Let the Retracement Tolerance Level Input be denoted as \(k\). This Input is a fraction between 0 and 1.

An Upward Wave is drawn as the overall price movement is increasing, that is if \(X_t > X_{t - 1} - k \cdot |X_t - X_{t - 1}|\).

A Downward Wave is drawn as the overall price movement is decreasing, that is if \(X_t < X_{t - 1} + k \cdot |X_t - X_{t - 1}|\).