Plots colour-coded histograms (based on the Bill Williams Awesome Oscillator).Using the histogram data, it computes Elliot Waves 3, 4 and 5 and plots the count on both the histogram windowand (if the ShowEWOnChart option is set to true) the price window. After a Wave 3 has been found, it looks for alikely start of Wave 1, from which Fibonacci Expansion are plotted to forecast the price where Wave 5 could go(shown as TZ1 and TZ2 -FE 61.8 and FE 100 respectively). It will also plot Fibonacci Time Zones, based on the likelyWave 1 start and Wave 3, to determine where Wave 5 will be. There are also options to display the count of barsbetween cross of zero line, along with vertical lines to highlight those crosses.The following applies if the ShowEWOnChart option is set to true ...It must be noted that the start of Wave 1 can be very tricky to spot, even for the naked eye, let alone toprogram. As such, a symbol is displayed (rather than a number) and it is from this point that FibonacciExpansion and Time Zones are calculated. The Wave 1 start will only be looked for once a Wave 3 has beenidentified. After a Wave 3 has been identified, the indicator will (after a few bars) start looking for a
‘dynamic’ Wave 4 (shown as a black 4 on the price chart). This will move with price, along with the Fib’
levels, until the Wave 4 is confirmed.The chart below shows how the indicator automatically displayed the Fibonacci levels
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with Wave 5 reaching thepredicted Target Zone 1 and Time Zone (refer options below for Time Zone settings). Fibonacci levels will only bedisplayed when the requisite waves are displayed.See below for explanation of all the options
If the Wave Count doesn
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t show on the histogram, please remove any indicators in the sub-windows, before loadingthe eWaves indicator.