Hello,
The Elliott Oscillator is a 34 period simple moving average of prices subtracted from a 5 period simple moving average of prices displayed as a histogram above and below a zero line.
Elliot wave analysts can use Elliot wave oscillator for identifying the 5-3 wave structure of price moves. The most important concept about the Oscillator is that the highest/lowest point of the Oscillator is connected to the bullish/bearish Wave 3 of Elliot wave structure. Elliot wave analysis is very complex and difficult for many traders. However Elliot wave oscillator can be used for divergence trading. In the image, observe the divergence between price and the oscillator. After divergence, observe the emergence of a down trend.
This is a client side VTL script for VertexFX Terminal
elliot-wave-oscillator.zip (1.41 KB)