The Elliott Wave Principle helps in describing how financial markets behave. As per the principle, markets create specific wave patterns in price. These wave patterns are often found to be in particular Fibonacci ratios.
I am uploading Elliott Wave Calculator Excel Spreadsheet. You can download it from here.
The calculator will help to broadly classify various waves associated with the Elliott Wave principle as per the Fibonacci ratios
Some of the commonly accepted ratios and rules have been taken into account while making the calculator.
Following assumptions related to price aspect are made while making the calculator.
1) You need to first establish Wave 1, based on that rest of the waves have been calculated .Once Wave 1 is identified, insert the values in grey cells under “FROM” and “TO” Cells
2) Wave 2 is 0.618 times Wave 1
3) Wave 3 is 1.618 times Wave 1
4) Wave 4 is 0.382 times Wave 3
5) Wave 5 is equal to Wave 1
6) Wave A is 0.382 times Wave 5
7) Wave B is 0.618 times Wave A
8) Wave C is equal to Wave A
Following assumptions related to time aspect are made while making the calculator.
1) Once Wave 1 is identified calculate the number of price bars between the start and end of the wave. Insert this in calculator (grey cell under the column “Time Bars”)
2) Wave 2 is 0.618 times Wave 1
3) Wave 3 is equal to the sum of time between Wave 1 and Wave 2
4) Wave 4 is 1.382 times Wave 2
5) Wave 5 is 1.382 times Wave 4
6) ABC waves is half in length to 12345 waves
7) Wave A and Wave C are of same time duration.
8) Wave B is 0.618 times Wave A
The above points are commonly accepted ratios in Elliott wave principle and thus are not absolute values
I feel if Elliott Wave price projection is used with oscillator divergence and trend channels, it can give quite reliable price projections. With the help of the calculator we can quickly form an opinion about the current trend in any time frame from 1 min to 1 month or more, in any stock or index
The calculator is still under development stage, price calculation have been fully developed, some aspects regarding time need to be modified if required
Lastly I would like to thank Ilango of "Just Nifty" for his valuable inputs in conceptualizing this calculator.For detailed information about Elliott wave ,please visit his blog.
Please post your feedback , suggestions and strategies about how this can be use in trading.
Good luck
Cheers
Apart from the above you may find these calculators useful while working with Elliott Wave principle:
Fibonacci Retracement calculator
Fibonacci Extension Calculator
Download - Elliott Wave Calculator Modifiable (Research Version)
Other Posts of Interest
Elliott wave pattern - Impulse (IM), Internal structure, Rules and Guidelines
Elliott wave pattern - Diagonal [Leading (LD) and Ending (ED)], Internal structure, Rules and Guidelines
Elliott wave pattern - Zigzag (ZZ), Double Zigzag (DZ), Triple Zigzag (TZ), Internal structure, Rules and Guidelines
Elliott wave pattern - Flat (FL), Double Sideways (D3), Triple Sideways (T3), Internal structure, Rules and Guidelines
Elliott wave pattern - Triangle [Contracting (CT) and Expanding (ET)], Internal structure, Rules and Guidelines
Free Online Forex Futures Trading Strategy
Free Gold And Crude Oil Futures Tend Update
I am uploading Elliott Wave Calculator Excel Spreadsheet. You can download it from here.
The calculator will help to broadly classify various waves associated with the Elliott Wave principle as per the Fibonacci ratios
Some of the commonly accepted ratios and rules have been taken into account while making the calculator.
Following assumptions related to price aspect are made while making the calculator.
1) You need to first establish Wave 1, based on that rest of the waves have been calculated .Once Wave 1 is identified, insert the values in grey cells under “FROM” and “TO” Cells
2) Wave 2 is 0.618 times Wave 1
3) Wave 3 is 1.618 times Wave 1
4) Wave 4 is 0.382 times Wave 3
5) Wave 5 is equal to Wave 1
6) Wave A is 0.382 times Wave 5
7) Wave B is 0.618 times Wave A
8) Wave C is equal to Wave A
Following assumptions related to time aspect are made while making the calculator.
1) Once Wave 1 is identified calculate the number of price bars between the start and end of the wave. Insert this in calculator (grey cell under the column “Time Bars”)
2) Wave 2 is 0.618 times Wave 1
3) Wave 3 is equal to the sum of time between Wave 1 and Wave 2
4) Wave 4 is 1.382 times Wave 2
5) Wave 5 is 1.382 times Wave 4
6) ABC waves is half in length to 12345 waves
7) Wave A and Wave C are of same time duration.
8) Wave B is 0.618 times Wave A
The above points are commonly accepted ratios in Elliott wave principle and thus are not absolute values
I feel if Elliott Wave price projection is used with oscillator divergence and trend channels, it can give quite reliable price projections. With the help of the calculator we can quickly form an opinion about the current trend in any time frame from 1 min to 1 month or more, in any stock or index
The calculator is still under development stage, price calculation have been fully developed, some aspects regarding time need to be modified if required
Lastly I would like to thank Ilango of "Just Nifty" for his valuable inputs in conceptualizing this calculator.For detailed information about Elliott wave ,please visit his blog.
Please post your feedback , suggestions and strategies about how this can be use in trading.
Good luck
Cheers
Apart from the above you may find these calculators useful while working with Elliott Wave principle:
Fibonacci Retracement calculator
Fibonacci Extension Calculator
Download - Elliott Wave Calculator Modifiable (Research Version)
Other Posts of Interest
Elliott wave pattern - Impulse (IM), Internal structure, Rules and Guidelines
Elliott wave pattern - Diagonal [Leading (LD) and Ending (ED)], Internal structure, Rules and Guidelines
Elliott wave pattern - Zigzag (ZZ), Double Zigzag (DZ), Triple Zigzag (TZ), Internal structure, Rules and Guidelines
Elliott wave pattern - Flat (FL), Double Sideways (D3), Triple Sideways (T3), Internal structure, Rules and Guidelines
Elliott wave pattern - Triangle [Contracting (CT) and Expanding (ET)], Internal structure, Rules and Guidelines
Free Online Forex Futures Trading Strategy
Free Gold And Crude Oil Futures Tend Update
Great Work..
ReplyDeletegood work .but not able to understand. take the recent example of downfall from 5310.85 to 5169.55 as wave 1.if i put these value in bearish EW calculator than it is giving 5th wave down to 4974. but low was actually 4675. can you please clarify it with some example.
ReplyDelete@ Vinod and Rajnish
ReplyDeleteThanks
@Rajnish
:)...I expected this type of a query ...and my answer is that I dont know...I dont follow Elliot wave..I follow prices only with RSI and use money management to trade...I find EW too subjective,same price wave are often labeled differently by people...that's the criticism of the theory...how true is that i dont know...
Ask Ilango was that a first wave?...or any other kind of wave within a wave of larger time frame
I also agree with you and consider it as wave 1
and I will say its probable a wave extension that resulted in deeper correction.(that should tell you why i prefer to follow prices than any projection or target levels)
How ever various option strategies can be formed using elliot wave...and we should take everythin with a pinch of salt
I am still learning it...and will take time before i start to trade with it
Cheers
Hi Anuj,
ReplyDeleteWhy you disabled editing...The levels cannot be achieved accurately...say for eg..if the second wave is 20 to 30 points high or low than the 0.618 retracement then we should be able to input the correct value to calculate the 3rd wave....We cannot expect the market to give exact retracement values...So please consider enabling the editing part.
Please check the link
http://www.elliottwaveindia.com/elliottwave-rules-guidelines.asp
I think these rules and guidelines will be useful for you to develop the future versions of EW calculator...
Thanks for your wonderful service...
Vinod
Hi Vinod
ReplyDeleteIt's in the form of calculator...All the values are linked to Wave 1...as I have mentioned in the article ...So if you manually change the "length" cell valve of wave 2 ...It will not work the next time you use the calculator as formulas will be disabled because of manual input...That's why I have provided the link to Fibonacci retracement and Fibonacci Extension calculators as well....so that in case of any wave extension or imperfect wave retracement you can manually put in new wave values and get new levels ...
As Ilango always says...you need to use EW with other tools like MACD,stotastics and trend channel...only then it will be use full...the way i use it is by getting these levels and checking RSI divergence once wave 5 has been reached ...then trading in direction of trend...
Like in friday's session I wanted to buy as trend was up as per my swing system(market calls table) as market corrected intraday...using early morning range as possible wave 1-2...5th wave came to around 5080...so around that level i was looking for divergence in RSI 1 mins chart...drawing a trend line in both rsi and price and around 5070 i entered with 20 points as target..and got that pretty quickly(between 1-2 PM)
That's first time using EW...but I would say the reason for profitable trade is because i traded in direction of trend...and as swing was up, I had some kind of confidence about the trade...I was also prepared to carry it forward to next day as swing trade ...even if it ended below 5070(buying price)
Thats just one way to trade...I dont know if EW helped in any way ...but i just tried it ...to summarize...just for 20 points ...I used EW...trendline...rsi...multiple time frames..money management and lots of planning...all in one
I hope it helps you in some way....
Let me know if you are facing problems with calculator...and send me your maid ID as well
Thanks for your feedback
Good luck with your trading
Cheers
P.S Not posting your option pain strategies in Ilango's blog ?
hi anuj
ReplyDeleteyou are very quick to catch the concepts,
and trying out on excel.
wish you the best.
Hi mok,
ReplyDeletethanks for your feedback,
Concepts in technical analysis are same
they are built around price,averages,standard deviation,or merging two studies like price: volume or price time
There is a lot of hype around technical analysis,so one has to be careful and not get carried away with hype...
Check Rajagopal approach...simple and logical,it will always work....I like to simplify and objectively see things
Good luck
i normally set bb 2 [68%] and 3 [99%], and the price, to get an indication beyond which it may not go.
ReplyDeletealso, mostly the price band does not cross the Support3 to Resistance3.
Now i am going to adopt Raja's profit locking at 12point, which is a very good rationale.
with regards
@mok
ReplyDeletewhat ever you try first paper trade
then start with low volume
if you get successful in actual trading then increase your trading volume
Getting 12 point is very easy provided you enter right...and in direction of trend..and you should have "the holding power"(words of Anandan) he he...
lets us know the strategy and your performance..I will also work on it...if I find consistent trades ...I will share it...or else ignore it
Good luck
sure anuj,
ReplyDeletealso, try & put up a posting if we can workout the POC, VAH, VAL from the volumedigger.com intraday graph of nifty, and probable interpretation. I always think price is the only indicator without lag. But then we need some range to work with.
Your suggestions will be valuable.
all the best.
@mok
ReplyDeleteI have not studied Market profile charts in details...although I read about it before ,and see those confusing looking charts in Trader Feed blog(we tend to appreciate complex looking and mathematical approaches... dont we? and something simple like Rajagopal's approach is often send to dustbin by people...because its too simple to be true).
I am sure we will still remember the person who was mathematics topper in school than the one who score the best in history!!!
I think market profile is very simple concept...I dont have any book on it...but as per logic...where ever there is big volume that point will become POC(is it Point of control?)
...now just think where will you find volume?...It will be where the prices stays for maximum time (trading ranges)(since we are talking EW here...It will probable be around Wave ABC and Wave 1 and 2)...I feel everything is related just names a different...Thats what research is all about?... present a thing in different way ...and call it your own and become famous....he he...Just my opinion
Let me share one of my experiences.
When I got hold of Metastock ,first time..i started experimenting with indicator builder in it...I tried to make my oscillator...using 200 EMA...it was good...I liked that...later I read Gerald Appel's book and found that what i made was already made by him years ago...called MACD...only difference was he was using 12-26 averages and I made by using 3-200!!...that was really funny...all hard work and coding went down the drain!!..I was already using MACD for months ,thats why I try to make indicators in Excel...it gives wonderful insights into the details of indicator,which otherwise we ignore.
Cheers
Anuj, good work. I have problems downloading the EW calculator. Can you help? I just get a blank page when I click the link.
ReplyDelete@satheesh
ReplyDeleteHow can you say good work ?...without using it ...he he
I just downloaded it ...to verify ...some 100 people has downloaded it..try again use internet explorer ...other browsers give problem...I use chrome and face this kind of a problem quite often
Try again ...should work
@ people who have downloaded....dont use it till Illango checks it ...and paper trade it before putting money after it ...be careful...still under development
good luck
Anuj,
ReplyDeleteBy commenting "good work" I appreciated your effort. After I use it I shall appreciate the utility!!! :) :)
Thanks . I downloaded it successfully.
@satheesh
ReplyDeletekool thanks..
I just experienced that white screen problem...simple solution is keep pressing refresh and it will load.....that's called the "dhakka start jugad"
Cheers
anuj sir the 4 shared link u provided in for akexander elder's book 'come into my trading room 'only had workbook. or i downloaded workbook only. will it be possible to end link for book at either piyush_sharda@rediffmail.com or upload it somewrhere here so i can see the book
ReplyDeletePiyush Sir,
ReplyDeleteI have mailed you the link
People load multiple files in http://www.4shared.com/
they say never judge a book by it's cover...both the guide and the book have same cover on 4 shared!!
Regards
Why are you calling this as Elliot Wave Calculator...it should be Fibonacci retracement and extension calculator....I dont see any elliot wave predictions in the calculator.....
ReplyDeleteYou must work hard...Elliot Wave is not as simple as you project it here...
regards
Anand
Hi Anand
ReplyDeleteWe(technical analyst) dont like simple things right?..The objective was to make a simple enough utility that can be use in intraday trade as well..
I dont use Elliot wave in my trading...So this is my first step in that direction...any indicator should always be use in conjunction with other indicators...so if you try to use it with channeling techniques and macd...you might find it useful...
Yes its Fibonacci calculator with fixed values for certain waves...wave cant be in perfect formation ...all you need is try to identify wave one and see approximate area where wave 5 will end...and various strategies can be made...Did you try the time analysis with price?...that is the most significant aspect....often people ignore comparing time with price....creating incorrect analysis...
Cheers
Try this website www.ApnaWealth.com for Elliot Wave Calculator,Gann Calculator,Camarilla Calculator,Break Out Calculator,Fibonacci Calculator,Pivot Point Calculator,Volatility based trading calculator etc.
ReplyDeleteGrt ! sir will you post any video of the same to understand it easily !!
ReplyDeleteThx.
Hi Anuj...You mentioned about Rajagopal 's approach in one of your replies....Can you give me a link?? Great work with the calculator.
ReplyDeleteCheers
Aswin
Hi Aswin
ReplyDeleteRajagopal doesn't have a blog(as per my knowledge), he is active in Ilango's blog http://tradeinniftyonly.blogspot.com/
Earlier he used to post his analysis.For more details you can ask him or follow his thoughts and opinions in Ilango's blog.
Cheers :)
i am new here need some help for intra day trade
ReplyDeleteHi Anonymous
ReplyDeleteI don't do much of intra-day trading, I plan for swing trades mainly :)
Hi Anuj,
ReplyDeleteGreat contributions to the TA world. Could you send me the Tech Table xl file to ashokrajan4mkt@rediffmail.com.
Thanks,
Ashok
@Anonymous aka Ashok
ReplyDeleteI calculate the trend manually by reading the charts, its not done automatically in excel :(
Thanks...
Good Day,
ReplyDeleteVery nice job done regarding Elliot wave calculator.
It may be further modified to give better accuracy, with minimum inputs.
You may like to refer to "smart finance" video.
Hope to see your calculator.
Brgds
Ravi
@Ravi
ReplyDeleteHi,
Can you give the link for that video?
Thanks....
Good comments & calculators on EW. One major thing is still in limbo.
ReplyDeleteAll waves 2 to 5 & ABC are linked with the wave 1.But, but what is base of wave 1
It start at the end of ABC correction after end of wave 5 of 5.
The question is to find the length of wave 1, means where does wave 1 ends. what can be the ratio of wave 1 in relation to ABC correction as said above
Pl suggest. Thanks
jk Pahuja
Hi jkp,
DeleteI am not an EW expert. But wave 1 will have the characteristic of Impulse wave. One needs to study the internal structure of Wave 1 to establish its termination point.
Below are the rules for identifying an Impulse wave.
http://financeandtradingmadeeasy.blogspot.in/2012/01/elliott-wave-principle-impulse-pattern.html
The basic idea of the calculator is to have some reference points to guide us while planning a trade, using popular ratios with respect to each wave. Obviously the waves will not always move in perfect ratios always.
AJ, thanks for posting the above Elliott Wave Calculator. The only issue I'm having is that the sheets are protected and I cannot input values into any cells without the password to unprotect it. Can you provide this please? Thanks!
ReplyDeleteNC
Hi NC,
DeleteYou can download from the link available below the post, titled "Download - Elliott Wave Calculator Modifiable (Research Version)"
That link is not protected, you will be able to change everything using that file.
what is the unit for TIME BARS column? is it in hours or days?
ReplyDeleteIt doesn't matters, count the number of bars that form wave one. For example, in a daily time frame wave 1, may form of five days i.e 5 time bars. But if you are looking at an hourly chart same wave will appear as 120 bars (5*24). Therefore you will get rest of the time bars according to number of time bars that forms wave 1.
DeleteThanks.
Hi Anuj
DeleteI'm interest in your Elliott Wave Calculator, now I have just start learning about elliott wave for trading. And I have some question about your concept or idea in calculating time aspect, why you choose these ratios? why don't you use time-goal day (Fibonacci time ratio) that describe in theory? Please explain to me
A lot of thanks!
Hello,
ReplyDeleteIn your Elliot wave calculator in place of Time Bar what value should I put ?
please explain in detail about " time taken to form the first wave in terms of price wave", is here you talking about Bar means Candle stick or something else please explain I am new for trading !
Thanks
Avinash
Hi Avinash,
DeleteAlthough I am not using the calculator above. Yes you are correct "time bars" means number of candlesticks which form Wave 1.
great work
ReplyDelete