Elliott Wave Oscillator + TTM Squeeze

The Elliott Wave Oscillator enables traders to track Elliott Wave counts and divergences. It allows traders to observe when an existing wave ends and when a new one begins. It works on the basis of a simple calculation: The difference between a 5-period simple moving average and a 34-period simple moving average .
Included with the EWO are the breakout bands that help identify strong impulses.

To further aid in the detection of explosive movements I've included the TTM Squeeze indicator which shows the relationship between Keltner Channels & Bollinger Bands , wich highlight situations of compression/low volatility , and expansion/high volatility . The dark dots indicate a squeeze, and white dots indicates the end of such squeeze and therefore the start of an expansion.


版本注释: Added the options to choose the color of the Breakout Bands and the color of the squeeze indicator.
版本注释: Zero line color setting added.

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.