Hap Elliot [Dual Engine & Projections]Hap Elliot
Are you tired of subjective wave counts?
Elliott Wave Theory (EWT) is one of the most powerful concepts in technical analysis, but mapping it manually is subjective, time-consuming, and prone to human error.
Meet the Hap Elliot indicator—your streamlined, highly effective "magic pill" for Elliott Wave Analysis. We have transformed the complex guidelines of EWT into a strict, easy-to-digest mathematical algorithm. Featuring a unique Dual Engine Pivot System and Nested Sub-Waves, this script doesn't just draw past waves—it projects future targets in real-time.
KEY FEATURES & HOW IT WORKS:
1. Dual Pivot Engine (Choose Your Style):
ATR Distance Mode (Fast): Perfect for day traders. Detects pivots early based on volatility (ATR). Aggressive, but can be noisy on sharp wicks.
Fractal Confirmed Mode (Reliable): Waits for candle closes and fractal formations. Slower, but mathematically filters out market noise. Ideal for swing trading.
2. Strict EWT Guideline Enforcement:
Unlike basic zigzag indicators, Hap Elliot enforces EWT rules before validating a wave:
Wave 3 cannot be the shortest wave.
Enforces the "Rule of Alternation" between Wave 2 and Wave 4 (if W2 is deep, W4 must be shallow, etc.).
3. Macro & Micro Waves (Nested Structure):
The indicator scans two different time horizons simultaneously. You will see the Macro Wave (Major Trend) and the Micro Wave (Sub-waves inside the main trend) seamlessly overlaid.
4. Automated Fibonacci Projections & Reversal Boxes:
When a 1-2 wave sequence is detected, the algorithm immediately projects:
Wave 3 Targets: 1.0, 1.618, 2.618, and up to 3.618 (Super Extension).
Wave 4 Pullback Zones: Shallow (0.236) to Deep (0.5).
Wave 5 Reversal Box: Automatically draws a highlighted "Correction/Reversal Box" when the 5-wave cycle completes.
5. Real-Time Status Dashboard:
A sleek UI panel at the bottom right shows the current status of both Macro and Micro trends (e.g., "Bullish Expected", "Waiting for Box", "Perfect 5-Waves Done").
⚠️ IMPORTANT NOTE ON REPAINTING:
By its very nature, Elliott Wave Theory is dynamic. A Wave 3 can always extend into a "Super Extension." Therefore, as live price action develops, the algorithm will dynamically update the wave anchors and target projections. This is not a bug; it is the correct mathematical behavior of EWT.
💡 HOW TO USE:
Watch for a "Valid" status on the dashboard indicating a 1-2 sequence.
Use the projected Wave 3 (1.618) as your primary trend target.
When price enters the Wave 5 Reversal Box, expect an (A)(B)(C) correction and consider taking profits.
If you find this tool helpful, please leave a BOOST and share your feedback in the comments!
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