Elliot Wave Oscillator displays the difference between two moving averages as a colored histogram.

It has four inputs:

  • Fast MA period
  • Slow MA period
  • Method - МА calculation method
  • Applied price - МА calculation price

Calculation:

EWO = FastMA - SlowMA

where:

FastMA - MA(Applied price, Fast MA period, Method)

SlowMA - MA(Applied price, Slow MA period, Method)

  • If the histogram is above zero and the indicator values are rising, the histogram bars are colored light-green

  • If the histogram is above zero and the indicator values are falling, the histogram bars are colored dark-green

  • If the histogram is below zero and the indicator values are falling, the histogram bars are colored orange

  • If the histogram is below zero and the indicator values are rising, the histogram bars are colored dark-red