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Note: This download requires NinjaTrader 8 release 8.1.3 or newer.

We have a version of this study with Divergence. Check it out here.

Overview of Enhanced Elliot Oscillator

The Enhanced Elliot Oscillator for NinjaTrader is a versatile and powerful tool that can enhance your trading strategy. By offering multiple averaging methods, customizable input data sources, dynamic trend identification, and real-time updates, it provides better market insights compared to the standard one that are essential for successful trading. Whether you're a novice trader or an experienced professional, the Elliot Oscillator can help make more informed and profitable trading decisions.

Functionality and Mechanism

1. Versatile Averaging Methods

The Elliot Oscillator supports multiple averaging methods to cater to different trading styles and preferences. These methods include:

• Simple Moving Average (SMA)
• Exponential Moving Average (EMA)
• Hull Moving Average (HMA)
• Weighted Moving Average (WMA)
• Wilders Smoothing (Wilders)
• Triangular Moving Average (TMA)
• Volume-Weighted Moving Average (VWMA)
• Triple Exponential Moving Average (TEMA)

2. Customizable Input Data Sources

The indicator provides flexibility in selecting the input data source for calculations. Traders can choose from various input types such as:

• HL2 (Average of High and Low)
• HLC3 (Average of High, Low, and Close)
• High
• Low
• Open
• OLHC4 (Average of Open, High, Low, and Close)
• VWAP (Volume-Weighted Average Price)

3. Dynamic Trend Identification

One of the standout features of the Elliot Oscillator is its ability to dynamically identify trends. The oscillator uses color-coded bars to indicate positive and negative trends, making it easy for traders to visualize market momentum. The bars' opacity can also be adjusted to suit individual preferences.

4. User-Friendly Interface

The indicator maintains a user-friendly interface. Key settings such as the averaging method, input data source, and period lengths are easily configurable, allowing traders to set up the indicator quickly.

Review the screenshots for setup options.

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