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

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

Overview of the Elliot Oscillator with Divergence

The Elliot Oscillator with Divergence for NinjaTrader is a versatile tool that can enhance your trading strategy. By offering multiple averaging methods, customizable input data sources, dynamic trend identification, and divergence detection, it provides better market insights compared to the standard one that are essential for successful trading.

Functionality and Mechanism

1. 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 and efficiently.

5. Divergence Detection Features

The Elliot Oscillator indicator includes an advanced divergence detection algorithm. Divergence occurs when the indicator moves in the opposite direction of the price, signaling potential reversals. This indicator uses the histogram method to detect divergence across up and down cycles by converting the RSI into a histogram of positive and negative values.

Additional divergence detection features include:

• Strict Divergence: Ensures divergence is only validated if the line connecting the chart bar tips does not intersect other bars within the analyzed range.
• Number of Sets: Allows for historical data analysis depth, with higher values broadening the analysis to include more historical transitions.

Review the screenshots for setup options.

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