OPEN-SOURCE SCRIPT
Event Locator Basic
Usable under any conditions and in all markets, the 'event locator' provides a foundational layer for any count-based trading strategy or system. This specific installment color codes events - all down events are green, up events are blue, double-marked events are red, and smooth events are gray. It also wraps the price sequence in a 3-d line landscape plot - providing a visual using lines that are event sensitive. Though events are sometimes referred to as 'fractals,' this is not a fractal tool. These marks are based on 3 candles, not 5 as is common with the Bill Williams fractal scripts. Every countable event on the chart will be marked using this tool. Really, Elliott Wave should have told you about this... (because you can't legitimately count w/o it)
//This indicator was originally a mod of the 'Williams Fractals' indicator - modified by Erek A.D., Nov. 2017
//It was rewritten from the ground up by 'Brobear' in Sept./Oct. 2018
//This code marks 'rough' AND 'smooth' EVENTS in price flow
//EVENTS are naturally created in markets when SEPARATION occurs at candle tips
//SEPARATION happens when a high is flanked by lower highs or a low is flanked by higher lows
//EVENT LOCATORS like this provide an objective foundation for counting price movement
//This indicator was originally a mod of the 'Williams Fractals' indicator - modified by Erek A.D., Nov. 2017
//It was rewritten from the ground up by 'Brobear' in Sept./Oct. 2018
//This code marks 'rough' AND 'smooth' EVENTS in price flow
//EVENTS are naturally created in markets when SEPARATION occurs at candle tips
//SEPARATION happens when a high is flanked by lower highs or a low is flanked by higher lows
//EVENT LOCATORS like this provide an objective foundation for counting price movement
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