Elliott Wave Oscillator

The Elliot Oscillator is simply the difference of a 5-period simple moving average and a 35-period simple moving average displayed as a histogram that oscillates above/below a zero line.

Custom PCF Formula

Elliot Wave Oscillator: AVGC5 - AVGC35

AVGC5.z - AVGC35.z
z=Offset

Where z is the offset. If the offset is 1, the value would be from 1 bar ago.

Examples

The current Elliot Wave Oscillator can be written as follows.

AVGC5.0 - AVGC35.0

But you can leave off the offset since it is zero.

AVGC5 - AVGC35

If you wanted the Elliot Wave Oscillator from the previous bar instead of the current bar, you would need to add back the offset parameters.

AVGC5.1 - AVGC35.1