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

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


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.


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

Read more on Elliott Wave Oscillator (ELO) at Investopedia.