Simple Elliott Wave Oscillator: the fast moving average is a 5-period SMA, the slow moving average is a 35-period SMA, the EWO is the difference between the two.
It lines up almost perfectly with Elliott Waves.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules.
You can favorite it to use it on a chart.
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