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Hi Pete. I’d like to be able to figure out how to create a way to automatically count waves. This could be either Elliot Waves, or better yet the way that Top Dog Trading counts them (Dr. Barry Burns). Top Dog Trading has an indicator that does this, however, it is not available for TOS. Basically, waves are counted from the time that the 50SMA begins to angle bullish or bearish. If the slope of the 50 is up, then at the cycle high, based on Stochastic Full (%K 5, %D 3, Slowing 2), this would be marked with a #1 on top of that cycle. Then when %D retraces to below at least 55, and begins to angle back up, this low would be marked with #2. Wave 3 would come in once the real body of the OHLC was completely above the high of wave #1. If the high did not achieve this, then it would be considered to be a failed wave 2 (marked as #2f). See the picture that is attached. Any idea how this indicator might be created, and how to create scans for it?
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Asked on August 23, 2017 8:44 am
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I would need to have the source code from whatever platform Top Dog is using. Then I would need permission from Top Dog to write this code for Thinkswim. I will not try to replicate someone else’s copyrighted or intellectual property. A request for this has already been submitted to me privately. So I imagine there is sufficient demand for such an indicator in Thinkorswim. I will also add that this is not a trivial piece of code to write. This would cost several hundred dollars as a premium indicator. I suggest that if you truly feel this tool is going to make you money, then open an account with NinjaTrader and purchase this from Top Dog. Marked as spam
 Posted by Pete Hahn (Questions: 37, Answers: 4118) Answered on August 23, 2017 9:24 am
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One thing that I forgot to mention above, is that when counting bearish waves (50SMA angling down), the Stochastic Full %D must retrace above at least 45 before angling back down.