elliottTriangleWave

The Elliott Triangle Wave is a corrective pattern made of five legs (A–B–C–D–E) that form a contracting or expanding triangle. It often happens before the final wave of a trend or inside complex corrections. Traders use it to anticipate the breakout direction after the triangle finishes.

Syntax

elliottTriangleWave(originPoint, pA, pB, pC, pD, pE, styles?)

Parameters

originPoint (PricedData) · Starting point before the triangle begins. pA (PricedData) · First leg of the triangle. pB (PricedData) · Second leg of the triangle. pC (PricedData) · Third leg of the triangle. pD (PricedData) · Fourth leg of the triangle. pE (PricedData) · Final leg, completing the triangle before breakout. styles (ElliottTriangleStyleOverrides) · Visual options:

• fillBackground (boolean) · Fill the triangle area.

• transparency (number) · Transparency level for the fill (0–100).

• showLabels (boolean) · Show labels A–E on each leg.

• line (LinesLevels without coeff) · Style for triangle connectors (linestyle, linewidth, color).

• background (RGBAColor | BaseColors) · Fill color for the body of the triangle.

Return Value

(string) · The drawing ID of the created Elliott Triangle Wave.

Example

Every 100 candles, draw a contracting Elliott Triangle with five pivots.

//@version=1
init = () => {
  indicator({ onMainPanel: true, format: 'inherit' });
};

onTick = () => {
  if (index % 100 === 0) { // draw every 100 bars
    // 1) Define six anchors (origin + A–E)
    const O = newPoint(time(120), high(120));
    const A = newPoint(time(100), low(100));
    const B = newPoint(time(85),  high(85));
    const C = newPoint(time(70),  low(70));
    const D = newPoint(time(50),  high(50));
    const E = newPoint(time(30),  low(30));

    // 2) Style setup
    const style = {
      fillBackground: true,
      transparency: 75,
      showLabels: true,
      line: { linestyle: 0, linewidth: 2, color: color.orange },
      background: color.rgba(255, 165, 0, 0.2)
    };

    // 3) Draw triangle wave
    elliottTriangleWave(O, A, B, C, D, E, style);
  }
};

Tips

• Triangles usually form in wave 4 of an impulse or as part of a B wave correction.

• They typically contract (lower highs and higher lows), but can also expand.

• Look for a breakout after point E — often it’s a sharp move in the trend direction.

Warning

• Avoid confusing triangles with random sideways chop. A proper Elliott triangle should have five clear legs labeled A–E.

Good Practice

• Use a unique color (like orange) for triangles so they’re easy to distinguish from impulses and ABC corrections.

• Confirm the breakout after point E with volume or momentum indicators.