The rules of this theory are inspired by Dow’s theory and are governed by Fibonacci numbers. The primary value of the wave is that provides a context for market analysis. indicator identified a certain fundamental wave structure (or pattern) consisting of a 5-wave motive sequence (numbered 1, 2, 3, 4, and 5) followed by a 3-wave corrective sequence (lettered a, b, and c).also it can an identify trend direction with this indicator the numbers will display as two-color. Green color means the Bull trend. Red color mean Bear trend. When you are is in the downtrend, the trend is beginning with number 0 from Red color. If you are in the uptrend, the trend is beginning with number 0 from green color based on the principle of finding a certain graphical patterns that can predict trends.
1- you are competent to perform the full range of Elliott wave analyses in various market scenarios, including accurately labeling idealized wave patterns and identifying wave counts.
2- Have a good knowledge in trading
Also provide me with source code