Elliott 3 Wave projection

import elliottwave

# Define the parameters for the Elliott Wave analysis
wave_degree = 3
wave_tolerance = 0.5

# Calculate the Elliott Wave patterns
ew = elliottwave.elliottwave(close, wave_degree, wave_tolerance)

# Initialize variables for long and short positions
long_position = False
short_position = False

# Check for the start of an uptrend
if (ew.uptrend == True and ew.uptrend_start == True):
long_position = True

# Check for the start of a downtrend
if (ew.downtrend == True and ew.downtrend_start == True):
short_position = True

# If we have a long position and the uptrend ends, exit the trade
if (long_position and ew.uptrend == False):
long_position = False

# If we have a short position and the downtrend ends, exit the trade
if (short_position and ew.downtrend == False):
short_position = False

# Use the long_position and short_position variables to execute trades
if (long_position):
strategy.entry(“Long”, strategy.long())

if (short_position):
strategy.entry(“Short”, strategy.short())

# Set the stop-loss and take-profit levels for the trades
strategy.exit(“Stop-loss”, “Long”, stop = strategy.position_avg_price * 0.95, limit = strategy.position_avg_price * 1.05)
strategy.exit(“Take-profit”, “Long”, limit = strategy.position_avg_price * 1.1)
strategy.exit(“Stop-loss”, “Short”, stop = strategy.position_avg_price * 1.05, limit = strategy.position_avg_price * 0.95)
strategy.exit(“Take-profit”, “Short”, limit = strategy.position_avg_price * 0.9)

# Use position sizing to control the risk of the trades
position_size = strategy.risk(percent_of_equity = 5)
strategy.position_size = position_size

# Use the RSI to confirm the trend direction
rsi_period = 14
rsi = rsi(close, rsi_period)

# Set the RSI overbought and oversold levels
overbought = 70
oversold = 30

# If the RSI is overbought or oversold, exit the trade
if (rsi > overbought and long_position):
long_position = False
if (rsi < oversold and short_position):
short_position = False