//@version=5
strategy("Elliott Wave with Bollinger Bands", overlay=true)

// Input parameters
deviation = input(2, title="Bollinger Bands Deviation")

// Calculate Bollinger Bands
smaValue = ta.sma(close, 15)
upperBand = smaValue + deviation * ta.stdev(close, 15)
lowerBand = smaValue - deviation * ta.stdev(close, 15)

// Elliott Wave labels
var int waveCount = na
var int lastWaveCount = na
if barstate.islast
    waveCount := na
    lastWaveCount := na

if not na(waveCount)
    waveCount := waveCount + 1

if close > high[1] and close > high[2]
    waveCount := 1

if close < low[1] and close < low[2]
    waveCount := -1

if na(lastWaveCount)
    lastWaveCount := waveCount

// Plot Bollinger Bands
plot(upperBand, color=color.green, title="Upper Band")
plot(lowerBand, color=color.red, title="Lower Band")

// Strategy rules
enterLong = close > upperBand and waveCount > 0 and lastWaveCount == -1
enterShort = close < lowerBand and waveCount < 0 and lastWaveCount == 1
exitLong = close < smaValue and waveCount > 0
exitShort = close > smaValue and waveCount < 0

// Execute trades
if (enterLong)
    strategy.entry("Long", strategy.long)
if (enterShort)
    strategy.entry("Short", strategy.short)
if (exitLong)
    strategy.close("Long")
if (exitShort)
    strategy.close("Short")