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Elliot wave indicator
3.2/5 (74 votes)

This Elliot wave indicator does not draw itself; it only checks your actions and suggests if that something is wrong.
Let’s consider how to work in stages:
1 wave-you draw any

trendline on fractals and call it "1 <spacebar >*****" For example:" 1 wave", the first tick, or not to wait for a tick,  right-click to upgrade.
Dotted line and rectangle at the end show the prospective price movement. If the wave is defined correctly, then the price will come exactly in this rectangle. V - Average volume in 1 wave.
Then we should wait the bottom fractal and rename the dotted line in “2 wave” (Important: figure and a space for it). Move the end of the line on the bottom, the newly formed fractal, and obtain the prospective price movement in 3 waves: (if the move happens at the bar, which does not have a fractal, the Elliot wave indicator give you a  warning and try to move the line itself.

 

Elliot wave indicator

After passing of the cost of the rectangle, rename the dotted line in the "3 Wave" and move it to the upper edge of a fractal, we receive:

Elliot wave indicator

Indicator warns us that the average volume of a 3 wave is always higher than 1. So it is likely that we have a mistake in identifying wave. Nevertheless, we have achieved the desired goal and can continue. After passing of the cost of the intended target and after the formation of fractal you should rename dotted line in the "4 wave, moving at the end of the fractal and obtain:

Elliot wave indicator

Then we wait until the upper fractal intended target and draw rollback "abc". For more information on how to find Elliott Wave is written in the book by Bill Williams Trading Chaos", so to use this Elliot indicator, we recommend first to study the literature.


Elliot wave indicator tips:


Simplify the task of building the first line will display "Fractals.mq4". To place an order better not immediately after the fractal, and waiting for the price movement in the right direction, unfortunately earning less, but less risk. SL and turn it’s recommend to put under the theory of Bill Williams (SL_BW).

Attachments:
Download this file (Elliott_Waves.rar)Elliot wave indicator[ ]4 Kb
 
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