This simple script enables you to do basic Elliott Wave counts in MetaTrader 4 by simple drag and drop. The program automatically keeps track of what wave you are on, so there is no need to mess with annoying text objects.
Make sure to check out the Chart Object Removal Tool if you plan on using this script. It will make it much easier to remove old wave counts.
Parameters and Usage
This script does NOT have external user parameters. The parameters must be adjusted from within the source file. The reason for this is to allow for unencumbered easy wave counts. It wouldn't be desirable for most to have this ask you for inputs each time you add a label. If you do not like the default settings, please ensure you download the source files:
Now, if you wish to edit the parameters, find ElliottWaveEasyCounterScript in the Navigator window under Scripts. Right click on it and select Modify. Scroll down past the copyright and change log info to the parameters (easiest thing to do is just CTRL+F -> "parameters"):
Whenever you change any parameters, make sure to press the Compile button when you are done.
It may be desirable to have two scripts (e.g., one for dominant trend wave counts and one for corrective trend wave counts). This is easy to achieve. There are a couple ways to go about this, but the easiest way is probably to Save As when you have the source open. If you right click->Modify on the script in MetaTrader 4, the source file ElliottWaveEasyCounterScript.mq4 will open. Go to File -> Save As and save it as whatever you want (for example, "EWDominantTrendWaveCounter"). After saving, click the Compile button. You can do this as many times as you wish with different names and different parameters.
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