Download MetaTrader 5

Watch how to download trading robots for free

Interesting script?
So post a link to it -
let others appraise it

You liked the script? Try it in the MetaTrader 5 terminal

2016.03.25 14:53

Calculation of the 3-rd Elliott wave - script for MetaTrader 4

| English Español Русский 中文 Deutsch 日本語 Português

votes: 12

Presented is the script for the calculation of the third Elliott wave based on the algorithm suggested by Bill Williams in his book "Trading Chaos".

(Comment to the figure 7-15 in this book)

This script uses the standard OBJ_EXPANSION object (Fibonacci extension)

In order to start the calculation it is necessary to move first coordinate of the object created by the script to the supposed start of the first wave to the Low of a bar (for bullish version), the second coordinate to the High of the bar where the first wave is expected to end and the second is expected to start. The third coordinate should be moved to the Low of the expected end of the second wave.

(For the bearish version, the prices of the coordinates must be - High for the first, Low for the second, High for the third)

The script automatically detects bullish and bearish versions of the third Elliott wave.

The red crosses mark the price for the ratio (price/time) where the "supposed" third wave "should" end.

And more: for a more accurate calculation the script requires a "sufficient" number of bars in the first and second waves.

P.S. If you like this script, it might be possible to make another for the calculation of the fifth Elliott wave based on the formed third and fourth waves.

Translated from Russian by MetaQuotes Software Corp.
Original code:

4 Period MA 4 Period MA

Indicates the number of periods for the calculation of the average line.


Through the use of more sophisticated smoothing algorithms this RSI has less delay and smoother shape of the curve.


Indicator based on the data of multiple RSI, Bollinger, MAverage. Beautifully displays the areas for buying and selling. Recoups 30-90 points, depending on the currency.

Channel based on the Fibo levels Channel based on the Fibo levels

Moving average channel based on the Fibo levels