Try this one and see if it will help - it includes divergence signals too.
I've not seen it repaint either.
I haven't found a reliable EW indicator for MT4. Tradingview has a free EW that you can use on their website..
isn't Elliot wave just another name for counting some zigzag peaks and bottoms?
Not counting zigzags and even not fractals. Counting highs and lows on a very high level, PA patterns as flags and triangles and how to read them properly, and much more. Making it short, it is a new universe. These oscillators can make it easier to identify the waves. BTW, this counting is also deeply referred to harmonic patterns and Monsieur Gann's universe. What you depreciatory call 'zigzag counting' is a high profitable mastering the markets. Who will be successfull in long term without indicators, doesn't get around Gann or/and EW.
If you mean things like these :
A common guideline observes that in a five-wave pattern, waves 2 and 4 will often take alternate forms; a sharp move in wave 2, for example, will suggest a mild move in wave 4. Corrective wave patterns unfold in forms known as zigzags, flats, or triangles. In turn these corrective patterns can come together to form more complex corrections.[SUP][/SUP] Similarly, a triangular corrective pattern is formed usually in wave 4 (very rarely in wave 2) and is the indication of end of correction.
OK. But, all in all, those are zigzag values that are then "measured" if they correspond to some "pattern". Similar like harmonic patters : when a pattern fails, it is not because it fails, but because it is a new pattern. And now we have 100s of "patterns"
Anyway, lets just agree that we do not agree. It is weekend after all
Yes, it is weekend.
Can someone explain me the Elliot wave theory in simple way.
It is the hardest part you can choose to trade. It is real art. But at first you have to know that everything (more or less) consists mathematically of waves, sinusoidal waves. The main wave, subwave, susbsubwave, underwave, subunderwave, wavelet, subwavelet and so on. So does forex and the chaos you see at first (like the green falling letters in Matrix or when you look the first time on a circuit board). Go on monthly chart on you may recognize the cycles. They are about 5 years (60-62 months). The typical waveform is 3 years up (in 5 points) and 2 years down (3 points A-C). The art and start is to say what is point 2, 3 and 4, where is beginning and the end of the wave. There are many waveforms (when is a monowave a monowave or a multiwave?). When you go into lower time frames, the main wave still exists, but you zoomed that much in that you don't see it anymore, but you can devide it in smaller and smaller waves down till M1. Four people look on a chart and it can be that four people have four different opinions. All in all there should be over 1.000 waveforms, patterns and so on. The good news is you can combine it with harmonic patterns (e.g. Gartley is the end of wave 3 (or was it the beginning? ), trendlines and oscillators and so on. It is always good to know at which point you are and Elliot Waveler always look for point 3, which means a big impuls and long wave up is coming. But the way to master this art is long and stony.
Smoothed awesome oscillator
found on web :
can you add flag in order to have bigger test on left corner?
I see that wave 5 is compared only with wave 1.....but it is important also distance wave 1-3elliottwaveprophet.mq4