Elliott Wave Theory

Elliott Wave Theory Indicator for Meta Trader 4

The Elliott Wave Theory Indicator is designed based on one of professional concept in forex market, this indicator can draw market structure as wave, and count picks as up and down wave from 1 to 5 , so user can see Elliot waves and receive alert for new numbers, this indicator contain 2 wave , Main Wave and Wave Let, so can show large and small wave by 2 different colors , user can enable or disable each one too.

Key Features

• Dual Wave Detection: Simultaneously identifies main waves and sub-waves (wavelets) to provide a comprehensive view of market movements.

• Automatic Wave Counting: Labels waves from 1 to 5 based on detected higher highs and lower lows, facilitating easier analysis.

• Customizable Parameters: Adjust depth, deviation, and backstep settings independently for both main waves and wavelets to suit various trading strategies.

• Alert System: Receive notifications for specific wave counts, ensuring timely awareness of potential trading opportunities.​

Indicator Settings

• History Limit:

  •  Maximum number of bars to process  : Sets the maximum number of bars to process (default: 1000).

• Label Offset:

  • Horizontal offset for wave labels (in pixels) : Determines the horizontal offset for wave labels in pixels (default: 10).

• Main Wave Settings:

  • Wave Length  : Defines the length of the main wave (default: 30).

  • Wave Deviation  : Sets the deviation for the main wave (default: 3).

  • Wave Backstep  : Specifies the backstep for the main wave (default: 3).

  • Draw Wave  : Enables or disables drawing of the main wave.

  • Draw Wave Numbers  : Enables or disables numbering of the main wave.

• Wavelet Settings:

  • Wave Length : Defines the length of the wavelet (default: 5).

  • Wave Deviation : Sets the deviation for the wavelet (default: 3).

  • Wave Backstep : Specifies the backstep for the wavelet (default: 3).

  • Draw Wave : Enables or disables drawing of the wavelet.

  • Draw Wave Numbers  : Enables or disables numbering of the wavelet.

• Alert Settings:

  • Alert on Wave 2  to Alert on Wave 5 : Enable alerts for specific main wave counts.

  • Alert on WaveLet 2  to Alert on WaveLet 5 : Enable alerts for specific wavelet counts.

  • Play sound alert  : Toggle sound alerts on or off.

  • Send notification  : Enable push notifications for alerts.

  • Send email alert  : Enable email notifications for alerts.