Elliot Impulse Waves Scanner 5W
- Indicators
-
Mihails Babuskins
Senior developer for financial markets.
Contact me: Forex.terminology@outlook.com
🔵 Telegram group link: https://t.me/CommunityAndChat - Version: 1.2
- Updated: 7 January 2026
- Activations: 19
- Contact me after payment to send you the User-Manual PDF File.
5W Pattern introduction
The 5W pattern occurs when the price forms an alternating 5-wave cycle with its volatility.
In fact, the 5W pattern is a price series of alternating HH or LL (higher high or lower low), which is the main characteristic of a trend.
The pattern of 5W should have the characteristic of non-overlapping waves, also the points of the pattern are usually formed in Fibonacci levels.
The completed pattern of 5W actually signals an imminent price reversal.
At the end of this pattern, by observing reversal signs such as divergence or the signal of a momentum indicator, a position can be taken.
The 5W Pattern Scanner Indicator
It is usually difficult for a trader to recognize classic patterns on a chart, as well as searching for dozens of charts and time frames will take time, and there is also a possibility of a trader's mistake in calculations.
This indicator can automatically search all charts and time frames to find possible patterns in seconds.
Also, this indicator has a useful option to detect divergence at the end of the completed pattern, which can be a strong sign for price reversal and increase accuracy and success rate.
Searching, Fibonacci calculations, and pattern recognition are completely the responsibility of the indicator; All you have to do is "press the scan button".
How To Trade?
All parameters necessary to enter the trade are calculated, such as entry point, stop-loss, and take-profit.
By observing the signal and deciding to trade, we enter the trade with the "set and forget" method.
