Oracle Trading ElliottWave

Oracle Trading Elliott Wave Balan — Elliott Wave Analysis Indicator with Multiple Confirmations

Stop guessing which wave the market is in. See it clearly.

Oracle Trading Elliott Wave Balan is a full-featured Elliott Wave analysis engine for MetaTrader 5, built on the classical rules of Elliott’s theory (according to Balan’s book) and enhanced with eleven independent layers of confirmation — from RSI divergence to institutional Order Blocks and Fair Value Gaps.

The indicator draws the complete wave structure directly on the chart in real time: impulses, corrections, diagonal triangles, and the Fibonacci grid — all with its own score and labels, so you can immediately see how strong the identified setup really is.

This is a pure analytical tool. It does not open trades, does not touch your account, and does not require any trading permissions — simply drag it onto the chart and read the market.

What the Indicator Actually Counts

Most “Elliott indicators” stop at a simple 5-wave zigzag. This one goes much further:

• Three nested degrees simultaneously — primary wave, sub-wave, and micro-wave. Each degree is analyzed independently with its own sensitivity and confluence score. If the larger structure looks “messy,” the indicator automatically checks whether a cleaner but smaller structure is forming inside it.
• Full impulse rules — Wave 2 never retraces beyond the start of Wave 1, Wave 3 is never the shortest, and the classic non-overlap rule for Wave 4 is enforced exactly as described by Elliott (and Balan).
• Extension of ANY driving wave — not just Wave 3. The engine compares Waves 1, 3, and 5 against each other and correctly identifies which one is truly extended.
• Truncation of Wave 5 (“failure”) — automatically marked when Wave 5 fails to exceed the extreme of Wave 3 — a classic signal of an approaching reversal.
• Alternation rule — Waves 2 and 4 are compared both by retracement depth and by duration, so a sharp/fast Wave 2 paired with a shallow/sideways Wave 4 (and vice versa) is recognized correctly.
• Diagonal triangles (leading and ending) — the structure where Wave 4 is officially allowed to overlap Wave 1. Identified by verifying genuine wedge-style compression or expansion across all five segments, rather than being dismissed as “invalid.”
• All major types of corrections — zigzag, flat, triangle (contracting/expanding, ascending/descending), as well as complex corrections: double zigzag and double three (W-X-Y structures).
• Complete Fibonacci grid on every structure — retracement levels (23.6% to 100%) and extensions (127.2% to 261.8%) are drawn automatically from the last completed wave, with exact prices shown in the labels.

Eleven Layers of Confirmation — with Transparent Scoring

Every identified structure receives an open confluence score built from up to eleven independent signals. You never rely on the opinion of just one indicator:

1. RSI Divergence — classic sign of exhaustion in Wave 5 or Wave C
2. MACD — confirms that Wave 3 carries the strongest momentum
3. Volume Analysis — verifies that Wave 3 has maximum participation, as theory predicts
4. Ichimoku Cloud — dynamic support/resistance and higher-timeframe trend context
5. Bollinger Bands — highlights compression that usually precedes Wave 4 or a triangle breakout
6. Order Blocks — institutional footprint left before strong impulsive moves
7. Fair Value Gaps (FVG) — price imbalances the market often returns to close
8. Liquidity Sweeps — stop hunts above/below equal highs and lows, especially useful before the completion of a diagonal or Wave 5
9. BOS / CHOCH — confirms that the structure has genuinely broken in the expected direction
10. Multi-Timeframe Divergence — the same RSI divergence check performed on a higher timeframe for cross-scale confirmation
11. Session and Volatility Regime Filter — marks “dead,” low-volatility zones with low ADX where wave counting is least reliable

Everything Visible on the Chart at a Glance

• Numbered wave labels (1-2-3-4-5, A-B-C) for each degree
• Colored trend channels and support/resistance levels
• Full Fibonacci grid (retracements and extensions) with precise price labels
• Signal arrows marking valid setups together with their full score
• Optional on-chart diagnostic line showing the current score for each degree — useful when you need to understand why the indicator marks (or does not mark) a signal right now

Who This Indicator Is For

Traders who already understand Elliott Wave theory and want a disciplined, rules-based second opinion — one that will not skip the non-overlap rule just because the chart “looks bullish,” and will not call any five candles in a row an impulse.

It is created for those who want to clearly see the underlying structure, independently weigh the confirmations, and make their own trading decisions based on more complete information.

Important Note

The indicator performs only analysis and visualization. It does not execute trades. Wave analysis is interpretive by nature — no wave count, score, or set of confirmations eliminates market risk. Always combine this tool with your own risk management and never risk more than you are prepared to lose.

Compatible with any instrument and any timeframe in MetaTrader 5. All eleven confirmation layers, the sub-wave/micro-wave engine, and every visual element can be independently enabled or disabled in the settings.