Elliott Wave Principle MT4
- Indicators
-
Mohamed Amr Mohamed Osama Abdelwahab
Software Developer, Instructor, and Technical Team Leader with over 22 years of experience across desktop, web, and financial software development. Top Rated freelancer on Upwork with 200+ completed projects, $200K+ delivered, and a 100% job success record. Specialized in algorithmic trading systems - Version: 1.80
- Activations: 5
**Trade the waves the way the book teaches — not by guesswork.**
Meta Trader 5 version can be found at: https://www.mql5.com/en/market/product/184530?source=Site+Market+My+Products+Page
This indicator reads price structure and labels Elliott Wave impulses (1-2-3-4-5)
and corrections (A-B-C) automatically, then shows you exactly where the next wave
is likely to go and where the book says the trade is. It is built directly on
*Elliott Wave Principle — Key to Market Behavior* by A.J. Frost & Robert Prechter,
and it is faithful to the source: the four inviolable wave rules are enforced at
100%, so a count that isn't valid Elliott is never drawn.
**What you see on the chart**
- **Finished waves** — the completed impulse 1-2-3-4-5 (and the A-B-C correction)
drawn as clean labeled legs.
- **What's expected next** — a projected next-wave line into a shaded **Fibonacci
target zone**, so you always know where price "should" head.
- **Book-based trade setups** — Buy/Sell **Entry**, **Stop-Loss** and two
**Take-Profit** levels, drawn as price lines with a live **Risk:Reward** readout.
- **A movable info panel** — count direction, confidence %, the active setup, and
automatic **timeframe & instrument suitability** guidance based on the book.
**Why the Stop-Loss is special**
The SL is not an arbitrary number of pips. It sits at the exact price where the
book's inviolable rule declares the count wrong:
- Wave-3 trade → SL just beyond the start of wave 1 (wave 2 can never retrace 100%).
- Wave-5 trade → SL just beyond the end of wave 1 (wave 4 may not overlap wave 1).
You are risking precisely to the point of invalidation — no more.
**The rules it enforces (never disregarded)**
1. Wave 2 never retraces more than 100% of wave 1.
2. Wave 4 does not overlap wave 1 (impulses; diagonals handled separately).
3. Wave 3 is never the shortest of waves 1, 3, 5.
4. Wave 3 always travels beyond the end of wave 1.
Guidelines (alternation, equality, extension, Fibonacci retracements) are used to
**score** a count's confidence — never to force a bad count. That distinction is
exactly how Frost & Prechter intended the method to be applied.
**Alerts**
Get a pop-up (and optional push notification to your phone) the moment a new Buy or
Sell setup is confirmed — with entry, SL, TP1 and R:R in the message. Fires once per
setup, never spams.
**Best used on**
Higher timeframes (H4 / Daily give the cleanest counts) and liquid instruments —
stock indices, gold, and major FX pairs. The indicator tells you, live in the
panel, how well-suited your current chart and symbol are, straight from the book's
own guidance.
**Important — please read**
- This is a **decision-support / analysis tool**. It never sends, modifies, or
closes orders. You place trades yourself at the drawn levels.
- Elliott Wave is interpretive by nature. The indicator gives you a disciplined,
rule-valid reading — always confirm the count with your own judgment before
acting. No indicator can guarantee a market outcome; the book itself says so.
- Tune the swing sensitivity (pivot detection) to your instrument and timeframe.
The dotted "skeleton" line shows what the engine is reading, so you can adjust
until it traces the swings you consider real.
**No DLLs. No internet calls. No auto-trading. Pure on-chart analysis.**
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## Parameters (list these in the Market description for transparency)
**Swing / pivot detection**
- Fractal half-width (bars each side of a pivot)
- Bars to scan for pivots
- Min swing size vs price (%) — 0 to disable
- ATR swing filter (on/off), ATR multiple, ATR period
**Wave labeling**
- Allow diagonal (wave 1/4 overlap permitted)
- Label the A-B-C correction after wave 5
- Show the detected pivot ZigZag skeleton (+ color)
**Projection**
- Draw the projected next wave + target zone
- Use Fibonacci ratios for the target zone
**Trade setups (entry / SL / TP)**
- Mark Buy/Sell entry, SL and TP levels
- Alert on new setup (default ON) + optional push notification
- Detect Wave 3 setup / Wave 5 setup
- SL buffer beyond the invalidation level (%)
- TP1 / TP2 as Fibonacci multiples
- Buy / Sell / SL / TP colors
**Degree & appearance**
- Working degree (labeling style: Minuette … Primary)
- Colors, line width, font size, panel position
*Please contact me after purchase for your gift
