Elliott Wave Auto Count Four Degrees
- Indicators
- Version: 1.1
- Activations: 5
Elliott Wave Auto Count labels Elliott waves automatically on four degrees at the same time: the base degree and the three degrees above it. It follows the rules and guidelines of "Elliott Wave Principle" (Frost & Prechter). For the current wave it also shows a price x time target zone and an invalidation level. This is the MetaTrader 4 version; the counting logic is the same as in the MetaTrader 5 version (sold separately).
HOW IT WORKS
1. Swings: five ATR(100)-based zigzags. Each higher degree uses a larger swing threshold. The finest zigzag is hidden and is used only to count the sub-waves inside each leg.
2. Pattern fitting: for each degree, the recent swing points are segmented into impulse, leading / ending diagonal, zigzag, flat (regular / expanded / running), triangle (contracting / barrier / running / expanding), double zigzag, double three and triple three, plus "in progress" patterns for the latest wave.
3. Hard rules are never broken. Wave 2 never retraces beyond the start of wave 1, wave 3 is never the shortest, and wave 4 never overlaps wave 1 in an impulse. Counts that break a rule are rejected.
4. Guidelines are scored: retracement depth, extension, alternation in price and time, equality, Fibonacci ratios, time proportion, and lower-degree wave counts (5-3-5, 3-3-5, 3-3-3-3-3). The count with the best overall fit is shown, and the second-best is listed as the alternate count.
5. Degree names (Minuette, Minute, Minor, Intermediate, Primary, ...) are assigned from the real-time length of the waves, so the same market gets the same degree names on any timeframe.
WHAT YOU SEE
- Wave labels for each degree, color-coded (1-2-3-4-5, (i), [a], W-X-Y ...). Hover a label to see its price and time ratios and its consistency score.
- Target zone (box): the price x time range for the current wave, calculated from Fibonacci price and time ratios. It is a guide, not a forecast. Shown for the two lowest degrees by default.
- Invalidation line (dashed): if price crosses it, that count is no longer valid.
- Info table: degree, pattern and current wave for each level (compact mode). Turn compact mode off to also see the time window (elapsed vs. Fibonacci time), price target / invalidation and the alternate count.
- Times in the table are shown in Japan time (JST, UTC+9). Select your broker's daylight saving rule with the "Server DST rule" input (EU DST by default; US DST and No DST are also available).
- Chart text and table can be shown in English or Japanese.
DIFFERENCES FROM THE MT5 VERSION
MT4 cannot display some Unicode characters in chart objects, so this version uses plain text:
- Circled letters and circled Roman numerals are shown in square brackets: Minute degree [i] [a] [w], Primary degree [1]-[5], [A], [W].
- "~" is used instead of the approximately-equal sign.
- The input dialog has no group headers. The inputs themselves are the same as in the MT5 version.
INPUTS
- Sensitivity (Sensitive / Standard / Conservative): wave size of the smallest degree
- Degrees to show (1-4), Past patterns shown per degree (1-6), Degree name shift (-3 to +3)
- Language (Japanese / English)
- Show pattern names, Target zone on/off, Target zone up to Lv (1-4), Invalidation line on/off
- Info table on/off, Compact table, Table position, Chart text size, Table text size
- Lv1-Lv4 colors
- Swing ratio between degrees (1.5-4.0, default 2.0), Debug (print calculation time and text checks)
- Server DST rule (EU DST / US DST / No DST)
IMPORTANT
- Elliott wave counts are never unique. The indicator shows the most consistent candidate, not a certainty. Always check the alternate count and the invalidation level.
- Repainting: the latest wave (labels ending with "?") is unconfirmed and changes as price develops. Past waves can also be relabeled (wave numbers and pattern names) by new price action. The zigzag turning points themselves do not move once confirmed.
- The count is recalculated only when a new bar opens. Price moves inside the current bar are reflected on the next bar (on D1 / W1 this delay is long).
- "Consistency" measures how well a count matches the rules and guidelines. It is NOT a win rate or a hit rate and does not predict future prices.
- This is an analysis tool. It does not open trades and does not give buy / sell signals.
- Turn off "Chart on foreground" in the chart properties (F8). If it is on, candles are drawn over the table.
- If a higher degree shows "Not enough data (too few waves)", the chart has too few bars. Increase "Max bars in chart" (Tools - Options - Charts) and load more history, or use a higher timeframe.
- Counts depend on the broker's price data and can differ between brokers and platforms.
- Objects whose names start with "EWA_<number>_" are treated as this indicator's drawings and may be deleted. Do not use such names for your own objects.
- The detailed table (compact mode off) is wide; on a narrow chart its right side can be cut off. Use a smaller table text size or the compact table.
OTHER
- MetaTrader 4 only (it does not run on MT5; the MT5 version is a separate product). Works on any symbol and timeframe (M1 to MN1).
- Several copies can run on one chart (for example with different sensitivity). Works with templates and after a terminal restart.
- No DLLs, no external files, no internet access.
- Support through MQL5 messages, reply within 3 business days: installation, settings and bug reports only. Questions about market views, trade decisions or how to interpret a count cannot be answered.
