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Wave Projection MT5

Ralph Nelson Elliott, in the 1930s, discovered what is now called the Elliott Wave Principle. He uncovered thirteen basic patterns or waves that describe how markets trend and reverse on a repetitive basis. By linking the patterns together in different combinations, you can create larger versions of the patterns. In this way, the method is said to be fractal. Each wave is composed of smaller waves, like the tide is composed of advancing and receding waves and those waves are composed of ripples. The technique was meant to forecast turning points in the market averages.


Inputs

  • Limit - Limit of bars for calculation.
  • AlertON - Enable Alerts.
  • Bullish/Bearish - Change lines and text color.
  • Gap - Change text position.
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Version 1.2 - 2017.06.23
Fixed an error in rule conditions.
Version 1.1 - 2017.06.14
Fixed a failure in the conditions