Oracle Super Elliott Wave

Oracle Super Elliott Wave

Elliott Wave chart helper for MetaTrader 5.

The indicator reads swing pivots on three independent degrees (micro, intermediate, major) and tries to classify the latest structure as an impulse 1-2-3-4-5, a leading or ending diagonal, a zigzag or flat A-B-C, or a horizontal triangle A-B-C-D-E. Labels, channels, Fibonacci levels and optional entry arrows are drawn on the chart. A small panel can show the current count and the oscillator verdict.

This is an analytical tool. It does not place orders, does not manage positions and does not require trading permissions.

What the engine checks

Impulse rules used for a 1-2-3-4-5 count:

• Wave 2 does not retrace beyond the start of wave 1.
• Wave 3 is not the shortest of waves 1, 3 and 5.
• Wave 4 does not enter the price territory of wave 1, except when the structure is classified as a diagonal.

Guideline scoring (Prechter / Frost and Balan):

• Typical wave-2 retracement band 0.382-0.886, with extra weight on 0.50-0.786.
• Wave 3 length versus wave 1, including the common 1.618 area.
• Wave 4 depth versus wave 3 and alternation with wave 2.
• Wave 5 versus wave 1 (equality, 0.618 or 1.618).

Pattern types

• Impulse 1-2-3-4-5.
• Leading diagonal (wave 1 / A), ending diagonal (wave 5 / C), expanding diagonal.
• Zigzag, flat, expanded flat, running flat.
• Contracting, ascending, descending, expanding, running and barrier triangles.
• Partial counts: completed 1-2 (candidate start of wave 3) and completed 1-2-3-4 (candidate start of wave 5).
• Optional A-B-C after a finished impulse of the same degree.

Elliott Wave Oscillator filter

• Classic construction: SMA(fast) minus SMA(slow) on median price (default 5 and 35).
• Checks whether the oscillator peak belongs to wave 3.
• Marks 3-5 divergence when price of wave 5 exceeds the wave-3 extreme while the oscillator is weaker.
• The verdict can raise or lower the pattern confidence score. An optional switch hides an impulse when wave 3 is not the oscillator peak.

What is drawn

• ZigZag of the selected degree(s).
• Wave numbers and letters. Micro degree uses parentheses (1), major degree uses brackets [1].
• Dotted triangle borders and dashed diagonal guides 1-3-5 / 2-4.
• Fibonacci object on the active structure (0 / 0.382 / 0.50 / 0.618 / 1.0 / 1.618) plus optional target and invalidation lines.
• Optional impulse channel (0-2 and 1-3).
• Optional WATL lines through the last two confirmed highs and lows, plus a finite forecast segment along the 1-3 slope.
• Optional arrows with suggested stop and two targets. Arrows appear only if the pattern closed no older than N bars.
• Optional information panel with the current label, confidence and oscillator text.

How to use

1. Attach the indicator to any symbol and timeframe.
2. Start with Intermediate degree only. Turn Micro or Major on after you see how dense the working count is.
3. Treat the printed count as one working hypothesis. Keep an alternate count when confidence is modest or when the oscillator disagrees.
4. Use the invalidation line as the level that cancels the current count, not as a guaranteed stop.
5. Recolour degrees if several of them are visible at the same time so labels do not blend.

Recommended first settings

• Show Intermediate = true, Micro = false, Major = false.
• Draw wave lines, labels, triangles, diagonals and Fibonacci = true.
• Fibonacci on the active wave only = true.
• Draw A-B-C after a completed impulse = true.
• Use EWO in scoring = true.
• Draw panel = false until you need the text summary.
• History bars = 2500, min confidence = 0.42, only closed bars = true.

Notes and limits

• Wave analysis is not unique. Two valid counts can exist on the same swings.
• The indicator updates from confirmed pivots. The last forming bar can be ignored (default).
• Dense micro degree on a low timeframe produces many labels. Keep it off unless you specifically study subwaves.
• Fibonacci of a finished impulse is hidden when an A-B-C after that impulse is active and "Fibonacci on the active wave only" is enabled.
• This product is a visual helper. It is not a trading robot and it does not promise results.

Support Use the product comments on MQL5.com or the private messages of this seller account.