Elliot Wave Pattern Hunter
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- Shingidzano Lesetedi
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Elliott Wave Pattern Hunter — Automated Wave 2 & Wave 5 Signal Engine
Automatically identifies and labels Elliott Wave patterns in real time, firing trade signals at the two highest-probability entry points in the Elliott Wave model: Wave 2 continuation and Wave 5 exhaustion reversal. All logic runs on closed bars only — no repainting, no lookahead.
How It Works
Wave 5 Reversal Signals Detects completed 5-wave impulse sequences using strict Fibonacci rules (W2: 38.2–78.6% retrace of W1; W4: 23.6–50% retrace of W3). A SELL signal fires after a bullish Wave 5, a BUY after a bearish Wave 5. Confirmation requires all four filters to pass simultaneously: RSI divergence between W3 and W5, RSI in overbought/oversold territory at the W5 extreme, MACD histogram shrinking vs W3, and a reversal candle on the trigger bar.
Wave 2 Continuation Signals After a confirmed Wave 1 impulse, the indicator tracks the Wave 2 retrace. When price reverses from within the 38.2–88.6% Fib zone back in the Wave 1 direction, a continuation signal fires. Entry is the close of the confirmation bar. SL sits beyond the Wave 2 extreme; TP1 targets the Wave 1 end; TP2 projects the Wave 3 extension.
Entry, SL and TP Entry price = close of the confirmation bar. Stop loss = ATR × multiplier beyond the wave extreme. TP1 = first structural target; TP2 = deeper extension. Risk and reward zones are shaded on the chart. All drawings persist across indicator reloads via MT5 Global Variables.
Key Features
- Real-time Wave 2 and Wave 5 signal generation on closed bars — no repainting
- Full historical pattern library: wave zigzag lines, (0)–(5) labels, Fibonacci projection lines
- ATR-based stop loss with configurable multiplier
- Four-layer W5 quality filter (RSI divergence, RSI exhaustion zone, MACD histogram divergence, reversal candle)
- Minimum bar spacing between signals to avoid chart clutter
- Push notification and popup alert on new signal formation only
- Separate color controls for SL/TP lines and SL/TP shaded rectangles
- All drawings survive indicator reload — no manual redraw required
- Strategy Tester compatible for backtesting and optimisation
Who Is This For
- Traders who use Elliott Wave as part of their analysis and want automatic detection without manual counting
- Swing and position traders looking for structured entries at Wave 2 pullbacks and Wave 5 exhaustion points
- Traders who want a clearly defined entry, stop loss, and two take profit levels drawn directly on the chart
- Those who want push notifications for new signals while away from the screen
