BODHI EW Pro — Elliott Wave Analyzer Pro
Follow us & Support Chanel https://t.me/tradewithme179
Version: 1.0
Type: Custom Indicator (MQL5)
Chart Window: Overlay (chart)
Platforms: MetaTrader 5 (Build 3000+)
License: Commercial — single-account, unlimited symbols
Overview
BODHI EW Pro is a professional-grade Elliott Wave analysis indicator for MetaTrader 5. It automatically detects and labels all major Elliott Wave structures in real time — Impulse, Diagonal, Zigzag, Flat, Triangle, and Combination patterns — directly on your chart using proper chart objects (not just Comment() overlays). Each detected pattern is scored by a multi-criteria confidence engine before being displayed, so you only see high-quality setups.
Key Features
• 7 Elliott Wave pattern types: Impulse (5-wave), Diagonal (contracting/expanding), Zigzag (ABC), Flat (regular/expanded/running), Triangle (ABCDE contracting/expanding), Combination (WXY), and Complex corrections
• Fibonacci projection zones — shaded rectangles auto-drawn for key retracement and extension levels (38.2%, 50%, 61.8%, 78.6%, 100%, 127.2%, 161.8%)
• Multi-timeframe (MTF) context — overlay higher timeframe wave structure on current chart for confluence confirmation (configurable TF: M15 to MN)
• Confidence scoring engine — each pattern is scored against Frost-Prechter rules, Fibonacci ratios, alternation, and time ratios; minimum confidence threshold is user-configurable
• Latest-N filter — display only the N most recent patterns to keep the chart clean (configurable: 1 to 10)
• Alert system — popup, Push notifications, and Email alerts when a new high-confidence pattern completes; configurable minimum alert confidence
• Smart wave labels with background boxes for maximum readability on all chart backgrounds
• Real-time dashboard (chart-object based, upper-right corner) — symbol, timeframe, active pattern, direction, confidence, and alert status
• Full customization — independent colors for each wave label (1–5, A–E, W/X/Y), line widths, Fibonacci zone opacity, dashboard position
Supported Patterns
Impulse Wave (Motive)
• Classic 5-wave structure: Wave-1, 2, 3, 4, 5
• Rules enforced: Wave 3 never shortest, Wave 4 does not enter Wave 1 territory, Wave 2 retraces 38.2%–78.6% of Wave 1
• Extension detection: Wave 3 or Wave 5 extension (>161.8%)
Diagonal (Leading / Ending)
• Contracting diagonal: Wave 4 enters Wave 1 territory — 5-wave overlapping structure
• Expanding diagonal: Widening channel — all waves extend beyond prior
• Fibonacci validation: internal retracements within 38.2%–78.6% range
Zigzag ABC (Corrective)
• Sharp 3-wave correction: 5-3-5 internal structure
• Wave B retraces 38.2%–78.6%, Wave C equals or exceeds Wave A (100%–161.8%)
Flat ABC (Corrective)
• Regular flat: Waves A, B, C approximately equal length
• Expanded flat: Wave B exceeds start, Wave C extends beyond Wave A end
• Running flat: Wave C does not reach Wave A end (strong trend continuation signal)
Triangle ABCDE (Corrective)
• Contracting: Each wave smaller — converging trendlines
• Expanding: Each wave larger — diverging trendlines
• Thrust projection: Post-triangle breakout target auto-projected
Combination / WXY (Corrective)
• Double correction: Zigzag-X-Zigzag, Flat-X-Triangle, and mixed combinations
• X wave identified as linking structure between corrective units
Input Parameters
Detection Settings
• ZigZag Depth: Sensitivity of pivot detection (default: 10). Lower = more pivots.
• Min Bars Range: Minimum bars a pattern must span (default: 20)
• Max Bars Back: How far back to search for patterns (default: 500)
• Min Confidence: Minimum confidence % to display pattern (default: 65%)
Pattern Filters
• Show Impulse: Enable/disable Impulse pattern detection
• Show Diagonal: Enable/disable Diagonal detection
• Show Zigzag: Enable/disable Zigzag ABC detection
• Show Flat: Enable/disable Flat ABC detection
• Show Triangle: Enable/disable Triangle detection
• Show Combination: Enable/disable WXY Combination detection
Fibonacci Zones
• Show Fib Zones: Draw shaded retracement/extension zones (default: true)
• Fib Zone Opacity: Transparency 0–100% for shaded zones (default: 15%)
Multi-Timeframe
• Show MTF: Overlay higher timeframe context (default: false)
• MTF Timeframe: Higher timeframe to analyze (default: H4)
Alerts
• Alert on New Pattern: Popup alert when pattern completes (default: true)
• Alert Push: Send Push notification (default: false)
• Alert Email: Send Email alert (default: false)
• Alert Min Confidence: Minimum confidence to trigger alert (default: 75%)
Display
• Show Latest N: How many most-recent patterns to show (default: 3)
• Dashboard X/Y: Dashboard pixel offset from upper-right corner
How It Works
BODHI EW Pro uses a three-stage pipeline on each new bar:
• Stage 1 — Pivot Detection: ZigZag algorithm extracts swing highs and lows with configurable depth. Each pivot is timestamped and stored for pattern matching.
• Stage 2 — Two-Pass Pattern Matching: Pass 1 identifies 5-wave structures (Impulse, Diagonal, Triangle); Pass 2 identifies 3-wave structures (Zigzag, Flat, Combination). Each pivot can only belong to one pattern (deduplication).
• Stage 3 — Confidence Scoring: Each candidate pattern is scored against Fibonacci ratio rules (0-50 points), Frost-Prechter rules (0-30 points), alternation quality (0-10 points), and time ratio balance (0-10 points). Patterns below the confidence threshold are discarded.
All drawing uses native MQL5 chart objects (OBJ_TREND, OBJ_TEXT, OBJ_RECTANGLE) for maximum rendering performance and compatibility with chart templates. Objects are tagged with a unique prefix and cleaned up on indicator removal.
BODHI EW Pro vs Basic Elliott Wave Analyzer | Feature | Basic Analyzer | BODHI EW Pro |
| Patterns detected | 7 types | 7 types + extensions |
| Drawing method | Chart objects | Chart objects |
| Fibonacci zones | No | Yes — shaded rectangles |
| Multi-timeframe context | No | Yes — configurable HTF |
| Confidence scoring | Basic | Multi-criteria engine |
| Latest-N filter | No | Yes — 1 to 10 |
| Alert system | No | Popup + Push + Email |
| Dashboard | Comment() | Chart-object panel |
| Min confidence filter | No | Yes — user configurable |
| Commercial license | -- | Yes |
System Requirements
• MetaTrader 5 platform build 3000 or higher
• Any broker symbol: works with all naming conventions (EURUSD, EUR/USD, EURUSDm, etc.)
• Recommended chart timeframes: H1, H4, D1 for swing-trade analysis
• Minimum 500 bars of history recommended for accurate pattern detection
Frequently Asked Questions
Q: Why do some patterns disappear on new bars?
A: Elliott Wave patterns are re-evaluated on every new bar as new price data arrives. A pattern that was valid on the previous bar may be invalidated by new price action — this is correct behaviour and reflects real Elliott Wave analysis.
Q: How do I reduce chart clutter?
A: Reduce Latest-N (e.g., set to 2) and increase Min Confidence (e.g., to 75%) to show only the most recent and highest-quality patterns.
Q: Can I use this on M1 or M5 charts?
A: Yes, but Elliott Wave analysis is most reliable on H1 and higher. On lower timeframes you may need to reduce Min Bars Range and ZigZag Depth.
Q: Does it repaint?
A: Pattern labels may shift while the rightmost wave is still forming (last bar). Completed patterns (where the final pivot is confirmed) do not repaint.
Q: Can I use it on indices and commodities?
A: Yes — BODHI EW Pro works on any MT5 symbol: Forex pairs, Gold, Silver, Indices (US30, NAS100, SPX500), Cryptocurrencies, and more.
