Elliott Wave Analyzer Pro

Elliott Wave Analyzer Pro 

This EA  is only free for the next two months; after August 31, 2026, it will sell for $499 and will increase by $10 for every 10 licenses sold.

The EA utilizes the Elliott Wave Analyzer Pro indicator: https://www.mql5.com/en/market/product/180547

Elliott Wave Analyzer Pro automatically detects all six major Elliott Wave pattern types on any symbol and timeframe. It applies Frost & Prechter wave rules, scores each pattern with a Fibonacci confidence rating, and draws automatic projection targets — giving you a complete wave-counting workstation without any manual marking.

What It Detects

·         Impulse (1-2-3-4-5) — 6 Frost & Prechter rules validated

·         Diagonal Contracting and Expanding — converging / diverging channel detection

·         Zigzag ABC (5-3-5) — B retracement and C extension scoring

·         Flat ABC (3-3-5) — Regular, Expanded, and Running sub-types

·         Triangle ABCDE — Contracting and Expanding channel

·         Combination WXY — sideways character test, W-Y proportion scoring

Fibonacci Confidence Scoring

Each detected pattern receives a confidence score (0–100%) based on how closely the wave ratios align with key Fibonacci levels. Impulse waves are scored across W2, W3, W4, and W5 retracements/extensions. Corrective patterns are scored on the B retracement and C extension. Scores above 60% are labelled HIGH, 35–60% MED, below 35% LOW.

Automatic Projections

·         Impulse completion: 38.2%, 50%, 61.8% correction targets

·         ABC completion: 100% and 161.8% trend-resumption extension targets

·         Post-triangle thrust: 61.8% A and 100% A projection levels

Two-Pass Detection Engine

The scanner runs two passes over the swing structure. Pass 1 claims 5-wave patterns (Impulse, Diagonal, Triangle) with priority. Pass 2 fills remaining gaps with 3-wave patterns (Zigzag, Flat, Combination). Each swing is used at most once, preventing overlapping labels.

Swing Detection

Pivot highs and lows are identified using a configurable lookback (default 5 bars each side). Consecutive same-direction pivots are merged to keep only the extreme. A minimum swing size filter (default 0.20%) removes noise from flat consolidation periods. The indicator maintains the 40 most recent confirmed swings.

Dashboard

A live dashboard (top-right corner, togglable) shows the latest detected pattern, direction, confidence score, active wave label, Fibonacci targets, and full rule validation results (pass/fail per rule). All information updates on each new bar close.

Visual Elements

·         Wave lines — solid for confirmed waves, dashed for the developing (current) wave

·         Wave labels — positioned above/below each pivot with pattern labels (1,2,3… or A,B,C…)

·         Impulse channel — dotted trendline through W2/W4 with parallel through W3

·         Fibonacci level lines — dashed horizontal lines with price labels

·         Swing structure — dotted background lines connecting all confirmed pivots

·         Developing line — dashed line from last swing to current price

Inputs

Works On

·         Any symbol: Forex, Gold, Indices, Crypto, Commodities

·         Any timeframe: M1 through MN

·         Any broker — no external files or indicators required

·         No DLL, no Internet connection needed

Tips for Best Results

·         Start with Pivot Lookback = 5 on H1 or H4 for classic wave structures

·         Increase Pivot Lookback (7–10) on lower timeframes to reduce noise

·         Increase Min Swing % (0.3–0.5%) in low-volatility consolidation periods

·         Use HIGH confidence patterns (>60%) for highest-quality setups

·         Combine with your preferred entry trigger (candlestick, RSI divergence, etc.)

·         The developing wave label ends in '?' — it updates as price moves

Notes

·         Elliott Wave analysis is subjective — this tool applies rules mechanically and may not match manual counts

·         Use as confluence, not as a standalone trading signal

·         Past pattern detection does not guarantee future wave completion